FREE REAL ESTATE AND STUDY GAMES ABOUT

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FREE REAL ESTATE AND STUDY GAMES ABOUT

PROPERTY OWNERSHIP-1 EXAM QUESTIONS

Qs and Ans Expert- Explanation

This Exam contains:

-Guarantee passing score -20 Questions and Answers -format set of multiple-choice -Expert- Explanation

Question 1: Modification

Answer:

An economic characteristic of land stating that improvements made by man will alter the value of land and surround properties

Question 2: Chattel

Answer:

Personal Property

Question 3: Personalty

Answer:

Personal property

Question 4: Severence

Answer:

Real property becomes personal property when it is "severed" from the land. Uninstall, unattach

Question 5: Fixture

Answer:

Personal property that has been installed or attached to become real property

Question 6: Personal Property

Answer:

Anything not classed as real property, a right or interest in things of a temporary or movable nature

Question 7: Trade Fixture

Answer:

Personal property installed on leased property for the purpose of the tenant's occupation or profession

Question 8: Immobility

Answer:

A physical characterisitic of land staing that land cannot be moved-an owner must go to the land

Question 9: Legal description of property

Answer:

A description of such certainty and accuracy that one can go to the ground and identify the land-a description prepared by a surveyor

Question 10: Indestructibility

Answer:

A physical characteristic of land stating that the land will always be there-it is durable

Question 11: Metes and Bounds

Answer:

A legal description of land having a point of beginning, using terminal points and angles, degrees and minutes to outline a property

Question 12: Fixity

Answer:

An economic characteristic of land stating that land, buildings and improvements are considered a fixed investment-not liquid assets

Question 13: Nonhomogeniety

Answer:

A physical characteristic of land stating no two pieces are exactly alike

Question 14: Physical Characteristics of Land

Answer:

Nonhomogeneity, immobility, indestructibility

Question 15: Annexation

Answer:

The purpose of attaching personal property so that it becomes real property thus creating a fixture

Question 16: Situs

Answer:

An economic characteristic of land stating that location preference from an economic standpoint can cause increased value-location, location and location

Question 17: Real Property

Answer:

Land, improvements attached to the land, and the rights to use them

Question 18: Economic Characteristics of Land

Answer:

Scarcity, modification, fixity and situs

Question 19: Accession

Answer:

Gaining title to improvments as a resut of the annexation of fixtures

Question 20: Scarcity

Answer:

An economic characteristic of land stating that a short supply where demand is great will cause an increase in value-usually based on geography