WASHINGTON REAL ESTATE EXAM PRACTICE
EXAM WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
Save
Terms in this set (178)
There are two types of property. Real property (realty) and personal property
What are they? (personalty)
Real property (realty) is described Land, anything affixed to the land, and anything
as: incidental or appurtenant (belonging) to the land.
Sometimes it is describes as "that which is
immovable"
Personal Property (personalty) is Is usually moveable. A car, a sofa, and a hat are
described as: simple examples of personal property. Anything
that is not real property is personal property.
,Why is it very important to Because of transactions.
understand the distinction between
real and personal property?
Provide an example of a real estate When a piece of land is sold, anything that is
transaction (the emphasis of considered part of the real property is
distinction between real and transferred to the buyer along with the land,
personal property) unless otherwise agreed. But if an item is
personal property, the sellers can take it with
them when they move out unless otherwise
agreed.
What does the inverted pyramid A parcel of real property and what the
symbolize? landowner owns.
- surface
- parcel
- shared airspace
- above and below surface - to the center of the
earth
What is ALSO considered part of The rights and privileges associated with land
real property? ownership.
(think of real property as the land plus a bundle
of rights)
What is included in the owners possess, use, enjoy, encumber, will, sell, or do
bundle of rights? nothing at all with the land
what is "posses" ? to exercise dominion or control over tangible
property.
what is "use"? the right to enjoy the benefits of real estate or
personal property
what is "enjoy"? refers to the right to the benefits of that property.
, what is "encumber" ? a claim against a property (asset) by a party that
is not the owner. impacts the transferability
and/or use of subjected properties.
this include liens, easements, leases, mortgages,
or restrictive covenants.
what is "will"? allows you to direct how your belongings—such
as bank balances, property, or prized
possessions—should be distributed.
what is "sell"? to give away a right in a property absolutely
What is an appurtenance? a right or interest that goes along with or pertains
to a piece of land
appurtenance example rights or privileges that concern physical aspects
of a property.
minerals in the ground, right to sunlight, or an
unobstructed view
EXAM WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
Save
Terms in this set (178)
There are two types of property. Real property (realty) and personal property
What are they? (personalty)
Real property (realty) is described Land, anything affixed to the land, and anything
as: incidental or appurtenant (belonging) to the land.
Sometimes it is describes as "that which is
immovable"
Personal Property (personalty) is Is usually moveable. A car, a sofa, and a hat are
described as: simple examples of personal property. Anything
that is not real property is personal property.
,Why is it very important to Because of transactions.
understand the distinction between
real and personal property?
Provide an example of a real estate When a piece of land is sold, anything that is
transaction (the emphasis of considered part of the real property is
distinction between real and transferred to the buyer along with the land,
personal property) unless otherwise agreed. But if an item is
personal property, the sellers can take it with
them when they move out unless otherwise
agreed.
What does the inverted pyramid A parcel of real property and what the
symbolize? landowner owns.
- surface
- parcel
- shared airspace
- above and below surface - to the center of the
earth
What is ALSO considered part of The rights and privileges associated with land
real property? ownership.
(think of real property as the land plus a bundle
of rights)
What is included in the owners possess, use, enjoy, encumber, will, sell, or do
bundle of rights? nothing at all with the land
what is "posses" ? to exercise dominion or control over tangible
property.
what is "use"? the right to enjoy the benefits of real estate or
personal property
what is "enjoy"? refers to the right to the benefits of that property.
, what is "encumber" ? a claim against a property (asset) by a party that
is not the owner. impacts the transferability
and/or use of subjected properties.
this include liens, easements, leases, mortgages,
or restrictive covenants.
what is "will"? allows you to direct how your belongings—such
as bank balances, property, or prized
possessions—should be distributed.
what is "sell"? to give away a right in a property absolutely
What is an appurtenance? a right or interest that goes along with or pertains
to a piece of land
appurtenance example rights or privileges that concern physical aspects
of a property.
minerals in the ground, right to sunlight, or an
unobstructed view
