Barney Fletcher Real Estate Examv Questions with
CORRECT Answers (Grade A+)
Question 1:
Assemblage
Answer:
combining two or more contiguous parcels of real estate into a single parcel under one ownership
Question 2:
plottage
Answer:
an increase in value resulting from assemblage
Question 3:
fixture
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
Answer:
if object was fixed or installed with the intention of improving the home
Question 5:
appurtenances
Answer:
when new fixtures are attached ex. heat/air, roof
Question 6:
have brokers license but are working for another broker
Answer:
associate broker
,Question 7:
principal/employing broker
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
Answer:
government / rectangular survey
Question 9:
alienation of title
Answer:
any change of ownership - transferring ownership rights or interests in real property from one person to
another
Question 10:
legal title
Answer:
right of ownership of a parcel of real property held by an owner
Question 11:
equitable title
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
Answer:
lacks the usual rights and privileges associated with ownership
,Question 13:
constructive notice
Answer:
information has been made available to the public
Question 14:
inquiry notice
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
Answer:
a title free from reasonable doubt as to who the owner is
Question 16:
abstract of title
Answer:
detailed report of the title search
Question 17:
torrens system
Answer:
an owner petitions the state court to register his property transfer of land
Question 18:
allodial system
Answer:
individuals are able to own land
Question 19:
eminent domain
Answer:
right of govs to assume property for necessary public use
, Question 20:
escheat
Answer:
power the gov has when someone dies intestate and leaves no known heirs
Question 21:
PETE - powers of gov over title
Answer:
police power, eminent domain, taxation, escheat
Question 22:
encroachment
Answer:
unauthorized infringement on a property owners rights as a result of physical intrusion
Question 23:
freehold estate
Answer:
highest and most complete form of ownership
Question 24:
seisin
Answer:
possession of freehold estate
Question 25:
qualified fee estate
Answer:
a fee simple estate that has certain limitations / qualifications - owner holds fee simple title
Question 26:
defeasible
Answer:
capable of being voided/defeated
CORRECT Answers (Grade A+)
Question 1:
Assemblage
Answer:
combining two or more contiguous parcels of real estate into a single parcel under one ownership
Question 2:
plottage
Answer:
an increase in value resulting from assemblage
Question 3:
fixture
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
Answer:
if object was fixed or installed with the intention of improving the home
Question 5:
appurtenances
Answer:
when new fixtures are attached ex. heat/air, roof
Question 6:
have brokers license but are working for another broker
Answer:
associate broker
,Question 7:
principal/employing broker
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
Answer:
government / rectangular survey
Question 9:
alienation of title
Answer:
any change of ownership - transferring ownership rights or interests in real property from one person to
another
Question 10:
legal title
Answer:
right of ownership of a parcel of real property held by an owner
Question 11:
equitable title
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
Answer:
lacks the usual rights and privileges associated with ownership
,Question 13:
constructive notice
Answer:
information has been made available to the public
Question 14:
inquiry notice
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
Answer:
a title free from reasonable doubt as to who the owner is
Question 16:
abstract of title
Answer:
detailed report of the title search
Question 17:
torrens system
Answer:
an owner petitions the state court to register his property transfer of land
Question 18:
allodial system
Answer:
individuals are able to own land
Question 19:
eminent domain
Answer:
right of govs to assume property for necessary public use
, Question 20:
escheat
Answer:
power the gov has when someone dies intestate and leaves no known heirs
Question 21:
PETE - powers of gov over title
Answer:
police power, eminent domain, taxation, escheat
Question 22:
encroachment
Answer:
unauthorized infringement on a property owners rights as a result of physical intrusion
Question 23:
freehold estate
Answer:
highest and most complete form of ownership
Question 24:
seisin
Answer:
possession of freehold estate
Question 25:
qualified fee estate
Answer:
a fee simple estate that has certain limitations / qualifications - owner holds fee simple title
Question 26:
defeasible
Answer:
capable of being voided/defeated
