Here is the 2021 Arizona Real Estate Salesperson Exam Lesson 3: Types of Property and Land Use

2021 Arizona Real Estate Salesperson Exam Lesson 3: Types of Property and Land Use

Here is a free lesson for the 2021 Arizona Real Estate Salesperson Exam Lesson 3: Types of Property and Land Use. The full series of lessons is available at the Website

https://www.reexampodcast.com

Types of Property and Land Use

Land = the surface of the earth, everything below the earth and all natural things permanently attached to the earth and all things in the air above it.

Real Estate = land + all man-made structures that are permanently attached to the land, also known as improvements.

Real Property = Real estate + the bundle of rights that come with the property.

Personal Property = non-permanent possessions that are not real estate. Can be tangible or intangible.

Fixtures are personal property attached permanently to the land.

• Playground equipment

• Pools

• Fences

An RV is still personal property.

Rights:

• Ownership/Possession

• Use

• Encumbrance

• Exclusion

• Destruction

• Transfer (sell, rent, donate, assign, bequeath)

• Suface rights

• Subsurface rights

• Riparian water rights

• Littoral water rights

• Air rights

Emblements are growing plants that are on a property. They are considered personal property.

Physical Characteristics of Land:

• Immobility

• Indestructibility

• Non-homogeneity

Economic Characteristics of Land:

• Scarcity

• Improvements

• Permanence

• Situs

• Highest and best use

Master Plan = long term growth plan

Types of Zones

• Residential

• Commercial

• Industrial

• Agricultural

• Public

• Special use

Exceptions

• Nonconforming use

• Variances

• Special exceptions

• Amendments