Real Estate Fundamentals 108 Questions With Correct Answers

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Real Estate Fundamentals 108 Questions With Correct Answers Which phrase BEST describes real estate? - Land and all things permanently affixed to it The term nonhomogeneity refers to - Uniqueness ... The bundle of legal rights is included in the definition of - Real property The bundle of legal rights includes those except - Use the property for any purpose, legal or otherwise What is a physical characteristic of real estate? - indestructibility Which of the following would NOT be a consideration when determining whether an item is real property? - Cost of the item when purchased What is NOT an economic characteristic of real estate? - indestructibility Real property can be converted into personal property through - severance The tenant of a single-family home installs an awning over the building's front windows to keep the sun away from some delicate hanging plants. What is true of this? - the awning is considered a fixture Which entity is generally responsible for creating the requirements for a real estate license? - individual state law The buyers have asked their real estate agent to help them determine the correct way to take title to their new home. In this situation, the real estate agent should - suggest that the buyers consult an attorney What is the purpose of real estate license laws? - To protect the public from fraud, dishonesty, and incompetence Pennsylvania law requires the seller to provide notice to a purchaser about whether a structure on the land is entitled to support from the underlying coal. This is known as the - coal notice While moving into a newly purchased home, the buyer discovered that the seller has taken the ceiling fan that hung over the dining room table. The seller had not indicated that the ceiling fan would be removed, and the contract did not address this issue. What is true? - Ceiling fans are normally considered to be real estate [Show More]

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