Champions School of Real Estate Exam Prep National Chapter 1 & 2 100% Correct Answers Verified Latest 2024 Version

Rights, privileges or improvements that belong to and pass with land. - Appurtenance Man made additions to the land such as buildings and landscaping. Also known as free standing - Improvements Right or interest in something that is temporary or movable by nature. Also known as chattel or personalty. - Personal Property Ownership is transferred by... - Bill of Sale When personal property is included in a sale, an ___________________________ is attached to describe the details of the transaction. It must be very specific. - Non Realty Item Addendum Was Personal property but it has been attached in such a way that it becomes real property. - Fixture Process of Attaching - Annexation The Process of real property becoming personal property - severance Fixtures installed by a tenant in order to carry out a business. A dentist needs a dentist chair in order to operate and it is removed when the lease ends. - Trade Fixtures Crops cultivated annually - Emblements Land has three physical Characteristics. - 1. Non Homogeneity2. Immobility 3. Indestructibility No two pieces are exactly alike. Each piece of land is unique - Non Homogeneity Land Cannot be moved - Immobility Durability - It will always be there - Indestructibility Four Economic Characteristics of Land - 1. Scarcity 2. Modification 3. Fixity 4. Situs Short Supply when demand is great. When there is a shortage, the price goes up. "Naturally Desirable" - Scarcity Land use and value are influenced by improvements made by man. "Change or Improve" - Modification Fixed or permanent investments. Not liquid assets - Fixity Location preference. "Prestigious Location" - Situs A legal Description is created and determined by a surveyor - Surveyor Use of terminal points and angles and always have a point of beginning. Monuments and markers are often starting points. This method uses compass, directions, degrees, and minutes. - Metes and BoundsDerived from a record map called a plat. Most common description used in residential listing agreements - Lot and block Also known as Government survey system that uses base lines, meridians, townships, and sections. - Rectangular Survey System One township contains _____________ sections - 36 Each Section contains ___________ acres - 640 One Acre contains ___________ square feet - 43,560 Governmental Rights in Land - PETE power given to municipality to regulate and control use of property for health, safety and general welfare of the public - Police Power ____________ is the most common example of police power. - Zoning If your property violates zoning, you may request a ________________ - Variance A _________ zone allows for a higher population density with houses clustered together, leaving more green space open for parks and recreation - Planned Unit Development An area of land separating one land use from another, such as residential from commercial. - Buffer Zone Eminent Domain - Right