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Colibri Real Estate 30-hour Pennsylvania Fundamentals Course questions and answers.
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Colibri Real Estate 30-hour Pennsylvania Fundamentals Course questions and answers.
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Colibri Real Estate 30-hourPennsylvania Fundamentals
Course questions and answers
Corporeal - answer actual possession of the property
Incorporeal - answer rights in a property, rather than possession of land.
Freehold - answer an ownership in real property, an estate.
Leasehold - answer a possession of real estate such as leasing rather
than ownership
Interest - answer is a right, a claim, title or legal share in a property.
Land plus appurtenances - answer rights, privileges, and improvements
that belong to and pass with the transfer of the property
Man-made appurtenances - answer houses, fences, barns, swimming
pools etc...
Natural appurtenances - answer such as trees, creeks and streams
Air Rights - answer The right to use the open space above a property,
usually allowing the surface to be used for another purpose.
Littoral Rights - answer Concern properties that border bodies of water
that are not moving.
, Riparian Rights - answer concern properties that border moving water
such as streams and rivers.
prior appropriation - answer when water rights are given to those who
have historically used the water in a certain area.
Allodial System - answer A system of land ownership which recognizes
the right of individuals to own land independently of political superiors,
but allows the government to retain the rights of eminent domain, police
power, taxation and escheat.
bundle of rights - answer The rights of an owner to possess, control,
enjoy, sell, lease, mortgage, and dispose of the property.
Livery of Seisin - answer When you sell the entire bundle of rights
"I own it and I have the right to sell it."
What are the physical characteristics of land? - answer immobility,
indestructibility, non-homogeneity
The Five Economic characteristics of land - answer DUSTS:
Demand
Utility
Scarcity
Transferability
Situs
Water rights - answer Doctrine of Prior Appropriation requires that
property owners obtain permits for use of water.
Accretion - answer increase of land through natural causes.
Erosion - answer land eroding or worn away by water or ice.
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