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includes clear explanations to help you understand the reasoning behind the correct response
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commonly seen in exams.
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A powerful study resource designed to support exam success and boost confidence.
Real property ------- ✔ CORRECT ANSWER ✓✓all the legal rights, powers, and privileges of real
estate ownership. The rights of ownership are often referred to as the bundle of rights.
Bundle of Rights ------- ✔ CORRECT ANSWER ✓✓1.Possession, 2.Use, 3.Encumber, 4.Exclusion,
5.Transfer
Personal Property ------- ✔ CORRECT ANSWER ✓✓movable rather than being permanently
attached to real estate
Chattel ------- ✔ CORRECT ANSWER ✓✓personal property
Fixture ------- ✔ CORRECT ANSWER ✓✓An item of personal property that has been converted to
real property by being permanently affixed to the realty. Ex: cabinets, carpet, built-in shelves
Emblements ------- ✔ CORRECT ANSWER ✓✓crops or any type of seasonal/annual plantings that
are cultivated for profit. These are classified as personal property.
Trade fixtures ------- ✔ CORRECT ANSWER ✓✓personal property that a business operator installs
as part of the business operations.
MARIA ------- ✔ CORRECT ANSWER ✓✓Method of Attachment, Adaptability, Relationship,
Intention, Agreement
severance ------- ✔ CORRECT ANSWER ✓✓turning the item into personal property
, Economic Characteristics of Land ------- ✔ CORRECT ANSWER ✓✓scarcity, improvements,
permanence of investment, area preference
Scarcity ------- ✔ CORRECT ANSWER ✓✓There's a limited supply of real property, particularly
when considering a specific area.
Improvements ------- ✔ CORRECT ANSWER ✓✓Adding improvements to real property affects its
value.
Permanence of investment ------- ✔ CORRECT ANSWER ✓✓Investment in improving a property
tends to be very long term.
Area preference (location) ------- ✔ CORRECT ANSWER ✓✓The location of a parcel can
dramatically affect its value.
Physical Characteristics of Land ------- ✔ CORRECT ANSWER ✓✓Immobility, Indestructibility,
Uniqueness
Immobility ------- ✔ CORRECT ANSWER ✓✓In general, land doesn't move.
Indestructibility ------- ✔ CORRECT ANSWER ✓✓This refers to the fact that land can't be
destroyed.
Uniqueness ------- ✔ CORRECT ANSWER ✓✓Each property is unique.