Pearson VUE Real Estate - National & Idaho Exam Questions And Correct Answers
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Course
Pearson VUE
Institution
Pearson VUE
Pearson VUE Real Estate - National & Idaho Exam Questions And Correct Answers
Real Property
Real Estate plus the interests, benefits, and rights inherent in the ownership of real estate
Personal Property
is moveable (chattels)
Fixture
Personal property that has been affixed to land or a bui...
Pearson VUE Real Estate - National &
Idaho Exam Questions And Correct Answers
Real Property
Real Estate plus the interests, benefits, and rights inherent in the ownership of real
estate
Personal Property
is moveable (chattels)
Fixture
Personal property that has been affixed to land or a building that it is part of the real
property
Trade fixtures
An article owned by a tenant and attached to rented space or a building for use in
operating a business
Emblements
Annual plantings of crops of grains, vegetables, and fruit
Attachment
Severance
Bill of sale
Characteristics of real property
Economic characteristics
Physical characteristics
Legal descriptions
Methods used to describe real property
Survey
Public controls - governmental powers
Police power
Eminent domain
Taxation
Escheat
Zoning ordinances
Private controls
Restrictions
Encroachment
Covenants, conditions, and restrictions (CC&Rs)
HOAs
Easements
Licenses
Encroachment
Forms of ownership
Freehold estate
Fee simple absolute
Fee simple defeasible
, Determinable
Condition subsequent
Life Estate
Bundle of rights
Leasehold estates
Types of leases
Estate for years
Period to period (periodic estate)
Estate at will
Estate at sufferance
Gross lease
Net lease
Percentage lease
Liens
Lien priority
Surface rights
Subsurface rights
Elements of a valid deed
Types of deeds
Title transfer
Voluntary alienation
Involuntary alienation
Recording the title
Constructive notice
Actual notice
Title abstract
Chain of title
Marketable title
Cloud on title
Attorney title opinion
Quiet title lawsuit
Title insurance
Market value vs. market price
Characteristics of value
Principals of value
Purpose and steps to an appraisal
Federal oversight of the appraisal process
Sales comparison approach (market data)
Cost approach
Improvements
Depreciation
Physical deterioration
Functional
Economic obsolescence
Reproduction costs
Replacement costs
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