Champions School of Real Estate Exam Prep National Chapter 1 & 2 Questions With Complete Solutions

Rights, privileges or improvements that belong to and pass with land. correct answer: Appurtenance Man made additions to the land such as buildings and landscaping. Also known as free standing correct answer: Improvements Right or interest in something that is temporary or movable by nature. Also known as chattel or personalty. correct answer: Personal Property Ownership is transferred by... correct answer: Bill of Sale When personal property is included in a sale, an ___________________________ is attached to describe the details of the transaction. It must be very specific. correct answer: Non Realty Item Addendum Was Personal property but it has been attached in such a way that it becomes real property. correct answer: Fixture Process of Attaching correct answer: Annexation The Process of real property becoming personal property correct answer: severance Fixtures installed by a tenant in order to carry out a business. A dentist needs a dentist chair in order to operate and it is removed when the lease ends. correct answer: Trade Fixtures Crops cultivated annually correct answer: Emblements Land has three physical Characteristics. correct answer: 1. Non