Real Estate Concepts and Terminology, Exams of Advanced Education

Download Real Estate Concepts and Terminology and more Exams Advanced Education in PDF only on Docsity! Barney Fletcher Pre-License Questions and Answers All of the following items are personal property EXCEPT? - Answer- a privacy fence A couple is interested in buying a house that has an odd shaped living room. The current owners had a custom-made, free-standing bookcase built to specifically fit into one part of the room. "The buyer believes this is a fixture because it is uniquely adapted to this specific room. The seller believes this is not a fixture because it is free-standing. To avoid any misunderstandings, what should the listing licensee do?" - Answer- b. Include a provision in the agreement of sale (and listing contract) that states whether the bookcase is included with the sale or not. Personal property which is attached to a building and which will convey with the land is known as: - Answer- A fixture Each of the following is a test of whether or not something is a fixture, EXCEPT: - Answer- Cost Which of the following is NOT a test of a fixture? - Answer- Time of attachment. In determining whether an item is a fixture, which of the following would NOT be considered? - Answer- Value of the item. Which of the following is NOT an improvement of land? - Answer- Corn crop. Which of the following would be classified as a fixture? - Answer- Rail fence. Barney owns a lot valued at $84,000. He purchases an adjoining lot for $66,000 and merges the two properties. The current appraised value of the newly formed lot is $177,500. This is an example of: - Answer- Plottage David owns property along the banks of the Little Big Horn River. Scott owns property adjoining David's, and has access to the highway, but not to the river. Scott and David grant each other appurtenant easements to cross each other's property to get to the road and the river respectively. The riparian rights associated with property ownership belong to: - Answer- David because his property abuts the river Merging two or more properties into common ownership is known as ______, while any increase in value that results is known as ______. - Answer- Assemblage; plottage