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
