CT Real Estate exam General: Property
ownership UPDATED ACTUAL Questions
and CORRECT Answers
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
ownership UPDATED ACTUAL Questions
and CORRECT Answers
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
