Arizona school of real estate and business final exam questions with correct answers

Arizona school of real estate and business final |\ |\ |\ |\ |\ |\ |\ |\




exam questions with correct answers |\ |\ |\ |\




Shelving and counters are securely fastened in a leased retail
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store. Such items are - CORRECT ANSWERS ✔✔Trade fixtures
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(these are items that a tenant uses in the operation of a
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business.)


Which of these is NOT considered when determining whether an
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item is a fixture or personal property? - CORRECT ANSWERS
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✔✔Value of the annexed item (most often the item is valuable,
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but its the intention and manner of the annexation are the most
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heavily weighted factor.) |\ |\




Which is NOT an example of an attachment? - CORRECT
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ANSWERS ✔✔A basketball hoop that is moved into the garage in
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the winter.
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When rights transfer with a deed, this is referred to as - CORRECT
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ANSWERS ✔✔Bundle of rights (The bundle of rights a proper
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owner has includes the right of disposition, which allows the
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owner to transfer all of some of the rights to other people, as
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with a deed.) |\ |\




Which of the following would be considered personal property? -
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CORRECT ANSWERS ✔✔Harvested crops (Once a harvested crop
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is no longer attached to the land, it becomes personal property.)
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,Which of the following is personal property? - CORRECT
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ANSWERS ✔✔Trade fixtures (Trade fixtures are items owned by|\ |\ |\ |\ |\ |\ |\ |\ |\


the tenant as personal property.)
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Patents, trademarks, copyrights, and royalties are an example of:
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- CORRECT ANSWERS ✔✔Intangible personalty (Personalty, also
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called personal property, can be tangible, such as cars and
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appliances, or intangible, such as patents, trademarks, |\ |\ |\ |\ |\ |\ |\


copyrights, and royalties.) |\ |\




An article may be changed from realty to personality by -
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CORRECT ANSWERS ✔✔Severance (Fixtures can be detached |\ |\ |\ |\ |\ |\ |\


from the land and revert from real to personal property through
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the process of severance.)
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Which is an example of personal property? - CORRECT ANSWERS
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✔✔Wheat just harvested in the field (Once a harvested crop is no
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longer attached to the land, it becomes personal property.)
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Real property can be divided into corporeal and incorporeal.
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Which would be an incorporeal right? - CORRECT ANSWERS
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✔✔An easement (Non-physical attachments are incorporeal, real
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property that can be touched is corporeal.) |\ |\ |\ |\ |\ |\




Physical land, its attachments, and its bundle of rights is known
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as - CORRECT ANSWERS ✔✔Real property (Real Property is
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defined as the actual physical land, everything both natural and
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man-made that is permanently attached to it, as well as the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


bundle of rights.) |\ |\

, Which is NOT an appurtenance and therefore, does NOT pass
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with a standard warrant deed? - CORRECT ANSWERS ✔✔Trade
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fixtures (Trade fixtures belong to the tenant, who has the right to
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remove them at the end of the lease.)|\ |\ |\ |\ |\ |\ |\




Which item is LEAST LIKELY to be a fixture? - CORRECT ANSWERS
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✔✔The curio cabinet in the living room that matches the room
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decor.


Brett bought a farm, and two tractors were included in the sale.
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What is required at the settlement to transfer ownership of those
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tractors. - CORRECT ANSWERS ✔✔Bill of sale (A bill of sale is
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used to transfer ownership of personal property.)
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Building codes are primarily enforced by - CORRECT ANSWERS
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✔✔The issuance of permits (Building codes set construction
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standards, and plans must comply with the code for a permit to
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be issued. Failure to comply with the permit may result in a stop
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order, fines, and/or injunctions.)
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Which of the following is NOT properly included in the concept of
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the power of eminent domain? - CORRECT ANSWERS ✔✔The right
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of government to confiscate personal property from the owner.
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(Eminent domain is the government's constitutional power (right)
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to take (appropriate or condemn) private property for public use,
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as long as the owner is paid just (fair) compensation. Eminent
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domain does not allow the government to confiscate personal
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property.)