Idaho Real Estate - Module 1 Exam Questions With Correct Answers

What are Riparian rights? - Answer Rights granted to owners of land along moving water - River or stream What are Littoral rights? - Answer Rights granted to owners whose land boarders commercially navigable still waters (Lake/Large Water) Last step in valuing Real Estate - Answer Reconciliation What is a trade fixture? - Answer personal property of a business owner, that when attached to a rented space or building remains personal property. - trade fixtures must be removed by last day the property is rented - tenant is responsible for any damages caused by the removal of a trade fixture - trade fixtures that are not removed become the real property of the landlord Life Estate - Answer An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. What happens when a tenants in common owner passes away - Answer The property would go to their estate per their will, not to the co-tenant Dominant Estate (Easement) - Answer Property that benefits from an easement Servient Estate (Easement) - Answer The tract on which the easement exists and is burdened by it Main difference between condominium ownerships and other types of ownership - Answer ownership of a block of air & undivided interest in common areas and the business. You WILL receive a tax bill Government Rectangular Survey - Answer Remember: Portions of sections. Must go all the way through the township & range and naming of the grid system. Also known as public land survey system or rectangular survey system; divides land using principle meridians that run north/south and base lines that run east/west, along with tiers and range lines that form townships In Idaho we honor water rights based on what? What does this mean? - Answer Doctrine of prior appropriation. First in time - first in right (state owns all water this determines who gets to use it) Licensee Requirements - Getting documents to the broker time frame - Answer Within one business Day How many sections are in a township? How many Acres are in a section? How many Acres are in a township? - Answer 36 sections 640 Acres in a section 23,040 Acres in township Failure to account examples - Answer Mishandling Ernest money Letting parties enter into a listed property without being accompanied by licensee or without owners permission