Lists

Question 1

Physical characteristics of real estate

Answer 1

Immobility
Indestructibility
Nonhomogeneity

Question 2

Economic characteristics of real estate

Answer 2

Scarcity
Improvements
Fixed investments - real estate requires long range planning
Situs - MOST IMPORTANT

Question 3

Bundle of rights

Answer 3

Control
Possession
Quiet and peaceful enjoyment
Disposition - right to sell, will, lease, destroy
Encumbrance - right to mortgage or grant easement

Question 4

Government rights

Answer 4

Police power
Taxation
Eminent domain - state pays compensation and takes property
Escheat - state can take property if no will or heirs

Question 5

Rights of Others - limitations on ownership rights (encumbrances)

Answer 5

Deed restrictions
Easements
Tenants
Lenders

Question 6

How to know if something is fixture:

Answer 6

MARIA

Method of attachment
Adaptability (if something was customized)
Relationship of parties (tenant installs something, would prob want to take it back. Owner installs something, prob a fixture)
Intent of annexor - MOST IMPORTANT
Agreement of parties

Question 7

3 methods of real estate legal description

Answer 7

Metes and bounds - used east coast and Texas
Rectangular survey (govt survey)
Map and plat (lot and block) - used for urban property

Question 8

5 zoning classifications of real property

Answer 8

Residential
Agricultural
Industrial
Commercial
Special purpose (church)

Question 9

Methods to create easements

Answer 9

Grants - separate deed
Reservation in a deed
Necessity
Prescription

Question 10

Most popular (4) home styles in AZ

Answer 10

Ranch
Contemporary
Spanish
Territorial

Question 11

Popular types of roofs in southwestern AZ and northern AZ?

Answer 11

Southwestern: hip, gable, shed
Northern: “A” frame