KANSAS REAL ESTATE EXAM
who else has right to real property? -ANSWER 1) government: through real
estate taxes
2) lenders: through mortgage rights
3.) Easements: Railroads, Utility companies
Land -ANSWER spot on earth down to the center and up to infinity
real estate -ANSWER Land + Appurtenances
Appurtenances: Right, Privilege or improvement permanently attached to the
land
Examples of Appurtenances -ANSWER Natural: Trees, lakes, streams
Man-Made: Fences, houses, buildings
Mineral Rights: oil, natural gas; passed with the sale of land
Air Rights and water rights
When is an item considered to be real estate? -ANSWER When it is
permanently attached to the land
What is personal property? -ANSWER all property that is not real property
Easily removable-furniture and appliances
Chattel- easily movable- Chattel Mortgage; buying a furnished property
Bill of sale: Transfer of personal property
seller sold property with refrigerator as personal property, what document is
needed with the transfer of refrigerator -ANSWER Bill of Sale
fixture -ANSWER An item of personal property that has been converted to real
property by being permanently affixed to the realty.
i.e- You buy a fan, its personal once attached to the house its real property
Trade Fixtures -ANSWER Items installed by a commercial tenant for business
use. Can take at the end of a lease
Emblements -ANSWER Personal property. Growing crops planted ad allow the
seller to come back to harvest the crop one time even after the sale of property
buyer made an offer a house and the seller accepted the offer as written, the
buyer wanted some of the sellers personal property to remain with the house.
the personal property would transfer to the buyer under which of the following
circumstances? -ANSWER If it was included in the contract
A commercial Tenant installed several items in their leased space. in order to
more effeciently run their business, which of the following best describes what
happens to the installed items once the lease expired? (Lease has not expired
Yet) -ANSWER The tenant would be able to remove the installed the installed
items as they would be considered trade fixtures
Government Rights in real property? -ANSWER Taxation; Tax on the real
property
, KANSAS REAL ESTATE EXAM
Police power: Keeps things in order
Zoning: commericals or residential
building codes: structual integrity of buildings( makes buildings safe)
flood maps: Fema( federal emergency management agency) oversee flood
prone areas; must have flood insurance not a rider or endorsement
Eminent Domain -ANSWER the right of government to take private property
for public use
condemnation -ANSWER The process of taking private property for public use
through the government's power of eminent domain.
Escheat -ANSWER The right of government to ownership of property, which is
left by a deceased property owner who leaves no will, and dies without
descendants. Owner dies Intestate and no heirs
Abandonment -ANSWER leaving a property with non-payment of real estate
taxes
Estate -ANSWER The degree, quantity, nature and extent of ownership
interest in real property- Possessory rights. Right to Occupy the property.
Freehold Estate -ANSWER What we usually think of as ownership. There is no
definite ending date and it is for a least a lifetime. Free of time limit. Passable
to Heirs
Leasehold Estate -ANSWER What we usually think of as renting or leasing. It
is for a certain period of time. There is an end date
Which terms would be best be associated with the governing of flood maps? -
ANSWER police power
The state government can take property that has abandoned by the owner
through what right? -ANSWER Escheat
when a property is taken through condemation, it was a result of ?? -ANSWER
the gov. excersing the right of eminent domain
a sale of property being financed that is in a flood proned area would be
required to have: -ANSWER Flood insurance
Different types of Freehold Estates -ANSWER Fee Estates- Fee=Inheritable
Fee Simple; Maximum rights in ownership
Life Estate -ANSWER Non-inheritable. Deeded to someone for life or life of
another.
Estate in Reversion -ANSWER An estate that comes back to the original
grantor if grantee dies
who else has right to real property? -ANSWER 1) government: through real
estate taxes
2) lenders: through mortgage rights
3.) Easements: Railroads, Utility companies
Land -ANSWER spot on earth down to the center and up to infinity
real estate -ANSWER Land + Appurtenances
Appurtenances: Right, Privilege or improvement permanently attached to the
land
Examples of Appurtenances -ANSWER Natural: Trees, lakes, streams
Man-Made: Fences, houses, buildings
Mineral Rights: oil, natural gas; passed with the sale of land
Air Rights and water rights
When is an item considered to be real estate? -ANSWER When it is
permanently attached to the land
What is personal property? -ANSWER all property that is not real property
Easily removable-furniture and appliances
Chattel- easily movable- Chattel Mortgage; buying a furnished property
Bill of sale: Transfer of personal property
seller sold property with refrigerator as personal property, what document is
needed with the transfer of refrigerator -ANSWER Bill of Sale
fixture -ANSWER An item of personal property that has been converted to real
property by being permanently affixed to the realty.
i.e- You buy a fan, its personal once attached to the house its real property
Trade Fixtures -ANSWER Items installed by a commercial tenant for business
use. Can take at the end of a lease
Emblements -ANSWER Personal property. Growing crops planted ad allow the
seller to come back to harvest the crop one time even after the sale of property
buyer made an offer a house and the seller accepted the offer as written, the
buyer wanted some of the sellers personal property to remain with the house.
the personal property would transfer to the buyer under which of the following
circumstances? -ANSWER If it was included in the contract
A commercial Tenant installed several items in their leased space. in order to
more effeciently run their business, which of the following best describes what
happens to the installed items once the lease expired? (Lease has not expired
Yet) -ANSWER The tenant would be able to remove the installed the installed
items as they would be considered trade fixtures
Government Rights in real property? -ANSWER Taxation; Tax on the real
property
, KANSAS REAL ESTATE EXAM
Police power: Keeps things in order
Zoning: commericals or residential
building codes: structual integrity of buildings( makes buildings safe)
flood maps: Fema( federal emergency management agency) oversee flood
prone areas; must have flood insurance not a rider or endorsement
Eminent Domain -ANSWER the right of government to take private property
for public use
condemnation -ANSWER The process of taking private property for public use
through the government's power of eminent domain.
Escheat -ANSWER The right of government to ownership of property, which is
left by a deceased property owner who leaves no will, and dies without
descendants. Owner dies Intestate and no heirs
Abandonment -ANSWER leaving a property with non-payment of real estate
taxes
Estate -ANSWER The degree, quantity, nature and extent of ownership
interest in real property- Possessory rights. Right to Occupy the property.
Freehold Estate -ANSWER What we usually think of as ownership. There is no
definite ending date and it is for a least a lifetime. Free of time limit. Passable
to Heirs
Leasehold Estate -ANSWER What we usually think of as renting or leasing. It
is for a certain period of time. There is an end date
Which terms would be best be associated with the governing of flood maps? -
ANSWER police power
The state government can take property that has abandoned by the owner
through what right? -ANSWER Escheat
when a property is taken through condemation, it was a result of ?? -ANSWER
the gov. excersing the right of eminent domain
a sale of property being financed that is in a flood proned area would be
required to have: -ANSWER Flood insurance
Different types of Freehold Estates -ANSWER Fee Estates- Fee=Inheritable
Fee Simple; Maximum rights in ownership
Life Estate -ANSWER Non-inheritable. Deeded to someone for life or life of
another.
Estate in Reversion -ANSWER An estate that comes back to the original
grantor if grantee dies
