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Real Estate License Exam > Clusters > Flashcards

Clusters Flashcards

1
Q

How do you determine whether or not something is a fixture?

A

Method of attachment
Adaptability
Relationship of the parties
Intent
Agreement

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2
Q

MARIA-M

A

Method of attachment

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3
Q

MARIA-A

A

Adaptability / agreement

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4
Q

MARIA-R

A

Relationship of the parties

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5
Q

MARIA-I

A

Intent

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6
Q

What are the 3 Methods of annexation?

A

Close association
Adoption
Agreement

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7
Q

What is close association?

A

Conceptual linkage to real property (e.g. garage door opener remote)

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8
Q

What is agreement? (Annexation)

A

Parties agree contractually that personal property will remain

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9
Q

What is adoption? (Annexation)

A

Customization of personal property for use with real property (e.g. customized drapes for specialized windows)

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10
Q

What characteristics separate land from personal property?

A

Indestructibility
Immobility
Non-homogeneity

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11
Q

What is Non-homogeneity?

A

Every piece of land is unique

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12
Q

What natural factors affect the physical characteristics of land?

A

Accession
Accretion
Erosion
Reliction
Avulsion

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13
Q

What is accession?

A

The right to all that your property produces—usually referring to crops

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14
Q

What is accretion?

A

Process that results in gradual increase in land area through soil deposits by natural forces

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15
Q

What is reliction?

A

Gradual increase in land area when water gradually withdraws

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16
Q

Avulsion

A

Sudden loss of land by flood or when a stream or river changes course. Avulsion is caused by water.

17
Q

What are land’s 5 economic characteristics?

A

Scarcity
Situs
Modification
Fixity
Illiquidity

18
Q

Situs

A

Economic significance of a property’s location

19
Q

Modification

A

Value of land can be affected by human-made changes, such as construction of a park

20
Q

Fixity

A

Real estate is in a fixed location and cannot be moved

21
Q

Illiquidity

A

Relative difficulty of converting an asset to cash without loss of value (it’s hard to get market price if you have to sell a house in one day)

22
Q

What are the 5 appurtenances?

A

Air rights
Surface rights
Subsurface rights
Supporting rights
Water rights (riparian, littoral, percolating)

23
Q

What are the 3 water rights?

A

Riparian
Littoral
Percolating

24
Q

What are the 3 types of co-ownership in TN?

A

Tenancy in common
Joint tenancy
Tenancy by the entirety

25
Q

What are the four unities to identify co-ownership?

A

Unity of Possession
Unity of Interest
Unity of Time
Unity of Title

26
Q

What 3 things do tenants in common have?

A

Undivided interest in the property
Right of inheritance, not survivorship
Ability to own unequal shares of the property

Real Estate License Exam (3 decks)

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