Barney Fletcher Real Estate Exam Questions and Answers Best rated A+ Guaranteed Success Latest Update

Barney Fletcher Real Estate Exam
which type of land description are the properties described as they relate to meridians -
CORRECT ANSWER-government / rectangular survey

alienation of title - CORRECT ANSWER-any change of ownership - transferring
ownership rights or interests in real property from one person to another

legal title - CORRECT ANSWER-right of ownership of a parcel of real property held by
an owner

equitable title - CORRECT ANSWER-interest in a piece of real estate held by a buyer
held under a contract to obtain absolute ownership of the property at a future date

bare legal title - CORRECT ANSWER-lacks the usual rights and privileges associated
with ownership

constructive notice - CORRECT ANSWER-information has been made available to the
public

inquiry notice - CORRECT ANSWER-when factors exist that make someone inquire
further
ex. dirt road running across you would inquire whether there is an easement in place

marketable title - CORRECT ANSWER-a title free from reasonable doubt as to who the
owner is

abstract of title - CORRECT ANSWER-detailed report of the title search

torrens system - CORRECT ANSWER-an owner petitions the state court to register his
property
transfer of land

Assemblage - CORRECT ANSWER-combining two or more contiguous parcels of real
estate into a single parcel under one ownership

plottage - CORRECT ANSWER-an increase in value resulting from assemblage

fixture - CORRECT ANSWER-personal property that is permanently attached to real
property and goes with the property when its sold

what makes something a fixture - CORRECT ANSWER-if object was fixed or installed
with the intention of improving the home

, appurtenances - CORRECT ANSWER-when new fixtures are attached ex. heat/air, roof

have brokers license but are working for another broker - CORRECT ANSWER-
associate broker

principal/employing broker - CORRECT ANSWER-in charge of and responsible for all
real estate operations conducted by a real estate brokerage firm



allodial system - CORRECT ANSWER-individuals are able to own land

eminent domain - CORRECT ANSWER-right of govs to assume property for necessary
public use

escheat - CORRECT ANSWER-power the gov has when someone dies intestate and
leaves no known heirs

PETE - powers of gov over title - CORRECT ANSWER-police power, eminent domain,
taxation, escheat

encroachment - CORRECT ANSWER-unauthorized infringement on a property owners
rights as a result of physical intrusion

freehold estate - CORRECT ANSWER-highest and most complete form of ownership

seisin - CORRECT ANSWER-possession of freehold estate

qualified fee estate - CORRECT ANSWER-a fee simple estate that has certain
limitations / qualifications
- owner holds fee simple title

defeasible - CORRECT ANSWER-capable of being voided/defeated

life estate - CORRECT ANSWER-fee simple estate that is conveyed to a person for the
duration of their life

remainder estate - CORRECT ANSWER-future interest in real estate created at same
time and by same instrument as other state

statutory estate - CORRECT ANSWER-any state created by the law/ gov

Non-freehold estates - CORRECT ANSWER-for years, year to year, at will, sufferance

for years - CORRECT ANSWER-definite beginning and definite end