DEED MODE / PREVIEWS
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Study Guide · Page 6
CHAPTER 01 / PROPERTY CHARACTERISTICS, DESCRIPTIONS AND USE Why two parcels differ Land is immobile, physically durable and unique. A flood can destroy a cabin while the parcel persists. Uniqueness includes differences such as orientation, access and lot shape. Economic characteristics include scarcity, improvement or modification, long-lived investment and situs, the market's preference for one location over another. A new transit stop can change the appeal of nearby parcels while their physical location stays fixed. Two otherwise similar parcels are across the street from each other. One has southern exposure and a flatter building site. The other has an easier route to a commuter station. The slope and orientation are examples of physical differences between parcels. The value buyers place on the commute is a location preference. The characteristics can point in different directions, so look at what the question is asking you to explain. EXAM TRAP A builder pours a foundation for a particular lot and cannot relocate that investment economically. Tempting answer · The question is only about whether the parcel can move. Better answer · Recognize the permanence or fixity of the investment in the improvement. Keyhole Reveal · Immobility describes the land. Fixity explains why the installed capital stays committed to this site.
Practice Exam A · Page 21
FORM A / REVIEW 01–03 Answer explanations 01 A field of annual corn was planted by a tenant farmer. Which term identifies the crop in the traditional rules governing a tenant's harvest rights? Answer A · Fixtures and personal property · Knowledge A · Emblements — Annual crops produced by a tenant's labor can be treated as personal property under the doctrine. B · Mineral interests — Mineral interests concern resources beneath the surface. C · Appurtenances — An appurtenance is a right or feature that goes with the land. D · Trade fixtures — These are articles installed for a tenant's business, such as display racks. 02 What document commonly transfers ownership of a movable patio set sold separately from the house? Answer D · Fixtures and personal property · Knowledge A · Fixture exclusion attached to a listing — An exclusion may describe what is not sold with the realty; it does not transfer the separately sold patio set. B · Seller condition disclosure — A condition disclosure reports known property facts; it is not a conveyance of the furniture. C · Personal property inventory — An inventory identifies belongings but does not itself evidence their sale and transfer. D · Bill of sale — A bill of sale documents transfer of personal property. 03 An owner removes a permanently installed chandelier before listing and keeps it as a loose object. What changed its classification? Answer D · Fixtures and personal property · Application A · Annexation — Annexation describes attaching personal property to the realty. B · Dedication — Dedication sets aside land for a public use. C · Escheat — Escheat concerns succession to property by the state. D · Severance — Detaching a fixture can turn it into personal property.
Math Decoder · Page 4
MODULE 01 / PRACTICE Measure the parcel P1. A rectangle measures 210 ft by 150 ft. Find the area. P2. A triangular lot has a 150 ft base and a 96 ft perpendicular height. Find the area. P3. A 220 ft by 198 ft parcel has no exclusions. Convert to acres. P4. A deed describes the east half of the northwest quarter of the southwest quarter of a nominal section. Find acreage. P5. A 200 ft by 120 ft parcel has an excluded 50 ft by 40 ft rectangle. Find remaining area. P6. A frontage measures 0.125 mile. Find its length in feet.