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

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


Survey - ✔✔location and dimension of property


Real Property - ✔✔The house and land


Personal Property - ✔✔everything but the house and land


Improvement - ✔✔Addition to the property or land


Vertical Land description - ✔✔Defining the Air rights


Fixture - ✔✔once-moveable items attached to real property


Trade fixture - ✔✔a fixture that is not attached to real property.


Used in Commercial settings. EX: freezer at restaurent.


Annexation - ✔✔Personal Property becoming Real Property


Severance - ✔✔Real Property becoming Personal Property


The legal tests for a fixture - ✔✔- Is it custom made for that house?



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, - Method of attachment(degree of permanence)


- Intention of person who put it there


- understanding between tenant and owner


Appurtenances - ✔✔Attachment part of land, ex: A/C or garden


These appurtenances "run with the land"


Emblements - ✔✔Crops


Tangible Property - ✔✔Touchable Property, ex: house


Intangible Property - ✔✔Untouchable Property, ex: stock


How to remember: intan = untouch


Physical characteristics of land - ✔✔immobility, permanence/indestructibility, and

uniqueness


Economic Characteristics of land.


What makes a particular property valuable? - ✔✔- scarcity (unique)


- improvements


- permanence of investment


- area preference (location)




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