SC REAL ESTATE - CHAPTER 1 EXAM
QUESTIONS AND ANSWERS 100% CORRECT!!
, Real Estate - ANSWER Air, water, land, and everything affixed to the land. May be
owned privately by individuals and private entities, or publicly by government entities.
Land - ANSWER - 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: - ANSWER - Immobility
- Indestructibility
- Heterogeneity
Improvements - ANSWER Man-made structures attached to the land
Bundle of Rights - ANSWER The rights of an owner to possess, control, enjoy, sell,
lease, mortgage, and dispose of the property.
Real Property - ANSWER Ownership of real estate and the bundle of rights associated
with owning the real estate. Real property can be rental or residential.
Personal Property - ANSWER 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) - ANSWER Physical, visible, and material.
Intangible Property (Incorporeal) - ANSWER Abstract, having no physical existence in
itself, other than as evidence of one's ownership interest.
Fixtures - ANSWER 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 - ANSWER 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.
QUESTIONS AND ANSWERS 100% CORRECT!!
, Real Estate - ANSWER Air, water, land, and everything affixed to the land. May be
owned privately by individuals and private entities, or publicly by government entities.
Land - ANSWER - 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: - ANSWER - Immobility
- Indestructibility
- Heterogeneity
Improvements - ANSWER Man-made structures attached to the land
Bundle of Rights - ANSWER The rights of an owner to possess, control, enjoy, sell,
lease, mortgage, and dispose of the property.
Real Property - ANSWER Ownership of real estate and the bundle of rights associated
with owning the real estate. Real property can be rental or residential.
Personal Property - ANSWER 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) - ANSWER Physical, visible, and material.
Intangible Property (Incorporeal) - ANSWER Abstract, having no physical existence in
itself, other than as evidence of one's ownership interest.
Fixtures - ANSWER 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 - ANSWER 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.
