ASREB Exam prep A-1 (gray packet) Solved Correctly!!
The sale of personal property would include:
Bill of sale
What governmental right requires compensation to private property owners?
Eminent domain
If property is obtained by the state after a person dies, this is called:
Escheat
Transfer of real property requires a:
Deed
This is an economic characteristic of real property:
Frozen asset
A promissory note is considered:
Personal property
These are included in the bundle of rights ownership:
1. Usage
2. Possession
3. Sell property at any time
Discount points:
1. INCREASE the lenders yield
2. Usually 1 % of loan amount
3. Decrease the loan term
A storage shed attached to a slab would be considered a:
Fixture
If an HOA had additional expenses how would they be handled?
Each property owner would pay a pro rata share.
An owner sells a property on which a farmer lives and works as a tenant. When
the property is sold who gets the crops?
The farmer
The tenant's right to harvest crops after a lease is expired is called:
Emblements
A lesser puts in a bookcase for commercial use, at the end of the lease, the
bookcase is removed. The bookcase would be considered:
Trade fixture
A lease is considered:
Personal property
Ad valorem property taxes are based on:
Assessed value
Rank the order of liens highest to lowest: property taxes current year, special
assessments, IRS lien February of current year, mortgage lien Oct. of previous
year.
1. Property taxes
2. Assessments
The sale of personal property would include:
Bill of sale
What governmental right requires compensation to private property owners?
Eminent domain
If property is obtained by the state after a person dies, this is called:
Escheat
Transfer of real property requires a:
Deed
This is an economic characteristic of real property:
Frozen asset
A promissory note is considered:
Personal property
These are included in the bundle of rights ownership:
1. Usage
2. Possession
3. Sell property at any time
Discount points:
1. INCREASE the lenders yield
2. Usually 1 % of loan amount
3. Decrease the loan term
A storage shed attached to a slab would be considered a:
Fixture
If an HOA had additional expenses how would they be handled?
Each property owner would pay a pro rata share.
An owner sells a property on which a farmer lives and works as a tenant. When
the property is sold who gets the crops?
The farmer
The tenant's right to harvest crops after a lease is expired is called:
Emblements
A lesser puts in a bookcase for commercial use, at the end of the lease, the
bookcase is removed. The bookcase would be considered:
Trade fixture
A lease is considered:
Personal property
Ad valorem property taxes are based on:
Assessed value
Rank the order of liens highest to lowest: property taxes current year, special
assessments, IRS lien February of current year, mortgage lien Oct. of previous
year.
1. Property taxes
2. Assessments
