Unit 1 Flashcards
In Pennsylvania, a newly manufactured home is considered…
Answer: personal property
What is considered indestructible?
Answer: land
The word “improvement” refers to all of the following EXCEPT
Answer: trade fixtures
Which of the following is considered to have the greatest impact on the value of a property?
Answer: area preference
Land is considered
Answer: indestructible
Real property can become personal property by…
Answer: severance
The term real estate includes natural components of the land as well as
Answer: permanent man-made improvements
A property owner sells the rights to minerals located in the ground to an exploration company. After selling the mineral rights, the owner no longer owns which of the following?
Answer: Subsurface rights
After the construction of a building over a railroad right of way, the trains can…
Answer: operate as usual
A landlord leases store space to a tenant for a restaurant. The tenant installs ovens, booths, counters, and other equipment. When, if ever, do these items become real property?
Answer: When the lease expires
What affects the value of land in the marketplace?
Answer: Permanence of investment
Who, if anyone, is permitted to obtain aviation easements over land surrounding airports?
Answer: Local government authorities
What economic characteristic refers to people’s preference for a specific area?
Answer: Situs
After initial licensure, in order to continue working as a real estate agent, licensees must
Answer: Complete continuing education courses
A rancher owns a parcel of land, including the full bundle of rights. The rancher has leased the land to a tenant but has not conveyed any other rights. Who owns the oil recently discovered on the land?
Answer: the rancher
All of the following would be considered real estate EXCEPT
Buildings, growing trees, farm equipment or fences
The buyers fell in love with Lot 17A and entered into an agreement to purchase the lot. A few days later, the owner’s son decided that he wanted Lot 17A. The owner is not permitted to make a substitution based on the characteristic of
Answer: Uniqueness
The rights, privileges, and improvements that belong to the land and are conveyed when ownership transfers are…
Appurtenances
All of the following areas of law are generally important to real estate licensees except…
Corporate and business law
Which is considered personal property?
Fireplace, bathtubs, awnings, patio furniture
