Exam (elaborations)
TREC National Exam Prep questions with verified solutions
- Course
- Institution
TREC National Exam Prep questions with verified solutions
[Show more]
Content preview
TREC National Exam Prep questionswith verified solutions
Real Property - correct answer ✔✔This includes the land, attachments to the land, and use agreements
involving the land.
Tangible Property - correct answer ✔✔Consists of real property and personal property. Real property is
property that does not move, such as land and the things that are attached to or built on that land.
Personal property is property that can be moved or any other tangible property that can be owned.
Property can be divided into two categories - correct answer ✔✔Tangible and Intangible
Tangible - correct answer ✔✔An item you can see and touch that is installed in the land such as a fence,
house, landscaping, or buried electrical lines.
Intangible - correct answer ✔✔Something you cannot see or touch such as an easement, which is right
of use.
Personal Property - correct answer ✔✔Also known as chattel; a movable article of personal property or
any tangible property other than land and buildings.
Mortgage - correct answer ✔✔In regards to a house, it is personal property belonging to the lending
institution. It is a written document that is not attached to the land. It is a chattel real that can be sold by
a lender to another lender as personal property.
Commercial Trade Fixtures (Personal Property) - correct answer ✔✔A tenant leasing a commercial
building, installs shelving, displays, advertising props, machinery, cash registers, all used for the purpose
of business. The items are considered __________________ and must be removed when the lease
expires.
Personality, Chattel or Chooses - correct answer ✔✔Real Property can also be called..
, Real Property Ownership - correct answer ✔✔Ownership includes the earth's surface, the dirt/minerals
extending downward to the center of the earth, and upward into air space above. Ownership would also
include all things permanently attached to the property by nature or by man.
Timber, minerals, fences, house, wood shed, etc are all examples of - correct answer ✔✔Real Property
Ownership
Perks of Ownership - correct answer ✔✔Ownership also includes the interests, benefits, and rights
inherent in the ownership of real estate.
Appurtenances - correct answer ✔✔Real property attached to land are called _____. As applied to real
property, an object attached to or a right to be used with land as a benefit & is necessary to the
complete use and enjoyment of the property.
Examples of Appurtenances - correct answer ✔✔Easement, barn, garage, drainage etc.
Rights of Ownership - correct answer ✔✔One person may own the air rights, another may own the
surface rights, and still another may own the sub-surface rights.
Transfer of ownership of personal property is done by a.. - correct answer ✔✔Bill of Sale
This is used to transfer ownership of real property. - correct answer ✔✔Deed
Doctrine of Emblements - correct answer ✔✔Annual crops cultivated (worked, labored) by a tenant
which are treated as the tenant's property rather than the landowner's.
Fructus Industriales - correct answer ✔✔or emblements, are growing crops that are produced annually
through labor and industry.
Legal tests of a fixture - correct answer ✔✔Method of attachment
Adaptation to the environment
Relationship of the parties
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 BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now