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PENNSYLVANIA REAL ESTATE FUNDAMENTALS
FINAL EXAM ACTUAL EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A
Land vs Real Estate - .....ANSWER ...✔✔ land- raw
land (including trees, rocks, fossils, etc)
real estate- land + fixtures and improvements
Real Property - .....ANSWER ...✔✔ land and anything
attached to it + owner's rights
Air Rights - .....ANSWER ...✔✔ the rights in real
property to reasonable use of the air above owned
land
Mineral Rights - .....ANSWER ...✔✔ owner's rights to
receive a portion of the profits from minerals found on
their property
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joint tenancy - .....ANSWER ...✔✔ sharing of real
property
life estate - .....ANSWER ...✔✔ a property that grants
land ownership for the lifetime of a specified person
easement - .....ANSWER ...✔✔ granting someone the
right to use a portion of one's land
encumber - .....ANSWER ...✔✔ to place a lien o n a
property until a debt is paid
nuissance law - .....ANSWER ...✔✔ if one obstructs
another's right to quiet enjoyment and stuff
only will win in a lawsuit if the nuisance comes to YOU;
not if you go to the nuissance
Restrictive Covenants - .....ANSWER ...✔✔ A
statement written into a property deed that restricts the
use of the land in some way; also can restrict aesthetic
changes to exterior of house (usually in planned
communities)
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Bundle of Rights (5) - .....ANSWER ...✔✔ Right of ...
1. Possession (owner exclusively owns property and
could share if they want)
2. Disposition (owner has the right to sell/transfer
property)
3. Use (owner can use the property in any legal manner)
4. Encumber (owner can place a lien on the property
(i.e. get a mortgage))
5. Quiet Enjoyment (owner is entitled to peace and
quiet)
Personal Property - .....ANSWER ...✔✔ not real
estate; chattel; moveable property
Appurtenance - .....ANSWER ...✔✔ another name for
fixture (i.e. things attached to the land or improvements
made to the land)
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Fixture or personal property test - .....ANSWER ...✔✔
MARIA
Method of attachment (can it be easily moved)
Adaptability (is the item custom made for a specific
place)
Relationship of the parties (if buyer/seller disagree, the
court with favor the buyer mostly)
Intent of seller (did the original owner intend for an item
to be permanent?)
Agreement (a written contract between buyer/seller that
states what is/isn't a fixture)
UCC-1 statement - .....ANSWER ...✔✔ used for liens
on personal property
Trade Fixtures - .....ANSWER ...✔✔ Personal property
used in a business and can be removed by the lessee
when the lease terminates.
PENNSYLVANIA REAL ESTATE FUNDAMENTALS
FINAL EXAM ACTUAL EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A
Land vs Real Estate - .....ANSWER ...✔✔ land- raw
land (including trees, rocks, fossils, etc)
real estate- land + fixtures and improvements
Real Property - .....ANSWER ...✔✔ land and anything
attached to it + owner's rights
Air Rights - .....ANSWER ...✔✔ the rights in real
property to reasonable use of the air above owned
land
Mineral Rights - .....ANSWER ...✔✔ owner's rights to
receive a portion of the profits from minerals found on
their property
,2|Page
joint tenancy - .....ANSWER ...✔✔ sharing of real
property
life estate - .....ANSWER ...✔✔ a property that grants
land ownership for the lifetime of a specified person
easement - .....ANSWER ...✔✔ granting someone the
right to use a portion of one's land
encumber - .....ANSWER ...✔✔ to place a lien o n a
property until a debt is paid
nuissance law - .....ANSWER ...✔✔ if one obstructs
another's right to quiet enjoyment and stuff
only will win in a lawsuit if the nuisance comes to YOU;
not if you go to the nuissance
Restrictive Covenants - .....ANSWER ...✔✔ A
statement written into a property deed that restricts the
use of the land in some way; also can restrict aesthetic
changes to exterior of house (usually in planned
communities)
,3|Page
Bundle of Rights (5) - .....ANSWER ...✔✔ Right of ...
1. Possession (owner exclusively owns property and
could share if they want)
2. Disposition (owner has the right to sell/transfer
property)
3. Use (owner can use the property in any legal manner)
4. Encumber (owner can place a lien on the property
(i.e. get a mortgage))
5. Quiet Enjoyment (owner is entitled to peace and
quiet)
Personal Property - .....ANSWER ...✔✔ not real
estate; chattel; moveable property
Appurtenance - .....ANSWER ...✔✔ another name for
fixture (i.e. things attached to the land or improvements
made to the land)
, 4|Page
Fixture or personal property test - .....ANSWER ...✔✔
MARIA
Method of attachment (can it be easily moved)
Adaptability (is the item custom made for a specific
place)
Relationship of the parties (if buyer/seller disagree, the
court with favor the buyer mostly)
Intent of seller (did the original owner intend for an item
to be permanent?)
Agreement (a written contract between buyer/seller that
states what is/isn't a fixture)
UCC-1 statement - .....ANSWER ...✔✔ used for liens
on personal property
Trade Fixtures - .....ANSWER ...✔✔ Personal property
used in a business and can be removed by the lessee
when the lease terminates.
