5/31/25, 9:14 AM FINC 371- Final Exam COMPREHENSIVE QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | ALRE…
FINC 371- Final Exam COMPREHENSIVE
QUESTIONS AND ANSWERS (100% CORRECT
ANSWERS) A+ GRADED | ALREADY PASSED!!
Save
Terms in this set (532)
What is Real Estate? Land + Improvements
Anything reasonably permanently attached/affixed
Improvements
to land
What are the 6 most Location, location, location
important things in Real timing, timing, timing
Estate?
Brokerage, Management, Finance, Appraisal,
Careers in Real Estate Consulting, Development and Consulting,
Corporate Asset Management, Public Sector
Fixed Location, Uniqueness, Interdependence of
Real Estate Special
land uses, Long life, Long term commitments, Large
Characteristics
transactions, Long gestation period
Real Estate Residential, Commercial, Industrial,
Sectors/Property Types Ranch/Agriculture
Types of Single Family Duplex/Quad-plex, Apartment Complex, Rowhouse,
Attached Residential Real Condominium
Estate
Types of Single Family Single family residence (home), Patio home, Zero lot
Detached Residential line home
Real Estate
Types of Commercial Retail, Office, Office/Warehouse, Medical,
Real Estate Hospitality, Education, Religious
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,5/31/25, 9:14 AM FINC 371- Final Exam COMPREHENSIVE QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | ALRE…
Types of Industrial Real Manufacturing Plant, Oil and Gasoline Refineries
Estate
Types of Recreational land, Cattle Production, Farmland,
Ranch/Agriculture Real Wildlife Refuge, Wetlands
Estate
4 Factors of Production Land, Labor, Capital, Entrpreneurship
in Economics
3 Economic Attributes of Durable, Supply is finite, Useful to people
land
The physical land and appurtenances
Real Estate
(improvements or buildings) affixed to the land
Includes all interests, benefits, and rights inherent in
Real Property
ownership of physical real estate
Title Ownership rights to real property
The document normally used to convey the rights
Deed
from one party to another
Conveys the rights of use and possession of real
Lease property under the agreed terms. Do not transfer
ownership rights of the property
AKA "Chattle" Anything that is not real estate.
Personal Property Movable items of property that are not permanently
affixed to or apart of the real estate
An article that was once personal property, since
Fixture been installed or attached to the land or building in
a rather permanent manner, considered real estate
AKA "Chattle Fixture" An article that is owned and
attached to a rented space or building by a tenant
Trade Fixture and used in conducting a business. i.e.- Grocery
store refrigerators, Gas pumps, underground
storage tanks
1. Test of intent of the parties
3 Tests for Fixture Status 2. Test of attachment
3. Test of adaptability
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,5/31/25, 9:14 AM FINC 371- Final Exam COMPREHENSIVE QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | ALRE…
Test of Intent of the Intention of the party who attached the item. Best to
parties have in Re contract. i.e. - gold bathtub fixtures
Manner in which item is affixed. Can it be removed
Test of attachment without serious injury to real estate. i.e.- Portable
A/C vs. central air and heat
Character of item and its adaptation to the real
estate. Would its removal alter the usefulness of the
Test of adaptability
real estate. i.e.- custom built entertainment center
vs. stand alone
Real property rights to the space above the earth's
Air Rights
surface. (Pie shaped) (Transferable)
Real property rights to the minerals and other useful
Mineral Rights
materials that exist below the surface. (Transferable)
Water Rights The rights to withdraw from the land
Owner of land on Called "littoral proprietor", generally owns the land
navigable bodies of to the high water mark. Government generally owns
water land underneath the water
Dominates the Eastern United States. All owners
whose land underlies or borders the water have
Riparian Rights Doctrine
equal rights to the water . Can use all water needed
as long as not depriving others
Water that flows in a defined channel. Apply same
Underground or
principles used if the body of water existed on the
Subterranean Stream
surface
Water in pockets not clearly located. Landowner
Percolating Water may use water beneath land for industrial,
agriculture, or other purposes
Estates in land Bundles of ownership interests in real property
Freehold Ownership, grantor-seller, grantee- buyer
Right to use and possess, for renters, lessor-owner,
Leasehold
lessee-renter
What are the 2 basic Freehold and Leasehold
types of estates?
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, 5/31/25, 9:14 AM FINC 371- Final Exam COMPREHENSIVE QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | ALRE…
Freehold Estates Separated into present and future interests.
Present Interests in Fee Simple Absolute Estates, Qualified Fee
Freehold Estates estimates
Future Interests in Accompany qualified fee and life estates
Freehold Estates
Fee Simple Absolute The fullest and most complete set of ownership
Estate rights one can possess in real property
Owner's rights can be "defeased" or lost in the
Qualified Fee Estate future should a slated event or condition come to
pass. i.e. Lumkin house at UGA
Ownership terminates automatically and
Life Estates
immediately upon the death of a named person
Owner of the property as long as he/she lives. i.e.-
Life Tenant
"To Joe, for Joe's life"
When life tenant is someone other than the person
Estate pur autre vie whose life the life estate is tied to. i.e.- "To Joe, for
Bill's life" Joe owns as long as Bill is alive
Remainder Rights to property upon death of life tenant
The party who holds the remainder interest
Remainderman
associated with life estate
2 types of remainder Vested Remainder and Contingent Remainder
interests
Exists when remainderman is guaranteed ownership
Vested Remainder
of the property at some time in the future
Exists when there are conditions attached to the
remainder interest that could prevent the
Contingent Remainder
remainderman form receiving a present interest in
the property
Refers to the rights of possession (but not
Leasehold Estate ownership) held by a tenant as a result of of
agreement with a property owner
https://quizlet.com/1049881427/finc-371-final-exam-comprehensive-questions-and-answers-100-correct-answers-a-graded-already-passed-flash… 4/46
FINC 371- Final Exam COMPREHENSIVE
QUESTIONS AND ANSWERS (100% CORRECT
ANSWERS) A+ GRADED | ALREADY PASSED!!
Save
Terms in this set (532)
What is Real Estate? Land + Improvements
Anything reasonably permanently attached/affixed
Improvements
to land
What are the 6 most Location, location, location
important things in Real timing, timing, timing
Estate?
Brokerage, Management, Finance, Appraisal,
Careers in Real Estate Consulting, Development and Consulting,
Corporate Asset Management, Public Sector
Fixed Location, Uniqueness, Interdependence of
Real Estate Special
land uses, Long life, Long term commitments, Large
Characteristics
transactions, Long gestation period
Real Estate Residential, Commercial, Industrial,
Sectors/Property Types Ranch/Agriculture
Types of Single Family Duplex/Quad-plex, Apartment Complex, Rowhouse,
Attached Residential Real Condominium
Estate
Types of Single Family Single family residence (home), Patio home, Zero lot
Detached Residential line home
Real Estate
Types of Commercial Retail, Office, Office/Warehouse, Medical,
Real Estate Hospitality, Education, Religious
https://quizlet.com/1049881427/finc-371-final-exam-comprehensive-questions-and-answers-100-correct-answers-a-graded-already-passed-flash… 1/46
,5/31/25, 9:14 AM FINC 371- Final Exam COMPREHENSIVE QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | ALRE…
Types of Industrial Real Manufacturing Plant, Oil and Gasoline Refineries
Estate
Types of Recreational land, Cattle Production, Farmland,
Ranch/Agriculture Real Wildlife Refuge, Wetlands
Estate
4 Factors of Production Land, Labor, Capital, Entrpreneurship
in Economics
3 Economic Attributes of Durable, Supply is finite, Useful to people
land
The physical land and appurtenances
Real Estate
(improvements or buildings) affixed to the land
Includes all interests, benefits, and rights inherent in
Real Property
ownership of physical real estate
Title Ownership rights to real property
The document normally used to convey the rights
Deed
from one party to another
Conveys the rights of use and possession of real
Lease property under the agreed terms. Do not transfer
ownership rights of the property
AKA "Chattle" Anything that is not real estate.
Personal Property Movable items of property that are not permanently
affixed to or apart of the real estate
An article that was once personal property, since
Fixture been installed or attached to the land or building in
a rather permanent manner, considered real estate
AKA "Chattle Fixture" An article that is owned and
attached to a rented space or building by a tenant
Trade Fixture and used in conducting a business. i.e.- Grocery
store refrigerators, Gas pumps, underground
storage tanks
1. Test of intent of the parties
3 Tests for Fixture Status 2. Test of attachment
3. Test of adaptability
https://quizlet.com/1049881427/finc-371-final-exam-comprehensive-questions-and-answers-100-correct-answers-a-graded-already-passed-flash… 2/46
,5/31/25, 9:14 AM FINC 371- Final Exam COMPREHENSIVE QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | ALRE…
Test of Intent of the Intention of the party who attached the item. Best to
parties have in Re contract. i.e. - gold bathtub fixtures
Manner in which item is affixed. Can it be removed
Test of attachment without serious injury to real estate. i.e.- Portable
A/C vs. central air and heat
Character of item and its adaptation to the real
estate. Would its removal alter the usefulness of the
Test of adaptability
real estate. i.e.- custom built entertainment center
vs. stand alone
Real property rights to the space above the earth's
Air Rights
surface. (Pie shaped) (Transferable)
Real property rights to the minerals and other useful
Mineral Rights
materials that exist below the surface. (Transferable)
Water Rights The rights to withdraw from the land
Owner of land on Called "littoral proprietor", generally owns the land
navigable bodies of to the high water mark. Government generally owns
water land underneath the water
Dominates the Eastern United States. All owners
whose land underlies or borders the water have
Riparian Rights Doctrine
equal rights to the water . Can use all water needed
as long as not depriving others
Water that flows in a defined channel. Apply same
Underground or
principles used if the body of water existed on the
Subterranean Stream
surface
Water in pockets not clearly located. Landowner
Percolating Water may use water beneath land for industrial,
agriculture, or other purposes
Estates in land Bundles of ownership interests in real property
Freehold Ownership, grantor-seller, grantee- buyer
Right to use and possess, for renters, lessor-owner,
Leasehold
lessee-renter
What are the 2 basic Freehold and Leasehold
types of estates?
https://quizlet.com/1049881427/finc-371-final-exam-comprehensive-questions-and-answers-100-correct-answers-a-graded-already-passed-flash… 3/46
, 5/31/25, 9:14 AM FINC 371- Final Exam COMPREHENSIVE QUESTIONS AND ANSWERS (100% CORRECT ANSWERS) A+ GRADED | ALRE…
Freehold Estates Separated into present and future interests.
Present Interests in Fee Simple Absolute Estates, Qualified Fee
Freehold Estates estimates
Future Interests in Accompany qualified fee and life estates
Freehold Estates
Fee Simple Absolute The fullest and most complete set of ownership
Estate rights one can possess in real property
Owner's rights can be "defeased" or lost in the
Qualified Fee Estate future should a slated event or condition come to
pass. i.e. Lumkin house at UGA
Ownership terminates automatically and
Life Estates
immediately upon the death of a named person
Owner of the property as long as he/she lives. i.e.-
Life Tenant
"To Joe, for Joe's life"
When life tenant is someone other than the person
Estate pur autre vie whose life the life estate is tied to. i.e.- "To Joe, for
Bill's life" Joe owns as long as Bill is alive
Remainder Rights to property upon death of life tenant
The party who holds the remainder interest
Remainderman
associated with life estate
2 types of remainder Vested Remainder and Contingent Remainder
interests
Exists when remainderman is guaranteed ownership
Vested Remainder
of the property at some time in the future
Exists when there are conditions attached to the
remainder interest that could prevent the
Contingent Remainder
remainderman form receiving a present interest in
the property
Refers to the rights of possession (but not
Leasehold Estate ownership) held by a tenant as a result of of
agreement with a property owner
https://quizlet.com/1049881427/finc-371-final-exam-comprehensive-questions-and-answers-100-correct-answers-a-graded-already-passed-flash… 4/46
