![]() ![]() Street address, city, state and zip code Monuments method The least accurate method of legal description is the: 640 If a person owns a square parcel of land that is 1 mile on each side, the person owns how many acres? True The government survey method is used in the majority of states in the US. T/F? D Which of the following is not considered a legal description?ĭ. T/F? False An industrial park is commercial property. vacant land suitable for commercial development False A hospital is a commercial property. Nursing homes A Commercial property includes all but which of the following?ĭ. T/F? C Special purpose properties include all of the following EXCEPT:ĭ. T/F? the general public The purpose of a state real estate regulatory board is to protect: False A mushroom farm is industrial property. All of these choices False Our free enterprise system is free from government economic controls. A property manager leasing property in the course of his employment for the owner.ĭ. A government employee selling land owned by the governmentĬ. A person who, for compensation, helps sell his neighbor's homeī. This is OK because the time element is not more than one year Broker A salesperson represents the _ A Which of the following is required to hold a real estate license?Ī. This is OK because the compensation is less than $1,000ĭ. Boren must put the $45 in an interest bearing escrow accountĬ. ![]() Which of the following is true in this situation?ī. She asks salesperson Boren to manage her rental house for $45/mo while she is gone. T/F? his or her broker-employer A licensed real estate salesperson may legally accept an extra commission for a difficult sale from: A Owner Kelly is leaving the area for a one year period. T/F? Price The actual amount of money paid for a particular parcel of real estate is said to be that property's: False In an ideal market, the forces of supply and demand are always chaotic. T/F? emblements Fructus industriales is another term for: Chattel all property other than real property is known as _ True A bill of sale is to personal property as a deed is to real property. T/F? True Trade fixtures do not include replacement fixtures. an easement trade a _ fixture can be affixed to real property without becoming legal part of the property False Trade fixtures may not be removed from leased premises once they are affixed. a mortgage that secures personal propertyĮ. T/F? C E Which of the following is NOT recognized as personal property? (2)ī. Zorba is not responsible for any damage caused by the removal of the fixtures True Stocks, bonds, notes and mortgages are personal property. The ovens, booths and counters are trade fixtures and can be removed only prior to the expiration of Zorba's leaseĭ. The ovens, booths and counters are trade fixtures and can be removed by Zorba at any time prior to or after the expiration of the lease.Ĭ. The ovens, booths and counters are fixtures that belong to the owner of the property and cannot be removedī. ![]() Which of the following would most likely characterize the reasons that one succeeds while the other fails? erosion When the action of water causes moves soil away from a property, that is referred to as: C Zorba leases a restaurant. Both projects are finished at approximately the same time and are of similar quality and purpose. Situs Two real estate developers are working on similar but competing commercial developments. portable dishwasher assemblage plottage Merging two or more properties into common ownership is known as _, while any increase in value that results is known as _. Mineral rights a fixture Personal property which is attached to a building and which will convey with the land is known as? B All of the following are personal property EXCEPT:ĭ. File an interpleader action in court B Real property would include:ĭ. Assure the buyer there is nothing to worry aboutĭ. Include a provision in the agreement of sale (and listing contract) that states whether the bookcase is included with the sale or not.Ĭ. Assure the seller there is nothing to worry aboutī. To avoid any misunderstandings, what should the listing licensee do?Ī. The seller believes this is not a fixture because it is free-standing. The buyer believes this is a fixture because it is uniquely adapted to this specific room. The current owners had a custom-made, free-standing bookcase built to specifically fit into one part of the room. photograph the flag pole as evidence of its attachment B A couple is interested in buying a house that has an odd shaped living room. include the flag pole in the offer to purchaseĭ. call seller and advise them the buyer wants the poleĬ. What should the agent do?Ī, Because the pole is attached and will automatically conveyī. She wants to make certain that the flag pole is included in the sale. C A prospective buyer noticed an ornate flag pole attached to the front porch of the house she wants to purchase. ![]()
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