Unit 2: Real Property and the Law

A buyer is interested in a house that is well designed, but is located in a busy area that is problematic for the buyer. The buyer's concern about the property's location is called
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Terms in this set (26)
The purpose of real estate license laws is to protect the public in real estate transactions from fraud, dishonesty, andincompetence.The term nonhomogeneity refers touniqueness.The owners of littoral rights enjoyunrestricted use of available watersWhich of the following is considered an improvement?SewerReal estate generally includes all the following EXCEPTannual crops.A buyer particularly liked the ornate brass lighting fixtures in a seller's house and immediately made an offer, which the seller accepted. On moving day, the buyer discovered that the seller had replaced all the ornate brass lighting fixtures with plain chrome ones. Which of these is MOST likely a correct assumption?Buyer: "Lighting fixtures are normally considered to be real property."The real estate licensing laws passed by all 50 states, the District of Columbia, and all Canadian provincesdiffer in some details, such as prelicensing education requirements.A property owner's bundle of legal rights entitles the owner to do all of the following EXCEPTexclude utility meter readers.When an owner of real estate sells the property to someone else, which of the "sticks" in the bundle of legal rights is the owner as seller using?DispositionTo determine whether an item is a fixture, the MOST important test is whetherthe person who installed it intended for it to be permanent.A right or privilege tied to real property, although not necessarily part of the property, is calledan appurtenance.The need for regulation of the activities of real estate brokers and salespeople has long been recognized becausetheir work involves other people's real estate and money.Manufactured housing is the term used for a factory-built home as of1976.An important characteristic of personal property is that it ismovable.The specific areas of law that are important to the real estate professional include the law of contracts, the general property law, the law of agency, and specificstate real estate license law.A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to bereal estate.