Sc Real Estate - Chapter 1 Review Questions And Answers, Gra| Latest Exam Updates| 2024/25 |Ded A+/ Verified/

SC REAL ESTATE - CHAPTER 1 REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ Real Estate - -Air, water, land, and everything affixed to the land. May be owned privately by individuals and private entities, or publicly by government entities. Land - -- Surface area of the earth - Everything beneath the surface of the earth extending downward to its center - All natural things permanently attached to the earth - The air above the surface of the earth extending outward to infinity Land has three unique physical characteristics: - -- Immobility - Indestructibility - Heterogeneity Improvements - -Man-made structures attached to the land Bundle of Rights - -The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. Real Property - -Ownership of real estate and the bundle of rights associated with owning the real estate. Real property can be rental or residential. Personal Property - -Ownership of anything that is not real estate, and the rights associated with owning the personal property item. These items can also be called chattels or personalty. - Moveable - Destructible - Homogenous Tangible Property (Corporeal) - -Physical, visible, and material. Intangible Property (Incorporeal) - -Abstract, having no physical existence in itself, other than as evidence of one's ownership interest. Fixtures - -A personal property item that has been converted to real property by attachment to real estate. Typical examples are: chandeliers, toilets, water pumps, septic tanks, and window shutters Adaptation - -If an item is uniquely adapted to the property, or the property is custom-designed to accommodate the item, it may be deemed real property whether the item is easily removable or not. House keys, a garbage compactor, and a removable door screen are examples. Functionality - -If an item is vital to the operation of the building, it may be deemed a fixture, even though perhaps easily removable. Window-unit air conditioners and detachable solar panels are possible examples. Trade Fixtures - -Items of a tenant's personal property that the tenant has temporarily affixed to a landlord's real property in order to conduct business. Sale or lease contract provisions - -In a sale or lease transaction, the listing of an item in the contract as a personal property item, or a fixture