Barney Fletcher Real Estate Exam correctly answered

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Barney Fletcher Real Estate Exam correctly answered

Question 1: Assemblage

CORRECT ANSWER : combining two or more contiguous

parcels of real estate into a single parcel under one ownership

Question 2: Plottage

CORRECT ANSWER : an increase in value resulting from

assemblage

Question 3: Fixture

CORRECT ANSWER : personal property that is permanently

attached to real property and goes with the property when its sold

Question 4: What makes something a fixture

CORRECT ANSWER : if object was fixed or installed with the

intention of improving the home

Question 5: Appurtenances

CORRECT ANSWER : when new fixtures are attached ex.

heat/air, roof

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Question 6: Have brokers license but are working for another

broker

CORRECT ANSWER : associate broker

Question 7: Principal/employing broker

CORRECT ANSWER : in charge of and responsible for all real

estate operations conducted by a real estate brokerage firm

Question 8: Which type of land description are the properties

described as they relate to meridians

CORRECT ANSWER : government / rectangular survey

Question 9: Alienation of title

CORRECT ANSWER : any change of ownership - transferring

ownership rights or interests in real property from one person to another

Question 10: Legal title

CORRECT ANSWER : right of ownership of a parcel of real

property held by an owner

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Question 11: Equitable title

CORRECT ANSWER : interest in a piece of real estate held by a

buyer held under a contract to obtain absolute ownership of the property at a future date

Question 12: Bare legal title

CORRECT ANSWER : lacks the usual rights and privileges

associated with ownership

Question 13: Constructive notice

CORRECT ANSWER : information has been made available to

the public

Question 14: Inquiry notice

CORRECT ANSWER : when factors exist that make someone

inquire further ex. dirt road running across you would inquire whether there is an easement in place

Question 15: Marketable title

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CORRECT ANSWER : a title free from reasonable doubt as to

who the owner is

Question 16: Abstract of title

CORRECT ANSWER : detailed report of the title search

Question 17: Torrens system

CORRECT ANSWER : an owner petitions the state court to

register his property transfer of land

Question 18: Allodial system

CORRECT ANSWER : individuals are able to own land

Question 19: Eminent domain

CORRECT ANSWER : right of govs to assume property for

necessary public use

Question 20: Escheat

CORRECT ANSWER: power the gov has when someone dies

intestate and leaves no known heirs