Questions and Answers
Property is defined as:
The initials RSS refer to:
"Potable Water" refers to:
Which of the following would normally be considered real property?
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The ownership of personal property is transferred by using a:
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A loan secured by personal property usually consists of:
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Which of the following is NOT a test for a fixture?
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California has how many principle intersections of base lines and meridian lines?
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A township contains:
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A commercial acre is:
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Study Notes
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.
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Description
Test your knowledge on key concepts from Chapter 1 of Real Estate. This quiz covers definitions and important terms necessary for understanding property rights and real estate principles. Challenge yourself with flashcards and improve your real estate vocabulary.
