Comprehensive Study 1 Up to Date Content
National Real Estate Exam Vocab
Latest Questions and Graded
Answers
Appurtenance
Ans: rights, privileges or improvements that belong
to and pass with the land.
Improvements
Ans: Man's additions to the land such as buildings
and landscaping.
Chattel
Ans: Personal property, personalty
Bill of Sale
Ans: A document used to transfer ownership of
personal property.
Fixture
Ans: An item that was personal property; however, it
is attached in such a way that it has became real
property. Never freestanding.
Annexation
Ans: Put it together. Process of attaching a fixture.
Severance
Up to Date Content
,Comprehensive Study 2 Up to Date Content
Ans: Took apart, a fixture is uninstalled and once
again becomes personal property.
Trade Fixtures
Ans: Fixtures installed by a tenant in order to carry
out a business, and they may be removed from leased
property prior to the termination form of the lease.
Emblements
Ans: crops cultivated annually, if it's not an annual
crop it's not an emblement.
Physical Characteristics of Real Property
Ans: Nonhomogeneity, Immobility and
Indestructibility
Nonhomogeneity
Ans: no two pieces are exactly alike
Immobility
Ans: Land cannot be moved
Indestructibility
Ans: durability - it will always be there
Economic Characteristics of Land
Ans: scarcity, modification, fixity, situs
Scarcity
Up to Date Content
,Comprehensive Study 3 Up to Date Content
Ans: In short supply where demand is great
Modification
Ans: Land use and value are greatly influenced by
improvements made by man to land and to
surrounding parcels of land. (Disney World)
Fixity
Ans: Land and buildings and other improvements to
land are considered fixed or permanent investments-
they aren't liquid assets.
Situs
Ans: location preference location,location,location
Metes and Bounds
Ans: Use terminal points and angles and always have
a point of beginning.
Lot and Block
Ans: A method of land description frequently used
after land has been subdivided into building lots; also
referred to as the recorded plat method. (Must have a
plat map to find the property)
Rectangular Survey System
Ans: AKA Government Survey System. Townships
and Sections are located in Ranges.
Up to Date Content
, Comprehensive Study 4 Up to Date Content
One township contains _____ sections. Each section contains
_____ acres, which is ____ sq mile.
Ans: 36, 640, 1
One acre contains _______ sq feet
Ans: 43,560 (4 old people driving on 35 going 60)
1 mile = ____ feet
Ans: 5,280 feet ( 5 to 8toes)
PETE
Ans: Police Power, Eminent Domain, Taxation,
Escheat
Police Power
Ans: Power given to a municipality to regulate and
control the character and use of property for the
health, safety and general welfare of the public.
Zoning
Ans: Most common example of police power. Local
laws to control land use.
Varience
Ans: Permission to violate zoning rules.
Buffer Zone
Up to Date Content
National Real Estate Exam Vocab
Latest Questions and Graded
Answers
Appurtenance
Ans: rights, privileges or improvements that belong
to and pass with the land.
Improvements
Ans: Man's additions to the land such as buildings
and landscaping.
Chattel
Ans: Personal property, personalty
Bill of Sale
Ans: A document used to transfer ownership of
personal property.
Fixture
Ans: An item that was personal property; however, it
is attached in such a way that it has became real
property. Never freestanding.
Annexation
Ans: Put it together. Process of attaching a fixture.
Severance
Up to Date Content
,Comprehensive Study 2 Up to Date Content
Ans: Took apart, a fixture is uninstalled and once
again becomes personal property.
Trade Fixtures
Ans: Fixtures installed by a tenant in order to carry
out a business, and they may be removed from leased
property prior to the termination form of the lease.
Emblements
Ans: crops cultivated annually, if it's not an annual
crop it's not an emblement.
Physical Characteristics of Real Property
Ans: Nonhomogeneity, Immobility and
Indestructibility
Nonhomogeneity
Ans: no two pieces are exactly alike
Immobility
Ans: Land cannot be moved
Indestructibility
Ans: durability - it will always be there
Economic Characteristics of Land
Ans: scarcity, modification, fixity, situs
Scarcity
Up to Date Content
,Comprehensive Study 3 Up to Date Content
Ans: In short supply where demand is great
Modification
Ans: Land use and value are greatly influenced by
improvements made by man to land and to
surrounding parcels of land. (Disney World)
Fixity
Ans: Land and buildings and other improvements to
land are considered fixed or permanent investments-
they aren't liquid assets.
Situs
Ans: location preference location,location,location
Metes and Bounds
Ans: Use terminal points and angles and always have
a point of beginning.
Lot and Block
Ans: A method of land description frequently used
after land has been subdivided into building lots; also
referred to as the recorded plat method. (Must have a
plat map to find the property)
Rectangular Survey System
Ans: AKA Government Survey System. Townships
and Sections are located in Ranges.
Up to Date Content
, Comprehensive Study 4 Up to Date Content
One township contains _____ sections. Each section contains
_____ acres, which is ____ sq mile.
Ans: 36, 640, 1
One acre contains _______ sq feet
Ans: 43,560 (4 old people driving on 35 going 60)
1 mile = ____ feet
Ans: 5,280 feet ( 5 to 8toes)
PETE
Ans: Police Power, Eminent Domain, Taxation,
Escheat
Police Power
Ans: Power given to a municipality to regulate and
control the character and use of property for the
health, safety and general welfare of the public.
Zoning
Ans: Most common example of police power. Local
laws to control land use.
Varience
Ans: Permission to violate zoning rules.
Buffer Zone
Up to Date Content
