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Barney Fletcher Real Estate Exam correctly answered
Question 1: Assemblage
CORRECT ANSWER : combining two or more contiguous
parcels of real estate into a single parcel under one ownership
Question 2: Plottage
CORRECT ANSWER : an increase in value resulting from
assemblage
Question 3: Fixture
CORRECT ANSWER : personal property that is permanently
attached to real property and goes with the property when its sold
Question 4: What makes something a fixture
CORRECT ANSWER : if object was fixed or installed with the
intention of improving the home
Question 5: Appurtenances
CORRECT ANSWER : when new fixtures are attached ex.
heat/air, roof
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Question 6: Have brokers license but are working for another
broker
CORRECT ANSWER : associate broker
Question 7: Principal/employing broker
CORRECT ANSWER : in charge of and responsible for all real
estate operations conducted by a real estate brokerage firm
Question 8: Which type of land description are the properties
described as they relate to meridians
CORRECT ANSWER : government / rectangular survey
Question 9: Alienation of title
CORRECT ANSWER : any change of ownership - transferring
ownership rights or interests in real property from one person to another
Question 10: Legal title
CORRECT ANSWER : right of ownership of a parcel of real
property held by an owner
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Question 11: Equitable title
CORRECT ANSWER : interest in a piece of real estate held by a
buyer held under a contract to obtain absolute ownership of the property at a future date
Question 12: Bare legal title
CORRECT ANSWER : lacks the usual rights and privileges
associated with ownership
Question 13: Constructive notice
CORRECT ANSWER : information has been made available to
the public
Question 14: Inquiry notice
CORRECT ANSWER : when factors exist that make someone
inquire further ex. dirt road running across you would inquire whether there is an easement in place
Question 15: Marketable title
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CORRECT ANSWER : a title free from reasonable doubt as to
who the owner is
Question 16: Abstract of title
CORRECT ANSWER : detailed report of the title search
Question 17: Torrens system
CORRECT ANSWER : an owner petitions the state court to
register his property transfer of land
Question 18: Allodial system
CORRECT ANSWER : individuals are able to own land
Question 19: Eminent domain
CORRECT ANSWER : right of govs to assume property for
necessary public use
Question 20: Escheat
CORRECT ANSWER: power the gov has when someone dies
intestate and leaves no known heirs
