NATIONAL PEARSON VUE REAL ESTATE EXAM PREP WORKBOOK
6 views 0 purchase
Course
PEARSON VUE
Institution
PEARSON VUE
NATIONAL PEARSON VUE REAL ESTATE EXAM PREP WORKBOOK
TRUE OR FALSE - Economic obsolescence results from an inharmonious land use in a neighborhood.
The statement is true.
An obsolescence typically means there is a negative effect on a property that may or may not be curable. The economic obso...
national pearson vue real estate exam prep workboo
Written for
PEARSON VUE
All documents for this subject (503)
Seller
Follow
ACADEMICAIDSTORE
Reviews received
Content preview
NATIONAL PEARSON VUE REAL ESTATE EXAM
PREP WORKBOOK
TRUE OR FALSE - Economic obsolescence results from an inharmonious land
use in a neighborhood.
The statement is true.
An obsolescence typically means there is a negative effect on a property that may or
may not be curable. The economic obsolescence results in a negative value effect to a
property due to something outside the property lines (e.g., a shopping center on the
other side of the subdivision retaining wall without a buffer zone). Economic
obsolescence is rarely curable.
TRUE OR FALSE - A consideration in determining whether or not an object is a
fixture includes the adaptation of the object.
The statement is true.
The three measures of a fixture are (1) it is attached, (2) it is through adaptation that it is
to remain with real property, or (3) through an agreement of the parties, the
item is treated as a fixture and remains with the real property.
TRUE OR FALSE - An encroachment can be found on the deed.
The statement is false.
An encroachment can be found on a survey or an improvement location certificate
(ILC).
TRUE OR FALSE - Rita Smith leases a restaurant to Diego Jones for five years.
Jones installs his own ovens, booths, counters, and other equipment. These
items are considered personal property and can be removed at the end of the
lease.
The statement is true.
These are called trade fixtures. Personal and real items are used for a trade- a
business. The trade fixtures are the property of the tenant unless the tenant does not
remove them no later than termination of the lease; they then become real property, and
belong to the owner of the real estate.
TRUE OR FALSE - The sellers removed the attached microwave, which had not
been excluded in the sale. The sellers are in breach.
The statement is true.
It is typical for the microwave to adapted and sometimes is attached; therefore, it must
stay with the real property. If the seller wanted it, it needed to have been excluded in the
written contract.
TRUE OR FALSE - A shared driveway and a party wall are both examples of
easements in gross.
, The statement is false.
Easements appurtenant are easements that are "apparent" that an easement was
created for the use or access to another's property. An easement in gross references
the right of ingress and egress for utility easements or mineral extractions.
TRUE OR FALSE - The right of ingress and egress over the land of another is
classified as an encroachment.
The statement is false.
Easements are ingress (the right to enter another's property) and egress (the right to
exit another's property)
TRUE OR FALSE - A storage building that extends over the boundary line
between the property of the building's owner and an adjacent property is an
example of encroachment.
The statement is true.
The storage building is on the easement that may need to be available to the utility
company. Therefore, it is an encroachment of the easement.
TRUE OR FALSE - The recipient of an easement appurtenant enjoys an increase
in the amount of property owned
The statement is false.
The easement does not give rights of interest, only rights of use.
TRUE OR FALSE - An easement by prescription is a right acquired by an adverse
user for limited use or enjoyment of the land of another.
The statement is true.
This is given through the petition of the court. It is over a statutory time period that
another accesses land (open, continuous, exclusive, adversely, and notorious).
TRUE OR FALSE - Recording docs, such as deeds, create actual notice.
The statement is false.
Constructive notice is given when documents are recorded in the county where the
property is located. This gives the world notice of the title. An example of actual notice
would be when an individual researches a title and now has knowledge of the title.
TRUE OR FALSE - Freehold estates have an indefinite duration.
The statement is true.
For as long as interest is held, there is no termination of interest due to conditions.
TRUE OR FALSE - The owner of the property in a life estate is called the life
tenant.
The statement is true.
The life tenant is named in the life estate deed and has interest in the property until the
death of the named life tenant.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICAIDSTORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
