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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: