Superior School of Real Estate Exam

Superior School of Real Estate Exam appurtenance -Answer-Any right or privilege that is considered to run with the land bill of sale -Answer- chattel -Answer-Personal Property deed -Answer- hereditaments -Answer-Any rights capable of being inherited highest and best use -Answer-use that will provide the property owner the best possible return on an investment over a specified time period resulting in the highest possible present value of land. immobility -Answer-Land cannot be relocated from one place to another- reason why the location affects the land value improvements -Answer-Anything used to better or "improve" the use of the land indestructibility -Answer- land use controls -Answer-city planning zoning, regional planning etc. - the regulation of land use for public interest as the property use affects surrounding property owners and general public land -Answer-The surface of the earth with the boundaries extending downward to the middle of the earth extended back upward to the highest heavens: Composed of Three components: surface, subsurface, and airspace nonhomogeneity -Answer-The uniqueness of a parcel of land personal property -Answer-The opposite of real property, everything that is readily movable and not attached to the land. personalty -Answer-Personal Property real estate -Answer- real property -Answer-physical property including surface of the lad, all improvements made to the property, everything beneath the surface, and airspace above the land. Characterized as immobility, permanence, and uniqueness. REALTOR® -Answer-A registered trademark of National Association of Realtors (NAR) and it identifies those who are also members of the local, the state, and the national association. realty -Answer- scarcity -Answer-Limited quantities of resources to meet unlimited wants