Alaska Real Estate Practice Test Questions and Answers

Personal Property Items that do not fit into the definition of real property; moveable objects; chattels Real Property land and anything attached to it Fixture An article of personal property that has become real property because it has. Even permanently affixed to the property General partnership An association of two or more individuals who carry on a continuing business for profit; all co-owners are general partners & share full liability for any debts & losses Common elements Parts of a property that are necessary for or convenient to the existence, maintenance & safety of a condo or are normally in common use by all condo residents; each condo owner has an undivided interest in such areas corporation (n) An entity or organization created by operation of law, whose rights of doing Business are essentially the same as those of an individual Trade fixture An article installed by a business tenant under terms of a lease that is removed by tenant before lease expires Community property A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage Condominium The absolute ownership of an apartment or unit based on legal description of airspace the unit actually occupies plus an undivided interest in the common elements which are jointly owned with the other unit owners Cooperative Residential multi unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living with in the building who are the beneficial owner of the trust or stockholder of the corporation each holding a property lease Accession Acquiring title to a fixture when it is left behind by a tenant at the termination of their lease term