Real Estate Chapter 1 Quiz

Real Estate Definitions and Concepts

• Property is defined as the rights or interests that a person has in the item owned, encompassing both real and personal property.
• Real property typically includes land and any improvements or fixtures attached to it, while personal property encompasses movable items.

Key Terminology

• RSS stands for Really Simple Syndication, a format allowing easy sharing of digital content.
• Potable Water is specifically water that is suitable for drinking, ensuring safety and health standards.

Property Classification

• Vegetation is classified as real property due to its permanence and attachment to the land.
• Trade fixtures, while attached to the property for business purposes, are generally considered personal property and removable.

Transfer of Ownership

• Ownership of personal property is legally transferred through a Bill of Sale, documenting the transaction.
• A loan secured by personal property is formalized through a security agreement, outlining terms and collateral.

Fixtures and Property Tests

• Tests for determining if an item is a fixture include adaptability, agreement, and intention; however, cost and size are not relevant factors.

Geographic Framework

• California features three principal intersections of base lines and meridian lines, critical for land surveying and mapping.

Township Measurement

• A township is a land division that encompasses a six-mile by six-mile area (36 square miles), serving as a fundamental unit in the Public Land Survey System.

Commercial Acre Definition

• A commercial acre refers to land that excludes public improvement areas (like sidewalks and alleys), focusing only on usable, marketable land for business or development purposes.