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Real Est. Test #1 Quiz

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1. SCARCITY




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2. DURABILITY




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3. FEE SIMPLE DETERMINABLE




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4. PRESCRIPTIVE RIGHTS




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5. FREEHOLD




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6. HETEROGENEOUS




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7. INVOLUNTARY TRANSFER




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8. MODIFICATION




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9. EXAMPLES OF REAL ESTATE AS AN OCCUPATION




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10. SITUS:




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11. Lien placed for work done but possibly not paid for or not completely paid for; normally in exchange for payment, a contractor signs a lien waiver which "waives" his/her right to place a lien on your property




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12. An owner's right to peaceable possession and not to be subject to adverse ownership claims by others.




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13. 1st position = first lien to be filed and priority given in liquidation. Junior position = every position after primary




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14. Residential, commercial, agricultural




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15. The person (broker, real estate agent, etc) is required to present all offers to buyer and be morally responsible in transactions




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16. Most complete ownership/most typical




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17. The earth's surface, from the center, upward in space, including all things permanently attached, whether natural or man-made; land and all permanent attachments




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18. An estimate of value; Skill, experience, and judgment of the appraiser is important.




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19. Transferred unless triggering event occurs; i.e. alcohol sold on property




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20. State lender holds the lien; Nebraska is a lien theory state





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