Exam (elaborations)
National Lesson 1: Property Ownership well answered graded A+
- Course
- Institution
National Lesson 1: Property Ownership well answered graded A+
[Show more]
Content preview
National Lesson 1: Property OwnershipWhich of the following below can a landowner retain and keep ownership when selling their land to a
new buyer?
a. vertical air rights
b. surface rights
c. subsurface rights
d. all of the above - correct answer ✔✔d. all of the above
Which of the following below make up the definition of real estate?
a. Fence and shed
b. Land
c. House
d. all of the above - correct answer ✔✔d. all of the above
Personal property is considered movable objects like a table or chair?
a. True
b. False - correct answer ✔✔a. true
How is personal property transferred in a real estate transaction?
a. Mortgaged
b. Bill of Sale
c. Deed
d. Never included in the sale - correct answer ✔✔b. Bill of Sale
, A fixture is a personal property that has been converted to real property by being permanently affixed or
attached to the land or building.
a. True
b. False - correct answer ✔✔a. true
A trade fixture is a fixture placed for business purposes. By definition, which of the following below
is/are considered a trade fixture(s)?
a. Commercial freezer
b. Shrubs and trees
c. Farm crops
d. Ceiling fans in a home - correct answer ✔✔a. commercial freezer
Even though a mobile home remains personal property to an owner, that owner can attach a mobile
home to the land and it then can be considered real property depending on the local laws affecting the
decision.
a. True
b. Fasle - correct answer ✔✔a. true
Which of the following below make up the Physical Land Characteristics?
a. Immobility
b. Uniqueness
c. Permanence
d. All are correct - correct answer ✔✔d. all are correct
Economic Characteristics of land are those that give land value.
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 Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now