VA Real Estate Moseley Test Questions and Answers Already Passed

VA Real Estate Moseley Test Questions and Answers Already Passed What are the classes of Property? Personal Property and Real Property What is personal property? Generally movable and unattached items. What is a trade fixture? Personal property used for a person's business. (even if it attached to the real estate) What is Fructus Industriales? Crops also known as chattle. What general categories does personal property fall under? Intellectual, reputation, leases, partnership interests. Real Property Everything within a specified block including mining rights, air rights, and general land usage rights. What are some common land improvements? Houses, fences, fire pit What categories fall under real property? Land, improvements, or real estate (the land plus the improvements.) What fall into fructus naturales? Flowers, bushes, trees, and general landscaping. What is a fixture? Things like fences and lights that were once movable personal property that were affixed to a property making them fixtures. What is the method of attachment? How permanent and attached object is to the property. What is an adaptation? When something is specifically made to work with a building and is now a fixture even if it isn't "attached" to a property What can an agreement do? An agreement allows for a fixture to be removed. What is a relationship of parties? When a renter makes improvements but takes the improvements with him replacing them with the originals when he leaves. Like upgrading a fan and then putting back the original when you leave. What is are rights in real property? ownership rights in surface, air, and the dirt of a person's land. What is included in the bundle of rights? Possess property, control property, enjoy property, exclude others, encumber property, and disposal of property by sale. What are water rights? The right to use the water that is on your property. What can limit the use of real property? Zoning and deed restrictions What is an economic indicator? A measurable ecinomic factor (such as real estate) that shows how the economy is or will do. What is the social impact of home ownership? The more people who own there homes the more valuable the area is because the homes are better maintained. Whereas an area with a lot of renters is not as nice because they don't feel the need to take care of the property. What is the impact of supply and demand on the housing market? The less that are available the more they are worth as long as there is a demand. What does heterogeneous real estate mean? Every