MN Real Estate Exam Prep
Bill of Sale - correct answer What is used to transfer personal property
Buffer Zone - correct answer My be used to separate two incompatible zoning uses
Certificate of Occupancy - correct answer
Appurtenances - correct answer Are attached to and run with the land
Real property - correct answer Is the land, anything affixed to the land and rights and interests in the
land and is conveyed by a deed
Personal property - correct answer (1) Includes all items not attached to the land that may or may
not be conveyed when the property is sold. Each item of personal property is listed in and conveyed by a
bill of sale.
(2) All property that is not real property is movable, is not permanently attached to the land and
typically does not transfer with the real estate. Must be INCLUDED in the purchase agreement to convey
with the property.
(3) Is transferred by a bill of sale
Fixture - correct answer (1) Personal property attached to improvements.
(2) Land is not a fixture.
(3) Once the fixture (personal property) is attached, it becomes an appurtenance and is utomatically
transferred in the deed.
, Improvements - correct answer Items attached to the land with the intent of being permanent
(Examples - House, fence, road, landscaping)
Land - correct answer Surface rights, Subsurface rights, Air rights
Three forms of rights - correct answer Land, Ownership, Governmental
Air rights (Land) - correct answer 1. Extend as high as can reasonably be used. 2. Government
controls air space. 3. Owners may not interfere.
Water rights (Land) - correct answer (1) The government controls water rights and grants permits for
the beneficial use of water, such as irrigation, under the doctrine of prior appropriation. (2) Water rights
do not include the right of access. The owner of a water right would not have the right to cross another's
property and would need to obtain an easement (right of use) to do so.
Riparian - correct answer Flowing water (R = River - like a river)
Littoral - correct answer Standing water (L = Lake - like a Lake)
Accretion - correct answer Addition to land through natural causes
Mineral rights (Land subsurface rights) - correct answer (1) These rights may be transferred when
property is sold or reserved by the seller.
2) They are often held by a third party
Real Estate - correct answer transferred by a deed
Test for intent - correct answer Was the object affixed or installed with the apparent intent of
improving the land?
Bill of Sale - correct answer What is used to transfer personal property
Buffer Zone - correct answer My be used to separate two incompatible zoning uses
Certificate of Occupancy - correct answer
Appurtenances - correct answer Are attached to and run with the land
Real property - correct answer Is the land, anything affixed to the land and rights and interests in the
land and is conveyed by a deed
Personal property - correct answer (1) Includes all items not attached to the land that may or may
not be conveyed when the property is sold. Each item of personal property is listed in and conveyed by a
bill of sale.
(2) All property that is not real property is movable, is not permanently attached to the land and
typically does not transfer with the real estate. Must be INCLUDED in the purchase agreement to convey
with the property.
(3) Is transferred by a bill of sale
Fixture - correct answer (1) Personal property attached to improvements.
(2) Land is not a fixture.
(3) Once the fixture (personal property) is attached, it becomes an appurtenance and is utomatically
transferred in the deed.
, Improvements - correct answer Items attached to the land with the intent of being permanent
(Examples - House, fence, road, landscaping)
Land - correct answer Surface rights, Subsurface rights, Air rights
Three forms of rights - correct answer Land, Ownership, Governmental
Air rights (Land) - correct answer 1. Extend as high as can reasonably be used. 2. Government
controls air space. 3. Owners may not interfere.
Water rights (Land) - correct answer (1) The government controls water rights and grants permits for
the beneficial use of water, such as irrigation, under the doctrine of prior appropriation. (2) Water rights
do not include the right of access. The owner of a water right would not have the right to cross another's
property and would need to obtain an easement (right of use) to do so.
Riparian - correct answer Flowing water (R = River - like a river)
Littoral - correct answer Standing water (L = Lake - like a Lake)
Accretion - correct answer Addition to land through natural causes
Mineral rights (Land subsurface rights) - correct answer (1) These rights may be transferred when
property is sold or reserved by the seller.
2) They are often held by a third party
Real Estate - correct answer transferred by a deed
Test for intent - correct answer Was the object affixed or installed with the apparent intent of
improving the land?
