BARNEY FLETCHER REAL ESTATE EXAM ACTUAL EXAM
300 QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
Bundle of Rights - ANSWER: the legal rights that accompany real property ownership.
Real Estate or Real Property - ANSWER: Land, improvements, & legal rights of
ownership
Appurtenance - ANSWER: rights, privileges or improvements that belong to and pass
with the transfer of property. Attaches to land, not owner
Surface Rights - ANSWER: right to control, occupy, and use the surface area of a
parcel of real estate (the land), including the building of improvements (real
property), and the growing of crops (personal property).
Air Rights - ANSWER: The right to use, control and occupy the space above a
particular parcel of land.
Subsurface Rights - ANSWER: rights to the earth located beneath the surface of the
land
Improvements - ANSWER: Additions made to property that are intended to enhance
its value
Fixtures - ANSWER: Articles that were once personal property but have been affixed
to real estate so as to become real property
4 ways to test Fixtures - ANSWER: 1) Written agreement - most important
2) Method of Attachment
3)Adaptability
4) Relationship of the Parties
Fructus Naturales - ANSWER: Permanent plantings such as flowers, trees and bushes
that are classified as real property
Water Rights - ANSWER: The legal rights to use the water in a river, stream, or other
body.
Navigable Waters - ANSWER: Body of water that is used for commerce or
transportation (example: Mississippi River)
Littoral Land - ANSWER: Land bordered by a stationary body of water, such as a lake
or pond.
, Riparian Land - ANSWER: land bordering a moving watercourse such as a stream or
river
Easement - ANSWER: The right to use the land of another for a particular purpose.
Non exclusive irrevocable
Immobility, Indestructibility, Nonhomogeneic (Uniqueness) - ANSWER: Three
Physical Characteristics of Land
immobility - ANSWER: Land cannot be moved
Indestructibility - ANSWER: Land cannot be destroyed. Its value may be destroyed by
changing conditions, but physically land goes on forever.
Nonhomogeneity or heterogeneity - ANSWER: The uniqueness of land. no two
parcels of land are exactly the same.
scarcity
area of preference (situs)
permanency of improvements & production
assemblage - ANSWER: Economic Characteristics of Land
Scarcity - ANSWER: Limited supply of land.
Area Preference or Situs - ANSWER: An economic term that refers to the economic
quality of a parcel of real estate. Consists of two factors: (1) certain locations are
more preferable than others; and (2) real estate is immobile — it cannot be moved.
Permanence of Improvements - ANSWER: ______________ combined with the
immobility of the underlying land, makes the real estate market less flexible than
other markets. Investments in land, and improvements to land, tend to be long-
term. As a result the real estate market is slow to respond to changes in supply.
Production - ANSWER: Development of land and the constructions of improvements.
Assemblage - ANSWER: Concept of combining two or more contiguous parcels of real
estate into a single parcel under one ownership. Plottage is the goal.
Plottage - ANSWER: The increase in value or utility resulting from the consolidation
(assemblage) of two or more adjacent lots into one larger lot.
Bill of Sale - ANSWER: Transfers title to personal property
Personal Property - ANSWER: All property not classified as real property
Chattel - ANSWER: personal property
300 QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
Bundle of Rights - ANSWER: the legal rights that accompany real property ownership.
Real Estate or Real Property - ANSWER: Land, improvements, & legal rights of
ownership
Appurtenance - ANSWER: rights, privileges or improvements that belong to and pass
with the transfer of property. Attaches to land, not owner
Surface Rights - ANSWER: right to control, occupy, and use the surface area of a
parcel of real estate (the land), including the building of improvements (real
property), and the growing of crops (personal property).
Air Rights - ANSWER: The right to use, control and occupy the space above a
particular parcel of land.
Subsurface Rights - ANSWER: rights to the earth located beneath the surface of the
land
Improvements - ANSWER: Additions made to property that are intended to enhance
its value
Fixtures - ANSWER: Articles that were once personal property but have been affixed
to real estate so as to become real property
4 ways to test Fixtures - ANSWER: 1) Written agreement - most important
2) Method of Attachment
3)Adaptability
4) Relationship of the Parties
Fructus Naturales - ANSWER: Permanent plantings such as flowers, trees and bushes
that are classified as real property
Water Rights - ANSWER: The legal rights to use the water in a river, stream, or other
body.
Navigable Waters - ANSWER: Body of water that is used for commerce or
transportation (example: Mississippi River)
Littoral Land - ANSWER: Land bordered by a stationary body of water, such as a lake
or pond.
, Riparian Land - ANSWER: land bordering a moving watercourse such as a stream or
river
Easement - ANSWER: The right to use the land of another for a particular purpose.
Non exclusive irrevocable
Immobility, Indestructibility, Nonhomogeneic (Uniqueness) - ANSWER: Three
Physical Characteristics of Land
immobility - ANSWER: Land cannot be moved
Indestructibility - ANSWER: Land cannot be destroyed. Its value may be destroyed by
changing conditions, but physically land goes on forever.
Nonhomogeneity or heterogeneity - ANSWER: The uniqueness of land. no two
parcels of land are exactly the same.
scarcity
area of preference (situs)
permanency of improvements & production
assemblage - ANSWER: Economic Characteristics of Land
Scarcity - ANSWER: Limited supply of land.
Area Preference or Situs - ANSWER: An economic term that refers to the economic
quality of a parcel of real estate. Consists of two factors: (1) certain locations are
more preferable than others; and (2) real estate is immobile — it cannot be moved.
Permanence of Improvements - ANSWER: ______________ combined with the
immobility of the underlying land, makes the real estate market less flexible than
other markets. Investments in land, and improvements to land, tend to be long-
term. As a result the real estate market is slow to respond to changes in supply.
Production - ANSWER: Development of land and the constructions of improvements.
Assemblage - ANSWER: Concept of combining two or more contiguous parcels of real
estate into a single parcel under one ownership. Plottage is the goal.
Plottage - ANSWER: The increase in value or utility resulting from the consolidation
(assemblage) of two or more adjacent lots into one larger lot.
Bill of Sale - ANSWER: Transfers title to personal property
Personal Property - ANSWER: All property not classified as real property
Chattel - ANSWER: personal property
