Perry Real Estate Final College
Exam Questions and Correct
Answers
Fixture
An item of personal property that has been converted to real property by being permanently
affixed to the realty.
Special Purpose Real Estate
churches, schools, cemeteries, and government-held lands
Propriety lease
the lease given to shareholders in a cooperative
Disposition
Right to encumber
Control
,Right to determine interest of property
Accession
Acquiring title to additions or improvements to real property as a result of a lease ending
PITI
Principal, Interest, Taxes, Insurance
Exclusion
ability to legally refuse others interest
Yes
Are Fixtures real property?
third
Mortgage interest on a ____ home affects tax returns
Improvement
any artificial thing attached on or below ground, such as a building, fence, water line or sewer
pipe, as well as growing things that are made part of the landscaping.
,Deed
A document that transfers ownership of property from one party to another.
federally related transaction
Appraisals are required for
Condo
An individually owned unit in an apartment-style complex with shared ownership of common
areas.Owned in fee simple + undivided joint interests
monetary policy
factor in supply
Old english law
Bundle of legal rights comes from
Fructus Industriales
An Emblements, considered real property, plant or crop that require annual cultivation
, Enjoyment
possession without harassment or interference
Broker
Point of contact between 2 or more people in negotiating the sale, rental or purchase
FEMA
administers the national flood insurance program
Chattel
an item of personal, movable property
Subdivision
the dividing of a single property into smaller parcels
Agency
Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and implication
Exam Questions and Correct
Answers
Fixture
An item of personal property that has been converted to real property by being permanently
affixed to the realty.
Special Purpose Real Estate
churches, schools, cemeteries, and government-held lands
Propriety lease
the lease given to shareholders in a cooperative
Disposition
Right to encumber
Control
,Right to determine interest of property
Accession
Acquiring title to additions or improvements to real property as a result of a lease ending
PITI
Principal, Interest, Taxes, Insurance
Exclusion
ability to legally refuse others interest
Yes
Are Fixtures real property?
third
Mortgage interest on a ____ home affects tax returns
Improvement
any artificial thing attached on or below ground, such as a building, fence, water line or sewer
pipe, as well as growing things that are made part of the landscaping.
,Deed
A document that transfers ownership of property from one party to another.
federally related transaction
Appraisals are required for
Condo
An individually owned unit in an apartment-style complex with shared ownership of common
areas.Owned in fee simple + undivided joint interests
monetary policy
factor in supply
Old english law
Bundle of legal rights comes from
Fructus Industriales
An Emblements, considered real property, plant or crop that require annual cultivation
, Enjoyment
possession without harassment or interference
Broker
Point of contact between 2 or more people in negotiating the sale, rental or purchase
FEMA
administers the national flood insurance program
Chattel
an item of personal, movable property
Subdivision
the dividing of a single property into smaller parcels
Agency
Not determined by source of compensation
Created by express agreement between parties and ratification, estoppel, and implication
