CT Real Estate exam General: Property ownership Questions and Answers 100% Pass

CT Real Estate exam General: Property ownership Questions and Answers 100% Pass Survey - Correct Answer ️️ -location and dimension of property Real Property - Correct Answer ️️ -The house and land Personal Property - Correct Answer ️️ -everything but the house and land Improvement - Correct Answer ️️ -Addition to the property or land Vertical Land description - Correct Answer ️️ -Defining the Air rights Fixture - Correct Answer ️️ -once-moveable items attached to real property Trade fixture - Correct Answer ️️ -a fixture that is not attached to real property. Used in Commercial settings. EX: freezer at restaurent. Annexation - Correct Answer ️️ -Personal Property becoming Real Property Severance - Correct Answer ️️ -Real Property becoming Personal Property The legal tests for a fixture - Correct Answer ️️ -- Is it custom made for that house? - Method of attachment(degree of permanence) - Intention of person who put it there - understanding between tenant and owner Appurtenances - Correct Answer ️️ -Attachment part of land, ex: A/C or garden These appurtenances "run with the land" Emblements - Correct Answer ️️ -Crops Tangible Property - Correct Answer ️️ -Touchable Property, ex: house Intangible Property - Correct Answer ️️ -Untouchable Property, ex: stock How to remember: intan = untouch Physical characteristics of land - Correct Answer ️️ -immobility, permanence/indestructibility, and uniqueness Economic Characteristics of land. What makes a particular property valuable? - Correct Answer ️️ -- scarcity (unique) - improvements - permanence of investment - area preference (location) Monument - Correct Answer ️️ -point of reference Metes and bounds - Correct Answer ️️ -system of property description How large is a township? - Correct Answer ️️ -6x6 miles How large is a section? - Correct Answer ️️ -1x1 mile How many townships are in a quadrant? - Correct Answer ️️ -4 What does a proper survey establish? - Correct Answer ️️ -dimension and location of property How large is an acre? - Correct Answer ️️ -43,560 square feet Encumbrance - Correct Answer ️️ -A restriction on the use and/or transfer of real property What does GLA stand for? - Correct Answer ️️ -Gross Living Area Stand-alone single family residences use interior or exterior dimensions for understanding the square footage of a home? - Correct Answer ️️ -exterior Condos and coops use interior or exterior dimensions for understanding the square footage of a home? - Correct Answer ️️ -interior Non-monetary assets - Correct Answer ️️ -Assets a company holds for which it is not possible to PRECISELY determine a dollar value ex: house Monetary assets - Correct Answer ️️ -An asset such as cash, accounts receivable, or a note receivable where the amount is a fixed, stated amount. lien - Correct Answer ️️ -- monetary encumbrance - A right to keep possession of property belonging to another person until a debt owed by that person is discharged Voluntary lein - Correct Answer ️️ -debt approved by owner/borrower EX: mortgage Involuntary lien - Correct Answer ️️ -Debt placed against the