CA Real Estate Salesperson Exam

Land - Answer-The physical property and any natural objects on it - like trees and bodies of water, often referred to as a "lot', "site", or "parcel". Real estate - Answer-generally refers to land with permanent manmade improvements. Real property - Answer-refers not only to the land and its improvements, but also the bundle of rights, powers, and privileges ("bundle of rights") that are legally connected to ownership of that land. Transferred by deed. Tangible rights - Answer-based on the physical aspects of a property, such as claims to: land, buildings, garages, barn/sheds or other improvements, forests, farmland, vineyards, trees, plant life, floral gardens (with some minor exceptions), fixtures (such as fences, plumbing, etc.). Intangible rights - Answer-associated with areas above and below the land surface, access and privileges such as: air rights, water rights, subsurface rights (mineral rights), easements, licenses profits, leases, mortgages. Personal property - Answer-refers to property those tangible and moveable, such as furniture and swing sets. Personal property does not include rights to the land and it is transferred by "Bill of Sale." Personal property can become real property when it becomes a permanent fixture of the land. Fixtures - Answer-are items that have been permanently attached to real property. Can be pieces of personal property that have been "physically or constructively annexed" to a structure. Tests of a fixture: M-A-R-I-A - Method of attachment, adaptability, Relationship of the parties, Intent, Agreement between the parties. Land characteristics - Answer-There are two main characteristics to describe land and land function; physical characteristics and economic characteristics. Physical land characteristcs - Answer-Immobility - land cannot be moved in its entirety; Indestructibility - Although land can be damaged by storms or disasters, ultimately, it cannot be destroyed because it continues to change, adjust and develop over time. Non-homogeneity - no two pieces of land are identical. Economic char