Aceable Agent Michigan Real Estate Training Exam And Answers Latest Update 2024.Real Property - Answer real estate plus the rights of ownership Land - Answer the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity.real estate - Answer land plus all improvements made by man or nature Bundle of Rights - Answer The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property.Bundle of Rights terms - Answer Exclusion, possession, quiet enjoyment, control and disposition Personal Property - Answer any unattached, movable asset on the property not considered real estate (land plus improvements); also known as chattel or personalty Improvement - Answer any non-natural structure built on or affixed to land Property Types - Answer Residential, commercial, industrial, agricultural and special purpose asset - Answer a tangible or intangible item of value Equity - Answer the portion of a property's total value owned outright by the holder to title, equal to the difference between the market value and all outstanding debts on the property 1 / 2
Common Law - Answer the side of law which arises from judgments and decisions made in courts rather than explicit legislation legal title - Answer complete legal ownership of real property and the bundle of rights associated Quiet Enjoyment - Answer a lessee's right to possess a property without interference from lessor, previous owner, or anyone else about the claim to the title exclusion - Answer a right included in the bundle of legal rights to real property which empowers the owner to allow or deny others' use of the property Chattel - Answer any unattached, movable asset on the property not considered real estate (land plus improvements); also known as personal property or personalty Land - Physical Characteristics - Answer Indestructible, immobile, non-hemogenous Land - Economic Characteristics - Answer Scarcity Situs Modification Fixity Illiquidity Scarcity - Answer The supply of land is finite situs - Answer People prefer land for its location, both for natural and human-made reasons Modification - Answer Human-made improvements can affect the value of land Fixity - Answer An economic characteristic of land stating that land, buildings and improvements are considered a fixed investment - not liquid assets
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