Real Estate Broker Certification Exam | Questions & Answers (100% Verified)

Real Estate Broker Certification Exam | Questions & Answers (100% Verified) Real Estate Broker Certification Exam | Questions & Answers (100% Verified) Real property (realty) - ANSWER - Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Appurtenances - ANSWER - Land improvements attached to the land, benefits, rights & ownership Improvements - ANSWER - Man's additions to the land such as buildings and landscaping. Chattel - ANSWER - personal property/personalty Bill of Sale - ANSWER - A document used to transfer ownership of personal property. fixture - ANSWER - An item of personal property that has been converted to real property by being permanently affixed to the realty. Anexation - ANSWER - The process of attaching severance - ANSWER - Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree. 3 tests of a fixture installed? - ANSWER - 1) method of attachment 2) adaptation to the property (custom as opposed to stock item) & intention of the parties attaching Trade Fixtures - ANSWER - Personal property used in a business and can be removed by the lessee when the lease terminates. Emblements - ANSWER - The crops and other annual plantings considered to be personal property of the cultivator. Characteristics of Real Property - ANSWER - 1) Nonhomogeneity - no 2 pieces are exactly alike 2) Immobility- Land cannot be moved 3) Indestructibility- durability, it will always be there 4 economic characteristics of land - ANSWER - scarcity, modification, fixity, situs Scarcity - ANSWER - I'm short supply where demand is great fixity - ANSWER - An economic characteristic of land stating that land, buildings and improvements are considered a fixed investment - not liquid assets modification - ANSWER - land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land situs - ANSWER - Location preference of a parcel of land from an economic standpoint. 3 types of legal descriptions - ANSWER - Metes & Bounds/Lot, Block, & Subdivision Description, The Rectangular Survey System Metes and Bounds - ANSWER - a method of describing real estate, using boundary lines with terminal points and angles Lot, Block and Subdivision - ANSWER - recorded map or plat, it is the most common description in residential listing agreements The Rectangular Survey System - ANSWER - also known as government survey system; takes into consideration base lines, and meridians, townships and sections Township - ANSWER - contains 36 sections of land How many sections are in a township? - ANSWER - 36 sections, 36 square miles how may square feet in an acre? - ANSWER - 43,560 police power - ANSWER - Is the power given to a municipality to regulate and control the character & use of property for the health, safety and general welfare of the public Zoning - ANSWER - Local laws to control land use Non-conforming use - ANSWER - A permissible use under former rules that is now prohibited - automatically granted when zoning regulations change Variance - ANSWER - A conditional use or special use can be granted by a zoning committee or deed restriction buffer zone - ANSWER - an area of land that serves as a barrier Eminem domain - ANSWER - Power of a government to take private property for public use. Taxation - ANSWER - Property taxes are the highest priority lein on real property. They are ad valorem or according to value. Esheat - ANSWER - Property goes to government b/c no heirs Encumberance - ANSWER - A limit on a property, or a limit on a property's owner's rights, that may or may not also be a cloud on the title.