Ohio Real Estate Principles & Practices Questions and Answers

Ohio Real Estate Principles & Practices Questions and Answers Ohio Real Estate Principles & Practices Questions and Answers Ohio Real Estate Principles & Practices Questions and Answers Periodic Tenancy - ANSWER-Leasehold estate for a duration of time, not a specific date. Alienation - ANSWER-The transfer of ownership or an interest in property from one person to another, by any means. Allodial System - ANSWER-The system of land ownership under which anyone can own land. Annexation - ANSWER-Attaching personal property to land so the law views it as part of the real property Constructive Annexation - ANSWER-Personal property associated with real property in such a way that the law treats it as a fixture, even though it is not physically attached to the real property. Annual Percentage Rate - ANSWER-The relationship between the cost of borrowing and the total amount financed, represented as a percentage. Appropriation - ANSWER-Taking private property for public use, through the governments power of eminent domain. Appropriative Rights - ANSWER-Water rights allocated by government permit, according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit. Appurtenance - ANSWER-A right that goes with ownership of real property; usually transferred with the property, but may be sold separately.