WI Real Estate Vocabulary EXAM QUESTIONS AND COMPLETE SOLUTIONS 100% VERIFIED
WI Real Estate Vocabulary EXAM QUESTIONS AND COMPLETE SOLUTIONS 100% VERIFIED Transfer Fee - Answer -Round to the nearest hundred and multiply by .003. Bundle of Rights - Answer -Rights & interest of having title such as possession, control, exclusion, sell, and of enjoyment. Real Property - Answer -Goes with the property. Generally immovable. Chattel Real - Answer -Cows mooove. Personal proptery. Fixtures - Answer -Was personal and is now real. MARIA (Method, Adaptabliltiy, Relationship, Intention, Agreement. Trade Fixtures - Answer -Personal because it goes with a business. Riparian Rights - Answer -River: moving body of water. Littoral Rights - Answer -Lake: body of water Accretion - Answer -Additional of land. Alusion - Answer -Tearing away of land. Reliction - Answer -Gradual recession of water leaving land permanently uncovered. Appurtemances - Answer -Runs with the land. Freehold Estate - Answer -No fixed duration of ownership. Fee Simple Estate - Answer -Highest possible ownership. Also known as fee simple absolute. Fee Simple Defeasible - Answer -Possess the property as a fee simple subject to a condition. Life Estate - Answer -Ownership of land for the duration of a person's life. Less than Freehold Estate - Answer -Limited period of time. Estate For Years - Answer -Defined period of time for example 6 months or July 3rd-September 8th. Periodic Tenancy - Answer -Period of period such as month to month. Estate At Will - Answer -End at any time.
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