Principles of Real Estate Exam With 100% Correct Answers 2024

Principles of Real Estate Exam With 100% Correct Answers 2024 What is personal property called? - answerchattel For commercial properties, for example, sometimes affixed items are considered ________ ________ and are therefore the renter's personal property - answertrade fixtures what is it called if it's part of the real property being conveyed in a real estate transaction and should remain - answerfixture what are the 5 tests to determine property type - answerMethod of annexation Adaptability of item to land's use Relationship of the parties Intention in placing item on land Agreement of the parties what is the method of annexation - answer(also known as attachment) refers to whether the item is attached to the property & how permanent the attachment is what is the adaptability of items to land use - answerrelated to how the item is situated or adapted to the property ex (garage door openers, other remote controls of other built in permanent features) What is the relationship of the parties - answerif there is a dispute between the person who added the item & the person who removed it (courts tend to favor a tenants take on an item over landlord, buyer over seller) what is a removable personal property that a tenant attaches to a leased commercial premises in order to conduct business - answertrade fixture According to the law, commercial tenants may remove their trade fixtures when their lease ends and they move out. But three conditions apply. The trade fixture must be - answer-Essential for the tenant's business operations -Detachable without damaging the property (or repairable) -Moved out within a certain period of time what is intention in placing item on land - answera person's original intentions may change over time, or an item that was intended to be temporary may end up physically attached to the property, which can change the item from temporary to permanent what is the simplest and first test: If the parties have agreed that an item will stay or go, then that agreement meets the legal test - answeragreement to be safe an agreement should always be in - answerwriting what is a bill of sale? - answeragreement in the purchase contracts that meets requirements real property economic characteristics - answerscarcity, improvements, permanence of investment, location or area preference Real Property Physical Characteristics - answerImmobility, Indestructibility, Uniqueness One parcel (piece of land) will not be exactly like another. This is the concept of - answernon-homogeneity What does obtaining a survey do - answerclearly define