ASREB Exam prep A-1 (gray packet)
Questions and Answers 100% Pass
The sale of personal property would include: - ✔✔Bill of sale
What governmental right requires compensation to private property owners? -
✔✔Eminent domain
If property is obtained by the state after a person dies, this is called: - ✔✔Escheat
Transfer of real property requires a: - ✔✔Deed
This is an economic characteristic of real property: - ✔✔Frozen asset
A promissory note is considered: - ✔✔Personal property
These are included in the bundle of rights ownership: - ✔✔1. Usage
2. Possession
3. Sell property at any time
Discount points: - ✔✔1. INCREASE the lenders yield
2. Usually 1 % of loan amount
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, 3. Decrease the loan term
A storage shed attached to a slab would be considered a: - ✔✔Fixture
If an HOA had additional expenses how would they be handled? - ✔✔Each property
owner would pay a pro rata share.
An owner sells a property on which a farmer lives and works as a tenant. When the
property is sold who gets the crops? - ✔✔The farmer
The tenant's right to harvest crops after a lease is expired is called: - ✔✔Emblements
A lesser puts in a bookcase for commercial use, at the end of the lease, the bookcase is
removed. The bookcase would be considered: - ✔✔Trade fixture
A lease is considered: - ✔✔Personal property
Ad valorem property taxes are based on: - ✔✔Assessed value
Rank the order of liens highest to lowest: property taxes current year, special
assessments, IRS lien February of current year, mortgage lien Oct. of previous year. -
✔✔1. Property taxes
2. Assessments
3. Mortgage lien
4. IRS
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Questions and Answers 100% Pass
The sale of personal property would include: - ✔✔Bill of sale
What governmental right requires compensation to private property owners? -
✔✔Eminent domain
If property is obtained by the state after a person dies, this is called: - ✔✔Escheat
Transfer of real property requires a: - ✔✔Deed
This is an economic characteristic of real property: - ✔✔Frozen asset
A promissory note is considered: - ✔✔Personal property
These are included in the bundle of rights ownership: - ✔✔1. Usage
2. Possession
3. Sell property at any time
Discount points: - ✔✔1. INCREASE the lenders yield
2. Usually 1 % of loan amount
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, 3. Decrease the loan term
A storage shed attached to a slab would be considered a: - ✔✔Fixture
If an HOA had additional expenses how would they be handled? - ✔✔Each property
owner would pay a pro rata share.
An owner sells a property on which a farmer lives and works as a tenant. When the
property is sold who gets the crops? - ✔✔The farmer
The tenant's right to harvest crops after a lease is expired is called: - ✔✔Emblements
A lesser puts in a bookcase for commercial use, at the end of the lease, the bookcase is
removed. The bookcase would be considered: - ✔✔Trade fixture
A lease is considered: - ✔✔Personal property
Ad valorem property taxes are based on: - ✔✔Assessed value
Rank the order of liens highest to lowest: property taxes current year, special
assessments, IRS lien February of current year, mortgage lien Oct. of previous year. -
✔✔1. Property taxes
2. Assessments
3. Mortgage lien
4. IRS
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