AZ Real Estate Final Exam Questions and Answers

Accession Acquiring property when trade fixtures are not removed on or before the last day the property is rented. They become real property of the landlord. Fixture An article/item that was once personal property but had been attached to land or a structure so it is now real property. Tests of a fixture 1. Agreement 2. Intention (most important) 3. Attachment 4. Adaptation 5. Relationship 6. Cost (not a factor) Annexation Converting personal property to real property Chattel Also referred to as personal property Severance Conversion of real property to personal property The three sections to the Code Of Ethics 1. Duties to Clients and Customers 2. Duties to the Public 3. Duties to Realtors Title Refers to ownership of real property Deed The document by which the owner transfers real property Bundle of legal rights 1. Disposition 2. Enjoyment 3. Exclusion 4. Possession 5. Control Appurtenance The right or privilege associated with the property but not necessarily a part of it Emblements Cultivated crops