FINC 371 Prep Exam 1 Questions And All
Correct Answers Graded A+.
improvements - Answer anything reasonably permantly attached/affixed to land
Location and Timing - Answer What are the 3 most important things in Real Estate? (it is really
only 2 just repeated 3 times)
Real Estate - Answer is the physical land and appurtenances affixed to the land
real property - Answer includes all interests, benefits, and rights inherent in the ownership of
physical real estate
title - Answer ownership rights to real property
deed - Answer is the document normally used to convey the rights from one party to another
lease - Answer conveys the rights of use and possession of real property under the agreed
terms.
personal property - Answer includes moveable items or property that are not permanently
affixed to, or part of the real estate
fixture - Answer is an article that was once personal property, but has since been installed or
attached to the land or building. Considered part of the real estate.
trade fixture (chattel fixture) - Answer a part of a building that is detachable and is for a
business purpose
Air rights - Answer real property rights to the space above the earth's surface
mineral rights - Answer real property rights to the minerals and other useful materials that
exist below the surface
, All owners whose land underlies or borders the water have equal rights
Can use all water needed as long as not depriving other users
Prior Appropriation Doctrine - Answer West of the Mississippi
Arid Land
"First come, First serve"
Can deprive others from having water usuage
underground water - Answer water that flows in a defined channel
Estates - Answer Bundles of ownership interests in real property
Freehold Estates - Answer separated into present and future interests
Fee Simple Absolute Estate - Answer is fullest and most complete set of ownership rights one
can posses in real property
qualified fee estate - Answer owner's right can be defeased or lost in the future should a
stated event or condition come to pass
life estates - Answer ownership terminates automatically and immediately upon the death of a
named person
remainder right - Answer rights to property upon death of life tenat
remainderman - Answer the party who holds the remainder interests associated with a life
estate
vested remained - Answer exists when remaindermen is guaranteed ownership of the
property at some time in the future.
Contigent Remainder - Answer exists when there are conditions attached to the remainder
interest that could prevent the remainderman from receiving a prevent interest in Estate
Correct Answers Graded A+.
improvements - Answer anything reasonably permantly attached/affixed to land
Location and Timing - Answer What are the 3 most important things in Real Estate? (it is really
only 2 just repeated 3 times)
Real Estate - Answer is the physical land and appurtenances affixed to the land
real property - Answer includes all interests, benefits, and rights inherent in the ownership of
physical real estate
title - Answer ownership rights to real property
deed - Answer is the document normally used to convey the rights from one party to another
lease - Answer conveys the rights of use and possession of real property under the agreed
terms.
personal property - Answer includes moveable items or property that are not permanently
affixed to, or part of the real estate
fixture - Answer is an article that was once personal property, but has since been installed or
attached to the land or building. Considered part of the real estate.
trade fixture (chattel fixture) - Answer a part of a building that is detachable and is for a
business purpose
Air rights - Answer real property rights to the space above the earth's surface
mineral rights - Answer real property rights to the minerals and other useful materials that
exist below the surface
, All owners whose land underlies or borders the water have equal rights
Can use all water needed as long as not depriving other users
Prior Appropriation Doctrine - Answer West of the Mississippi
Arid Land
"First come, First serve"
Can deprive others from having water usuage
underground water - Answer water that flows in a defined channel
Estates - Answer Bundles of ownership interests in real property
Freehold Estates - Answer separated into present and future interests
Fee Simple Absolute Estate - Answer is fullest and most complete set of ownership rights one
can posses in real property
qualified fee estate - Answer owner's right can be defeased or lost in the future should a
stated event or condition come to pass
life estates - Answer ownership terminates automatically and immediately upon the death of a
named person
remainder right - Answer rights to property upon death of life tenat
remainderman - Answer the party who holds the remainder interests associated with a life
estate
vested remained - Answer exists when remaindermen is guaranteed ownership of the
property at some time in the future.
Contigent Remainder - Answer exists when there are conditions attached to the remainder
interest that could prevent the remainderman from receiving a prevent interest in Estate
