Virginia Real Estate Salesperson Exam Lesson 5

This is the 5th of five sample lessons that we will be sharing with you which will help you prepare for the Virginia real estate salesperson exam.

These Virginia real estate salesperson exam lessons are meant to be a supplement and not a substitute for classroom learning or other requirements of the Virginia real estate department for licensure.

Lesson 5: Real Estate and Real Property

 Types of Ownership:

Land = Raw land without improvements, above and below.

Real Estate = Land plus any improvements (houses, fences, fixtures, etc.)

Personal Property = Moveable things (mobile home, etc.)

Real Property = Real Estate plus all the rights that go with it.

The Bundle of Rights

Right of possession (alone or jointly)

Right of quiet enjoyment

Right to dispose (Transferring, bequeathing, easements, etc.)

Right to encumber

Right to the subsurface (oil, minerals, natural resources)

Right to the air

Right to the water (littoral vs. riparian)

Right to hunt

Criteria for Fixtures

Method of attachment

Adaptability

Relationship of the parties

Intent of the parties

Agreement

Characteristics of Real Estate

Scarcity

Price

Location

Improvements

Not-liquid

Characteristics of Land

Immobility

Indestructibility

Uniqueness

If you are looking for other Real Estate audio Lessons we have them for:

California

Georgia

Florida

Texas

Washington

 

 

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