AYPO REAL ESTATE PRINCIPLES OF REAL
ESTATE I ACTUAL TEST QUESTIONS AND
ACCURATE ANSWERS GRADED A+
●● Bundle of Rights
Answer: 1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
●● Personal Property
Answer: movable rather than being permanently attached to real estate
●● Chattel
Answer: personal property
●● Fixture
Answer: An item of personal property that has been converted to real
property by being permanently affixed to the realty. Ex: cabinets, carpet,
built-in shelves
●● Emblements
Answer: crops or any type of seasonal/annual plantings that are
cultivated for profit. These are classified as personal property.
,●● Trade fixtures
Answer: personal property that a business operator installs as part of the
business operations.
●● MARIA
Answer: Method of Attachment, Adaptability, Relationship, Intention,
Agreement
●● severance
Answer: turning the item into personal property
●● Economic Characteristics of Land
Answer: scarcity, improvements, permanence of investment, area
preference
●● Scarcity
Answer: There's a limited supply of real property, particularly when
considering a specific area.
●● Improvements
Answer: Adding improvements to real property affects its value.
●● Permanence of investment
,Answer: Investment in improving a property tends to be very long term.
●● Area preference (location)
Answer: The location of a parcel can dramatically affect its value.
●● Physical Characteristics of Land
Answer: Immobility, Indestructibility, Uniqueness
●● Immobility
Answer: In general, land doesn't move.
●● Indestructibility
Answer: This refers to the fact that land can't be destroyed.
●● Uniqueness
Answer: Each property is unique.
●● Metes and bounds
Answer: A method of land description which involves identifying
distances and directions and makes use of both the physical boundaries
and measurements of the land.
●● Lot and block
, Answer: A method of land description frequently used after land has
been subdivided into building lots; also referred to as the recorded plat
method. (Must have a plat map to find the property)
●● Government survey or rectangular survey
Answer: This is a form of legal description used in most central and
western states. It uses a system of horizontal and vertical lines that
divide the land into squares called townships. The north-south lines are
called range lines. The east-west lines are called township lines. Each
township is 36 square miles. Each square mile is called a section.
Property is identified by its location within a township and section.
●● townships
Answer: 36 square miles
●● Survey
Answer: licensed surveyor
●● Governmental Powers
Answer: P.E.T.E: Police power, eminent domain, taxation, escheat
●● Police power
Answer: right of public entities to establish regulations regarding the use
of the land.
ESTATE I ACTUAL TEST QUESTIONS AND
ACCURATE ANSWERS GRADED A+
●● Bundle of Rights
Answer: 1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
●● Personal Property
Answer: movable rather than being permanently attached to real estate
●● Chattel
Answer: personal property
●● Fixture
Answer: An item of personal property that has been converted to real
property by being permanently affixed to the realty. Ex: cabinets, carpet,
built-in shelves
●● Emblements
Answer: crops or any type of seasonal/annual plantings that are
cultivated for profit. These are classified as personal property.
,●● Trade fixtures
Answer: personal property that a business operator installs as part of the
business operations.
●● MARIA
Answer: Method of Attachment, Adaptability, Relationship, Intention,
Agreement
●● severance
Answer: turning the item into personal property
●● Economic Characteristics of Land
Answer: scarcity, improvements, permanence of investment, area
preference
●● Scarcity
Answer: There's a limited supply of real property, particularly when
considering a specific area.
●● Improvements
Answer: Adding improvements to real property affects its value.
●● Permanence of investment
,Answer: Investment in improving a property tends to be very long term.
●● Area preference (location)
Answer: The location of a parcel can dramatically affect its value.
●● Physical Characteristics of Land
Answer: Immobility, Indestructibility, Uniqueness
●● Immobility
Answer: In general, land doesn't move.
●● Indestructibility
Answer: This refers to the fact that land can't be destroyed.
●● Uniqueness
Answer: Each property is unique.
●● Metes and bounds
Answer: A method of land description which involves identifying
distances and directions and makes use of both the physical boundaries
and measurements of the land.
●● Lot and block
, Answer: A method of land description frequently used after land has
been subdivided into building lots; also referred to as the recorded plat
method. (Must have a plat map to find the property)
●● Government survey or rectangular survey
Answer: This is a form of legal description used in most central and
western states. It uses a system of horizontal and vertical lines that
divide the land into squares called townships. The north-south lines are
called range lines. The east-west lines are called township lines. Each
township is 36 square miles. Each square mile is called a section.
Property is identified by its location within a township and section.
●● townships
Answer: 36 square miles
●● Survey
Answer: licensed surveyor
●● Governmental Powers
Answer: P.E.T.E: Police power, eminent domain, taxation, escheat
●● Police power
Answer: right of public entities to establish regulations regarding the use
of the land.
