Champions Real Estate NATIONAL TEST (chs 1-2) Final Exam with complete solutions

Real Property - correct answer-consists of land, improvements, attached to the land, benefits, rights, and ownership interests that go with the land. Appurtenance - correct answer-is often used to describe rights, privileges, and improvements that belong to and pass with the land Improvements - correct answer-man's additions to the land such as buildings and landscaping Personal property - correct answer-is a right or interest in something of a temporary or movable nature and includes anything not classed as real property (chattel or personalty) Bill of Sale - correct answer-ownership is transferred with this document Fixture - correct answer-an item that was personal property; however, it has been attached in such a way that it has become real property Annexation - correct answer-"the process" of attaching a fixture to a property in a way that it becomes real property Severance or "severed" - correct answer-"the process" of real property becoming personal property will be described by this Trade Fixtures - correct answer-fixtures installed by a tenant in order to carry out a business, and they may be removed from leased property prior to the termination of the lease. If these fixtures are not removed prior to termination of the lease, they become real property and pass to the landlord. Emblements - correct answer-crops cultivated annually. even though they are attached to the ground, they are considered the personal property of the farmer who cultivated them. They are not automatically part of the sale of a farm or ranch.