Nevada Real Estate Exam Prep Correct Questions & Answers(Scored A+)
Land - ANSWER Surface, all natural things attached to it, subsurface, and air above the surface. Real Estate - ANSWER land plus manmade permanent attatchments Real property - ANSWER Real estate plus "bundle of legal rights" Bundle of Rights - ANSWER PUTEE (possess, use, transfer, exclude, encumber) Physical characteristics of real estate - ANSWER immobility, indestructibility, heterogeneity Immobility - ANSWER Land cannot be moved from one site to another, its location is forever fixed. Indestructibility - ANSWER Land is permanent and cannot be destroyed since by definition it extends below ground and into the sky. Since land is permanent, it does not depreciate. Only improvements depreciate and are insurable. Non-homogeneity - ANSWER Land is non-homogeneous; no two parcels of land are exactly the same since they have a different location. physical aspects of real estate: land diagram - ANSWER natural attachment (tree), air, surface, subsurface physical aspects of real estate: real estate diagram - ANSWER land plus manmade attachments legal title - ANSWER Full legal ownership of property and the bundle of rights as they apply to it. Contrasts with equitable title.
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