Colorado Real Estate Exam Prep Questions & Answers, Graded A+/| Latest Update 2024/25|

COLORADO REAL ESTATE EXAM PREP QUESTIONS & ANSWERS, GRADED A+/ An owner of real estate possesses certain rights, including: possession of the property control of the property disposition of the property all of the above - -all of the above Possession, control and disposition of ownership are included in the bundle of rights. The "Bundle of Rights" can best be remembered by the name "C-U-P-E-D". These letters stand for control, use, possess, enjoyment, and dispose. According to law, a trade fixture is: A fixture Personal property An easement A license - -Personal property A trade fixture is personal property of the tenant and may be removed by the tenant. A trade fixture is something that is used in the conducting of a business; i.e. a pizza oven in a pizza restaurant. Personal property may be distinguished from real property by its: great variety mobility overhead price multiplicity of uses - -mobility Personal property is not attached to the land or the improvements and it usually is movable. Even though it may be personal property, the contract can include it in the sale of the real estate and then, by means of the contract it does become real estate. Three of the four economic characteristics of real property are: scarcity permanence of investment improvements all of the above - -all of the above Scarcity (supply), permanence of investment, improvements, and area preference are all economic characteristics of real property. Legal tests to determine whether a fixture (something which is attached) should stay or can be removed from a property by a Seller include all of the following EXCEPT: intention of the parties method of attachment how they were purchased existence of an agreement - -how they were purchased Legal tests of a fixture include intention of the parties (did they plan for it to stay or did they plan to take the object usually defined in the contract), method of attachment (is it screwed into the wall like a curtain rod or is it just hanging on a rod like a curtain), its type and adaptability to the real property, and the relationship of the parties which is usually set forth in an agreement or contract. Trade fixtures are: a permanent part of a building owned by the owner of the real estate removable with the building owner's permission personal property of the tenant - -personal property of the tenant Trade fixtures are the personal property of the tenant and may be removed at any time. If left after the termination of the lease they become the property of the landlord. Which of the following is (are) considered personal property? Wood-burning fireplaces Patio furniture Bathtub Awning - -Patio furniture Personal property is never attache