Aceable Agent Level 1 Exam Questions & Answers 2023/2024
Deed - ANSWER-A document that transfers ownership of property from one party to another.
Legal Title - ANSWER-Full legal ownership of property and the bundle of rights as they apply to it.
Federal Government - ANSWER-Regulates broad ...
Aceable Agent Level 1 Exam Questions
& Answers 2023/2024
Deed - ANSWER-A document that transfers ownership of property from one party to another.
Legal Title - ANSWER-Full legal ownership of property and the bundle of rights as they apply to it.
Federal Government - ANSWER-Regulates broad issues
State Government - ANSWER-The primary regulators of real estate law.
They address things such as flood zones and waste disposal.
Local Government - ANSWER-Cover real estate on an even smaller scale.
Addresses issues such as land use control, taxation, and zoning.
Special-purpose real estate properties: - ANSWER-Often publicly owned
Require substantial reinvestment to convert to another purpose or use
Do not come up for sale as frequently as other property types
Chattel/Personalty - ANSWER-personal property
Personal Property best practices - ANSWER-Get the seller's intentions regarding the personal property in
writing.
Frutus Industriales - ANSWER-Annually cultivated crops are generally considered to be personal property,
even prior to harvesting.
Affixation/Annexation - ANSWER-The process of converting personal property to real property
, Close Association - ANSWER-A conceptual linkage to real property, such as a garage door opener.
Adoption - ANSWER-The customization of personal property for use with real property, such as drapes
cut for a window in a room with a vaulted ceiling.
Trade Fixture (chattel fixture) - ANSWER-Personal property that is owned by and needed for a tenant's
business.
Severance - ANSWER-The act of converting real property into personal property.
MARIA - ANSWER-Method of attachment
Adaptability
Relationship of the parties
Intent, or intentions of the annexing party
Agreement
Adaptability - ANSWER-Anything specifically adapted to the home (like window shades)
Relationship of the parties - ANSWER-Refers to landlord-tenant relationships. When tenants install things
in a home, they are allowed to take them when they leave
Intent - ANSWER-The Intent the homeowner had when they installed the item in question. Something
that was intended to be permanent, like a built-in bookcase, is probably a fixture.
Accession - ANSWER-The right to all that one's own property produces, including that which is added,
either naturally or by human action, to the property already owned. This often comes into play when
dealing with crops.
Accretion - ANSWER-The process that results in the gradual increase in land area through deposits of soil
by natural forces.
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