Aceable Agent Principles of Real Estate Exam 1 EXAM QUESTIONS AND CORRECT VERIFIED SOLUTIONS LATEST UPDATE THIS YEAR – JUST RELEASED.pdf

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Aceable Agent Principles of Real Estate Exam 1 EXAM

QUESTIONS AND CORRECT VERIFIED SOLUTIONS LATEST

UPDATE THIS YEAR – JUST RELEASED

SHORT POINT EXAM COVERAGE


Land Basics


• Real estate vs real property


• Physical characteristics of land


• Economic characteristics of land


Property Rights


• Bundle of rights


• Ownership interests


• Estates in land


Property Classification


• Real property


• Personal property

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• Fixtures and trade fixtures


Legal Descriptions


• Metes and bounds


• Rectangular survey system


• Lot and block


Encumbrances


• Easements


• Liens


• Encroachments




Aceable Agent Principles of Real Estate Exam 1


Batch 1 (Questions 1–50)




1


Which term refers to land and everything permanently attached to it?

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A. Personal property

B. Real estate

C. Chattel

D. Fixture


Answer: B

Rationale: Real estate refers to land and all permanent structures attached to it.




2


Which physical characteristic means land cannot be moved?


A. Indestructibility

B. Immobility

C. Scarcity

D. Permanence


Answer: B




3


Which economic characteristic refers to limited land supply?

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A. Scarcity

B. Demand

C. Location

D. Permanence


Answer: A




4


Which test determines whether an item is a fixture?


A. MARIA test

B. HERS test

C. VALUE test

D. TITLE test


Answer: A


Rationale: The MARIA test includes:


• Method of attachment


• Adaptability


• Relationship of parties


• Intention