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Champions School of Real Estate - Exam Prep /117 Questions With Complete Solutions 2024

EDUC100 Education — exam and revision material · Other

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Education exam material, 6 pages. Originally published on StudyMerit.

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6
Academic year
2025/2026
Language
English

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Champions Real Estate License Exam Prep Chapters 1 & 2 Students also studied Social Science Economics Edit Save Real Estate Exam Prep (Champions; ... 160 terms nmd2020 Preview Pearson VUE National Real Estate E ... 586 terms Rayholli9 Preview Champions School Ch. 1 - Intro to R ... 24 terms rlb73 Preview Princip 27 terms co_ Real Property Consists or land, improvements attached to the land, benefits, rights and ownership interests that go with the land. Appurtenance Used to describe rights, privileges or improvements that belong to and pass with the land. Personal Property a right or interest in things of a temporary or movable nature; anything not classified as real property -AKA chattel or personalty Fixture or Annexation An item of personal property that has been converted to real property by being permanently affixed to the realty. Severance Process of real property becoming personal Tests of Fixtures -Method of attachment -Adaptation to the property (custom or stock items) -The intention of the parties attaching the fixture Trade fixtures Fixtures installed by a tenant in order to carry out a business and they may be removed from leased property prior to the termination of the lease Emblements Are crops cultivated annually -considered personal property -ownership can be transferred with a bill of sale

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Characteristics of Real property Physical Characteristics: - Immobility - Indestructibility - Uniqueness Economic Characteristics: - Scarcity - Improvements/Modifications - Permanence of Investment/Fixity - Area Preference/Situs Legal Descriptions -Metes and bounds -Lot, block, and subdivision -Rectangular survey system aka the gov survey system Public and Private Land Use Controls (Encumbrances) -Police Power -Eminent Domain (Gov taking private property but compensating property owners aka condemnation) -Taxation -Escheat (dies leaving no will) Private Controls, Restrictions, and Encroachments Most common: CC&Rs- deed covenants, conditions and restrictions (deed restrictions, HOA, or POA) Encumbrance A limit on a property, or a limit on a property's owner's rights, that may or may not also be a cloud on the title -Reservation: imposed by the grantor, like a mineral right or easement -Encroachment: when a structure or improvement overlaps or trespasses onto another's property, must be disclosed -Easement: allows limited use or enjoyment of another's land: express or implied Dominant and Servient Estates If you have two parcels of land with a road across one parcel, the owner who crosses over the other's land is dominant. The dominant estate would be landlocked without the easement, in most cases. The property with the road is servient to the dominant estate. The dominant estate benefits from the easement, while the servient estate is encumbered. The most common reason for this type of easement is entry and exit from the property. This easement is called an Easement Appurtenant. It goes with the land, and the landowner owns the easement. Easement in Gross belongs to a person or corporation. An example is a utility easement. No matter who owns the land, the easement still belongs to the utility company. A license is permission to do a particular act upon the land or property of another. A theater ticket or sports event ticket is a license that grants use of one seat for one performance. A license is similar to an easement, but of much more limited duration. It is not a right in land. It is often given verbally and easily revoked Adverse Possession (squatter's rights) occurs when property is acquired from the rightful owner through the Statute Of Limitations. Occupancy must be hostile, visible or open, actual or notorious, continuous and distinct for the statutory period.

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