MN Real Estate Exam Prep Latest Update Rated A+

MN Real Estate Exam Prep Latest Update Rated A+ Bill of Sale What is used to transfer personal property Buffer Zone My be used to separate two incompatible zoning uses Certificate of Occupancy Appurtenances Are attached to and run with the land Real property Is the land, anything affixed to the land and rights and interests in the land and is conveyed by a deed Personal property (1) Includes all items not attached to the land that may or may not be conveyed when the property is sold. Each item of personal property is listed in and conveyed by a bill of sale. (2) All property that is not real property is movable, is not permanently attached to the land and typically does not transfer with the real estate. Must be INCLUDED in the purchase agreement to convey with the property. (3) Is transferred by a bill of sale Fixture (1) Personal property attached to improvements. (2) Land is not a fixture. (3) Once the fixture (personal property) is attached, it becomes an appurtenance and is utomatically transferred in the deed. Improvements Items attached to the land with the intent of being permanent (Examples - House, fence, road, landscaping) Land Surface rights, Subsurface rights, Air rights Three forms of rights Land, Ownership, Governmental Air rights (Land) 1. Extend as high as can reasonably be used. 2. Government controls air space. 3. Owners may not interfere. Water rights (Land) (1) The government controls water rights and grants permits for the beneficial use of water, such as irrigation, under the doctrine of prior appropriation. (2) Water rights do not include the right of access. The owner of a water right would not have the right to cross another's property and would need to obtain an easement (right of use) to do so. Riparian Flowing water (R = River - like a river) Littoral Standing water (L = Lake - like a Lake) Accretion Addition to land through natural causes Mineral rights (Land subsurface rights) (1) These rights may be transferred when property is sold or reserved by the seller. 2) They are often held by a third party Real Estate transferred by a deed Test for intent Was the object affixed or