Aceable Agent: Level 1 Exam Questions with Correct Answers

Aceable Agent: Level 1 Exam Questions with Correct Answers Deed - answerA document that transfers ownership of property from one party to another. Legal Title - answerFull legal ownership of property and the bundle of rights as they apply to it. Federal Government - answerRegulates broad issues State Government - answerThe primary regulators of real estate law. They address things such as flood zones and waste disposal. Local Government - answerCover real estate on an even smaller scale. Addresses issues such as land use control, taxation, and zoning. Special-purpose real estate properties: - answerOften publicly owned Require substantial reinvestment to convert to another purpose or use Do not come up for sale as frequently as other property types Chattel/Personalty - answerpersonal property Personal Property best practices - answerGet the seller's intentions regarding the personal property in writing. Frutus Industriales - answerAnnually cultivated crops are generally considered to be personal property, even prior to harvesting. Affixation/Annexation - answerThe process of converting personal property to real property Close Association - answerA conceptual linkage to real property, such as a garage door opener. Adoption - answerThe customization of personal property for use with real property, such as drapes cut for a window in a room with a vaulted ceiling. Trade Fixture (chattel fixture) - answerPersonal property that is owned by and needed for a tenant's business. Severance - answerThe act of converting real property into personal property