Exam (elaborations)
NC REAL ESTATE EXAM PREP SUPERIOR SCHOOL CH.2
- Course
- Institution
NC REAL ESTATE EXAM PREP SUPERIOR SCHOOL CH.2
[Show more]
Content preview
NC REAL ESTATE EXAM PREP SUPERIOR SCHOOLCH.2
The concept by which land would increase automatically along a river or stream is
known as:
A accretion
B littoral rights
C avulsion
D reliction - Answers- A
Accretion is the gradual buildup of land along a river a stream. It increases automatically
because the land owner does not have to do anything to gain the increase. It is the
opposite of erosion.
Which of the following is generally considered real property?
A emblements
B trade fixtures
C a shrub planted in a decorative pot
D a perennial shrub planted in the backyard - Answers- D
Real property includes the land and all of the appurtenances that go with it.
Emblements, the right of the previous owner to harvest crops through the current
growing season is not considered part of the land. Both trade fixtures and the shrub in a
separate container or pot are considered personal property and not part of the land.
The phrase "bundle of legal rights":
A is part of the definition of real property
B is another name for a legal description
C refers to the legal documents used in real estate transactions
D refers to the tenant's rights in a lease - Answers- A
The transfer of real property includes the transfer of a bundle of rights, including all of
the rights, interests and appurtenances that are part of the property. These are
referenced by the acronym DEEPC, disposition enjoyment, exclusion, possession and
control.
A trade fixture is considered:
, A a fixture
B an easement
C personalty
D a license - Answers- C
Typically fixtures are part of the real property and get transferred with the property.
Trade fixtures are those items used in a trade and business and they remain personalty.
This means the tenant may remove these items so long as they do so before the
expiration of the lease.
Real property can become personal property by:
A severance
B purchase
C hypothecation
D attachment - Answers- A
The act of permanently attaching personal property and transforming it into a fixture is
called annexation. The act of turning real property into personal property is called
severance. A good example would be the trees growing on the property which are
considered real property. Severance occurs when they are cut down and severed from
the property and they become firewood which is personal property.
A seller is under contract to sell a property using the standard offer to purchase and
contract. The elegantly decorated master bedroom has vertical window blinds, hand-
painted light switches and electrical outlet covers and draperies fashioned from fabric
coordinated with the wallpaper. Which of the following items may the seller legally
remove before the close of the transaction?
A none of the items
B the draperies and blinds
C the hand-painted light switches and electrical outlet covers
D the draperies - Answers- D
Parties to a transaction are able to specifically contract for certain items to either
transfer or remain with the property. The standard NCBA/NCAR purchase contract
considers and lists all of the other items as fixtures which are to remain with the
property. The draperies are not considered a fixture and the seller may remove them.
A business owner rents an empty building to use an ice cream parlor. The tenant
subsequently installs large freezer units and several service counters. These additions:
A are considered permanent improvements to the property
B become the landlord's property once attached to the building
C can be legally removed by the tenant at the termination of the lease
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 GEEKA. 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.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now