PRACTICE QUESTIONS ANSWERS
◉ Appurtenances. Answer: Land improvements attached to the land,
benefits, rights & ownership
◉ Improvements. Answer: Man's additions to the land such as
buildings and landscaping.
◉ Chattel. Answer: personal property/personalty
◉ Bill of Sale. Answer: A document used to transfer ownership of
personal property.
◉ fixture. Answer: An item of personal property that has been
converted to real property by being permanently affixed to the
realty.
◉ Anexation. Answer: The process of attaching
◉ severance. Answer: Changing an item of real estate to personal
property by detaching it from the land; for example, cutting down a
tree.
,◉ 3 tests of a fixture installed?. Answer: 1) method of attachment 2)
adaptation to the property (custom as opposed to stock item) &
intention of the parties attaching
◉ Trade Fixtures. Answer: Personal property used in a business and
can be removed by the lessee when the lease terminates.
◉ Emblements. Answer: The crops and other annual plantings
considered to be personal property of the cultivator.
◉ Characteristics of Real Property. Answer: 1) Nonhomogeneity - no
2 pieces are exactly alike 2) Immobility- Land cannot be moved 3)
Indestructibility- durability, it will always be there
◉ 4 economic characteristics of land. Answer: scarcity, modification,
fixity, situs
◉ Scarcity. Answer: I'm short supply where demand is great
◉ fixity. Answer: An economic characteristic of land stating that
land, buildings and improvements are considered a fixed investment
- not liquid assets
,◉ modification. Answer: land use and value are greatly influenced
by improvements made by man to land and to surrounding parcels
of land
◉ situs. Answer: Location preference of a parcel of land from an
economic standpoint.
◉ 3 types of legal descriptions. Answer: Metes & Bounds/Lot, Block,
& Subdivision Description, The Rectangular Survey System
◉ Metes and Bounds. Answer: a method of describing real estate,
using boundary lines with terminal points and angles
◉ Lot, Block and Subdivision. Answer: recorded map or plat, it is the
most common description in residential listing agreements
◉ The Rectangular Survey System. Answer: also known as
government survey system; takes into consideration base lines, and
meridians, townships and sections
◉ Township. Answer: contains 36 sections of land
◉ How many sections are in a township?. Answer: 36 sections, 36
square miles
, ◉ how may square feet in an acre?. Answer: 43,560
◉ police power. Answer: Is the power given to a municipality to
regulate and control the character & use of property for the health,
safety and general welfare of the public
◉ Zoning. Answer: Local laws to control land use
◉ Non-conforming use. Answer: A permissible use under former
rules that is now prohibited - automatically granted when zoning
regulations change
◉ Variance. Answer: A conditional use or special use can be granted
by a zoning committee or deed restriction
◉ buffer zone. Answer: an area of land that serves as a barrier
◉ Eminem domain. Answer: Power of a government to take private
property for public use.
◉ Taxation. Answer: Property taxes are the highest priority lein on
real property. They are ad valorem or according to value.