SC Real Estate - Chapter 1 Questions with correct answers

SC Real Estate - Chapter 1 Questions with
correct answers
Real |Estate |- |CORRECT |ANSWER✔✔-Air, |water, |land, |and |everything |affixed |to |the |land. |May |
be |owned |privately |by |individuals |and |private |entities, |or |publicly |by |government |entities.



Land |- |CORRECT |ANSWER✔✔-- |Surface |area |of |the |earth

- |Everything |beneath |the |surface |of |the |earth |extending |downward |to |its |center

- |All |natural |things |permanently |attached |to |the |earth

- |The |air |above |the |surface |of |the |earth |extending |outward |to |infinity



Land |has |three |unique |physical |characteristics: |- |CORRECT |ANSWER✔✔-- |Immobility

- |Indestructibility

- |Heterogeneity



Improvements |- |CORRECT |ANSWER✔✔-Man-made |structures |attached |to |the |land



Bundle |of |Rights |- |CORRECT |ANSWER✔✔-The |rights |of |an |owner |to |possess, |control, |enjoy, |
sell, |lease, |mortgage, |and |dispose |of |the |property.



Real |Property |- |CORRECT |ANSWER✔✔-Ownership |of |real |estate |and |the |bundle |of |rights |
associated |with |owning |the |real |estate. |Real |property |can |be |rental |or |residential.



Personal |Property |- |CORRECT |ANSWER✔✔-Ownership |of |anything |that |is |not |real |estate, |and |
the |rights |associated |with |owning |the |personal |property |item. |

These |items |can |also |be |called |chattels |or |personalty. |

- |Moveable

, - |Destructible

- |Homogenous



Tangible |Property |(Corporeal) |- |CORRECT |ANSWER✔✔-Physical, |visible, |and |material.



Intangible |Property |(Incorporeal) |- |CORRECT |ANSWER✔✔-Abstract, |having |no |physical |
existence |in |itself, |other |than |as |evidence |of |one's |ownership |interest.



Fixtures |- |CORRECT |ANSWER✔✔-A |personal |property |item |that |has |been |converted |to |real |
property |by |attachment |to |real |estate. |Typical |examples |are: |chandeliers, |toilets, |water |pumps,
|septic |tanks, |and |window |shutters




Adaptation |- |CORRECT |ANSWER✔✔-If |an |item |is |uniquely |adapted |to |the |property, |or |the |
property |is |custom-designed |to |accommodate |the |item, |it |may |be |deemed |real |property |
whether |the |item |is |easily |removable |or |not. |House |keys, |a |garbage |compactor, |and |a |
removable |door |screen |are |examples.



Functionality |- |CORRECT |ANSWER✔✔-If |an |item |is |vital |to |the |operation |of |the |building, |it |
may |be |deemed |a |fixture, |even |though |perhaps |easily |removable. |Window-unit |air |
conditioners |and |detachable |solar |panels |are |possible |examples.



Trade |Fixtures |- |CORRECT |ANSWER✔✔-Items |of |a |tenant's |personal |property |that |the |tenant |
has |temporarily |affixed |to |a |landlord's |real |property |in |order |to |conduct |business.



Sale |or |lease |contract |provisions |- |CORRECT |ANSWER✔✔-In |a |sale |or |lease |transaction, |the |
listing |of |an |item |in |the |contract |as |a |personal |property |item, |or |a |fixture, |overrides |all |other |
considerations. |Unless |otherwise |stated |as |exceptions, |all |fixtures |are |included |in |the |sale. |For |
example, |if |a |sale |contract |stipulates |that |the |carpeting |is |not |included |in |the |sale, |it |becomes |
a |personal |property |item.