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Real Estate Licensing Exam | 1000
Questions and Answers | Complete
Study Guide & Exam Preparation
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Real property is also known as ______ property. Realty
Personal property is also known as ______ property. Chattel
What determines whether an item is a fixture? Intention, attachment, adaptability, agreement
A built-in dishwasher is considered what? Fixture
A tenant installs shelving; who owns it? Tenant, if it's a trade fixture
What is a trade fixture? Personal property used in business, removable by tenant
If a fixture is removed improperly, what may Liability for damages
occur?
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What is annexation? The act of attaching personal property to real property
Emblements are ______ property. Personal
Crops grown annually are classified as what? Emblements (personal property)
What are perennial crops considered? Real property
What is the test of adaptability? Whether item is custom-made for property
What is the key factor in fixture disputes? Intention of the parties
Land is considered what type of asset? Immovable
What is the physical characteristic "immobility"? Land cannot be moved
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What is indestructibility of land? Land cannot be destroyed
What is uniqueness in land? No two parcels are identical
Scarcity refers to limited ______. Supply of land
What is situs? Location preference of land
Economic characteristic: improvements—what Value added by development
does it mean?
Economic characteristic: permanence of Long-term investment stability
investment means?
What is the metes and bounds system? Uses distances and directions
https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
https://www.stuvia.com/user/educatorjake
Real Estate Licensing Exam | 1000
Questions and Answers | Complete
Study Guide & Exam Preparation
https://www.stuvia.com/user/educatorjake
https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
,https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
Real property is also known as ______ property. Realty
Personal property is also known as ______ property. Chattel
What determines whether an item is a fixture? Intention, attachment, adaptability, agreement
A built-in dishwasher is considered what? Fixture
A tenant installs shelving; who owns it? Tenant, if it's a trade fixture
What is a trade fixture? Personal property used in business, removable by tenant
If a fixture is removed improperly, what may Liability for damages
occur?
https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
,https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
What is annexation? The act of attaching personal property to real property
Emblements are ______ property. Personal
Crops grown annually are classified as what? Emblements (personal property)
What are perennial crops considered? Real property
What is the test of adaptability? Whether item is custom-made for property
What is the key factor in fixture disputes? Intention of the parties
Land is considered what type of asset? Immovable
What is the physical characteristic "immobility"? Land cannot be moved
https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
, https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
What is indestructibility of land? Land cannot be destroyed
What is uniqueness in land? No two parcels are identical
Scarcity refers to limited ______. Supply of land
What is situs? Location preference of land
Economic characteristic: improvements—what Value added by development
does it mean?
Economic characteristic: permanence of Long-term investment stability
investment means?
What is the metes and bounds system? Uses distances and directions
https://www.stuvia.com/user/educatorjake https://www.stuvia.com/user/educatorjake
