ASREB Exam prep A-1 (gray packet) Solved Correctly!!
The sale of personal property would include:
Bill of sale
What governmental right requires compensation to private property owners?
Eminent domain
If property is obtained by the state after a person dies, this is called:
Escheat
Transfer of real property requires a:
Deed
This is an economic characteristic of real property:
Frozen asset
A promissory note is considered:
Personal property
These are included in the bundle of rights ownership:
1. Usage
2. Possession
3. Sell property at any time
Discount points:
1. INCREASE the lenders yield
2. Usually 1 % of loan amount
3. Decrease the loan term
A storage shed attached to a slab would be considered a:
Fixture
If an HOA had additional expenses how would they be handled?
Each property owner would pay a pro rata share.
An owner sells a property on which a farmer lives and works as a tenant. When
the property is sold who gets the crops?
The farmer
The tenant's right to harvest crops after a lease is expired is called:
Emblements
A lesser puts in a bookcase for commercial use, at the end of the lease, the
bookcase is removed. The bookcase would be considered:
Trade fixture
A lease is considered:
Personal property
Ad valorem property taxes are based on:
Assessed value
Rank the order of liens highest to lowest: property taxes current year, special
assessments, IRS lien February of current year, mortgage lien Oct. of previous
year.
1. Property taxes
2. Assessments
3. Mortgage lien
4. IRS
Trade fixtures would NOT:
The sale of personal property would include:
Bill of sale
What governmental right requires compensation to private property owners?
Eminent domain
If property is obtained by the state after a person dies, this is called:
Escheat
Transfer of real property requires a:
Deed
This is an economic characteristic of real property:
Frozen asset
A promissory note is considered:
Personal property
These are included in the bundle of rights ownership:
1. Usage
2. Possession
3. Sell property at any time
Discount points:
1. INCREASE the lenders yield
2. Usually 1 % of loan amount
3. Decrease the loan term
A storage shed attached to a slab would be considered a:
Fixture
If an HOA had additional expenses how would they be handled?
Each property owner would pay a pro rata share.
An owner sells a property on which a farmer lives and works as a tenant. When
the property is sold who gets the crops?
The farmer
The tenant's right to harvest crops after a lease is expired is called:
Emblements
A lesser puts in a bookcase for commercial use, at the end of the lease, the
bookcase is removed. The bookcase would be considered:
Trade fixture
A lease is considered:
Personal property
Ad valorem property taxes are based on:
Assessed value
Rank the order of liens highest to lowest: property taxes current year, special
assessments, IRS lien February of current year, mortgage lien Oct. of previous
year.
1. Property taxes
2. Assessments
3. Mortgage lien
4. IRS
Trade fixtures would NOT:
