Champions School of Real Estate Exam Prep National Chapter 1 & 2 Questions and Answers(A+ Solution guide)

Rights, privileges or improvements that belong to and pass with land. - Appurtenance Man made additions to the land such as buildings and landscaping. Also known as free standing - Improvements Right or interest in something that is temporary or movable by nature. Also known as chattel or personalty. - Personal Property Ownership is transferred by... - 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. - Non Realty Item Addendum Was Personal property but it has been attached in such a way that it becomes real property. - Fixture Process of Attaching - Annexation The Process of real property becoming personal property - 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. - Trade Fixtures Crops cultivated annually - Emblements Land has three physical Characteristics. - 1. Non Homogeneity 2. Immobility 3. IndestructibilityNo two pieces are exactly alike. Each piece of land is unique - Non Homogeneity Land Cannot be moved - Immobility Durability - It will always be there - Indestructibility Four Economic Characteristics of Land - 1. Scarcity 2. Modification 3. Fixity 4. Situs Short Supply when demand is great. When there is a shortage, the price goes up. "Naturally Desirable" - Scarcity Land use and value are influenced by improvements made by man. "Change or Improve" - Modification