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CT Real Estate exam General: Property ownership well answered
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CT Real Estate exam General: Property ownership well answered
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CT Real Estate exam General: Propertyownership
Survey - correct answer ✔✔location and dimension of property
Real Property - correct answer ✔✔The house and land
Personal Property - correct answer ✔✔everything but the house and land
Improvement - correct answer ✔✔Addition to the property or land
Vertical Land description - correct answer ✔✔Defining the Air rights
Fixture - correct answer ✔✔once-moveable items attached to real property
Trade fixture - correct answer ✔✔a fixture that is not attached to real property.
Used in Commercial settings. EX: freezer at restaurent.
Annexation - correct answer ✔✔Personal Property becoming Real Property
Severance - correct answer ✔✔Real Property becoming Personal Property
The legal tests for a fixture - correct answer ✔✔- Is it custom made for that house?
- Method of attachment(degree of permanence)
- Intention of person who put it there
- understanding between tenant and owner
, Appurtenances - correct answer ✔✔Attachment part of land, ex: A/C or garden
These appurtenances "run with the land"
Emblements - correct answer ✔✔Crops
Tangible Property - correct answer ✔✔Touchable Property, ex: house
Intangible Property - correct answer ✔✔Untouchable Property, ex: stock
How to remember: intan = untouch
Physical characteristics of land - correct answer ✔✔immobility, permanence/indestructibility, and
uniqueness
Economic Characteristics of land.
What makes a particular property valuable? - correct answer ✔✔- scarcity (unique)
- improvements
- permanence of investment
- area preference (location)
Monument - correct answer ✔✔point of reference
Metes and bounds - correct answer ✔✔system of property description
How large is a township? - correct answer ✔✔6x6 miles
How large is a section? - correct answer ✔✔1x1 mile
How many townships are in a quadrant? - correct answer ✔✔4
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