Colorado Real Estate Exam Preparation: Questions &
Answers : Updated A+ Guide
Real Estate - ANSWERLand; a portion of the earth's surface extending downward to
the center of the earth and upward infinitely into space, including all things
permanently attached to it, whether naturally or artificially.
Estate - ANSWEROnes legal interest in property - either freehold or non-freehold.
Land - ANSWERLand; a portion of the earth's surface extending downward to the
center of the earth and upward infinitely into space, including all things permanently
attached by nature, such as trees, water, and minerals.
Real Property - ANSWERLand plus all improvements (things permanently attached to
it), and also includes the bundle of rights--interests, benefits and rights inherent of
ownership.
Deed - ANSWERA written instrument that, when executed and delivered, conveys
title to or an interest in real estate.
Surface Rights - ANSWEROwnership rights in a parcel of real estate that are limited
to the surface of the property and do not include the space above it (air rights) or
the substances below the surface (subsurface rights).
Subsurface Rights - ANSWERownership rights in a parcel of real estate to the water,
minerals, gas, oil, and so forth that lie beneath the surface of the property.
Air Rights - ANSWERThe right to use the open space above a property, usually
allowing the surface to be used for another purpose.
Water Rights - ANSWERCommon law rights held by owners of land adjacent to rivers,
lakes, or oceans; includes restriction on those rights and land ownership.
Mineral Rights - ANSWERRights to subsurface minerals, oil, and gas including the
rights to remove them.
Improvements - ANSWERMan made items permanently attached to land, such as
building, patios, decks, sidewalks, sewers, pools, ect.
Datum - ANSWERA point, line or surface from which a vertical height or depth is
measured.
Personal Property - ANSWERItems, called chattels, that do not fit into the definition
of real property; movable objects.
, Fixture - ANSWERPersonal property item that is permanently attached to
improvements, and thus becomes real property.
Adaptation - ANSWERAdaptation concerns fixtures: How an item fits can determine
whether the item is personal property or real property. Basically, if the item is
"made" for the specific spot, it is a fixture. For example, window shades are usually
fixtures as they fit inside the window frame.
Appurtenances - ANSWERThe rights, privileges, and improvements that go with a
transfer of the land even though they may not be part of it. Examples are water
rights, rights-of-way, and easements.
Bundle of Rights - ANSWERThe rights of ownership associated with real property,
including the right to use, enjoy, encumber, exclude and alienate, whether by deed,
lease or devise by will.
Chattels - ANSWERItems of tangible personal property. As a personal property
interest in real property, a lease is known as a chattel real.
Metes and Bounds - ANSWEROne of three major methods of land description. Used
most often to describe irregular parcels using azimuth and bearing measurements.
Metes are a measure of length and bounds are boundaries.
How is Personal property to be transferred in a real estate transaction? - ANSWERBy
Bill of Sale
Township - ANSWERA 6 mile-square parcel of land in the Governmental Survey
System. Contains 36 1 mile-square Sections.
What is section 16 in a township? - ANSWERDesignated area for Schools
Trade Fixture - ANSWERPersonal property attached by a commercial tenant to assist
in a trade or business. If the tenant does not remove trade fixtures within a
reasonable time after the lease expires, they become the property of the landlord.
Annexation - ANSWERThe process of affixing or attaching personal property to the
real property so that it becomes a fixture and is considered real property.
Easement - ANSWERA right to use the land of another for a specific purpose, such as
for a right-of-way or utilities; an incorporeal interest in land because it does not
include a right of possession .
Broker - ANSWEROne who acts as an intermediary on behalf of others for a fee or
commission.
Answers : Updated A+ Guide
Real Estate - ANSWERLand; a portion of the earth's surface extending downward to
the center of the earth and upward infinitely into space, including all things
permanently attached to it, whether naturally or artificially.
Estate - ANSWEROnes legal interest in property - either freehold or non-freehold.
Land - ANSWERLand; a portion of the earth's surface extending downward to the
center of the earth and upward infinitely into space, including all things permanently
attached by nature, such as trees, water, and minerals.
Real Property - ANSWERLand plus all improvements (things permanently attached to
it), and also includes the bundle of rights--interests, benefits and rights inherent of
ownership.
Deed - ANSWERA written instrument that, when executed and delivered, conveys
title to or an interest in real estate.
Surface Rights - ANSWEROwnership rights in a parcel of real estate that are limited
to the surface of the property and do not include the space above it (air rights) or
the substances below the surface (subsurface rights).
Subsurface Rights - ANSWERownership rights in a parcel of real estate to the water,
minerals, gas, oil, and so forth that lie beneath the surface of the property.
Air Rights - ANSWERThe right to use the open space above a property, usually
allowing the surface to be used for another purpose.
Water Rights - ANSWERCommon law rights held by owners of land adjacent to rivers,
lakes, or oceans; includes restriction on those rights and land ownership.
Mineral Rights - ANSWERRights to subsurface minerals, oil, and gas including the
rights to remove them.
Improvements - ANSWERMan made items permanently attached to land, such as
building, patios, decks, sidewalks, sewers, pools, ect.
Datum - ANSWERA point, line or surface from which a vertical height or depth is
measured.
Personal Property - ANSWERItems, called chattels, that do not fit into the definition
of real property; movable objects.
, Fixture - ANSWERPersonal property item that is permanently attached to
improvements, and thus becomes real property.
Adaptation - ANSWERAdaptation concerns fixtures: How an item fits can determine
whether the item is personal property or real property. Basically, if the item is
"made" for the specific spot, it is a fixture. For example, window shades are usually
fixtures as they fit inside the window frame.
Appurtenances - ANSWERThe rights, privileges, and improvements that go with a
transfer of the land even though they may not be part of it. Examples are water
rights, rights-of-way, and easements.
Bundle of Rights - ANSWERThe rights of ownership associated with real property,
including the right to use, enjoy, encumber, exclude and alienate, whether by deed,
lease or devise by will.
Chattels - ANSWERItems of tangible personal property. As a personal property
interest in real property, a lease is known as a chattel real.
Metes and Bounds - ANSWEROne of three major methods of land description. Used
most often to describe irregular parcels using azimuth and bearing measurements.
Metes are a measure of length and bounds are boundaries.
How is Personal property to be transferred in a real estate transaction? - ANSWERBy
Bill of Sale
Township - ANSWERA 6 mile-square parcel of land in the Governmental Survey
System. Contains 36 1 mile-square Sections.
What is section 16 in a township? - ANSWERDesignated area for Schools
Trade Fixture - ANSWERPersonal property attached by a commercial tenant to assist
in a trade or business. If the tenant does not remove trade fixtures within a
reasonable time after the lease expires, they become the property of the landlord.
Annexation - ANSWERThe process of affixing or attaching personal property to the
real property so that it becomes a fixture and is considered real property.
Easement - ANSWERA right to use the land of another for a specific purpose, such as
for a right-of-way or utilities; an incorporeal interest in land because it does not
include a right of possession .
Broker - ANSWEROne who acts as an intermediary on behalf of others for a fee or
commission.
