Barney Fletcher Real Estate Exam with answers

Barney Fletcher Real Estate Exam with
answers


Assemblage - ** VERIFIED ANSWERS **✔✔combining two or more
contiguous parcels of real estate into a single parcel under one
ownership


plottage - ** VERIFIED ANSWERS **✔✔an increase in value resulting
from assemblage


fixture - ** VERIFIED ANSWERS **✔✔personal property that is
permanently attached to real property and goes with the property
when its sold


what makes something a fixture - ** VERIFIED ANSWERS **✔✔if
object was fixed or installed with the intention of improving the
home


appurtenances - ** VERIFIED ANSWERS **✔✔when new fixtures are
attached ex. heat/air, roof


have brokers license but are working for another broker - **
VERIFIED ANSWERS **✔✔associate broker


principal/employing broker - ** VERIFIED ANSWERS **✔✔in charge of
and responsible for all real estate operations conducted by a real
estate brokerage firm


which type of land description are the properties described as they
relate to meridians - ** VERIFIED ANSWERS **✔✔government /
rectangular survey

,alienation of title - ** VERIFIED ANSWERS **✔✔any change of
ownership - transferring ownership rights or interests in real
property from one person to another


legal title - ** VERIFIED ANSWERS **✔✔right of ownership of a parcel
of real property held by an owner


equitable title - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔lacks the usual rights
and privileges associated with ownership


constructive notice - ** VERIFIED ANSWERS **✔✔information has
been made available to the public


inquiry notice - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔a title free from
reasonable doubt as to who the owner is


abstract of title - ** VERIFIED ANSWERS **✔✔detailed report of the
title search


torrens system - ** VERIFIED ANSWERS **✔✔an owner petitions the
state court to register his property
transfer of land

, allodial system - ** VERIFIED ANSWERS **✔✔individuals are able to
own land


eminent domain - ** VERIFIED ANSWERS **✔✔right of govs to
assume property for necessary public use


escheat - ** VERIFIED ANSWERS **✔✔power the gov has when
someone dies intestate and leaves no known heirs


PETE - powers of gov over title - ** VERIFIED ANSWERS **✔✔police
power, eminent domain, taxation, escheat


encroachment - ** VERIFIED ANSWERS **✔✔unauthorized
infringement on a property owners rights as a result of physical
intrusion


freehold estate - ** VERIFIED ANSWERS **✔✔highest and most
complete form of ownership


seisin - ** VERIFIED ANSWERS **✔✔possession of freehold estate


qualified fee estate - ** VERIFIED ANSWERS **✔✔a fee simple estate
that has certain limitations / qualifications
- owner holds fee simple title


defeasible - ** VERIFIED ANSWERS **✔✔capable of being
voided/defeated


life estate - ** VERIFIED ANSWERS **✔✔fee simple estate that is
conveyed to a person for the duration of their life