David Saks

When something has the quality of being of uniform throughout in it's composition or structure or has the quality of being similar or comparable in kind or nature we call it homogenoeous.

Land has some of this quality. Land is indestructable and immobile. Parcels of land share some of this homogenous quality.

But when land has a lack of uniformity, when it is considered unlike other parcels of land, dissimilar so to speak, there is another term which describes land of this nature.

What is the term that describes this lack of uniformity ?

Please take your time. The answer is posted below the wildlife photo.

A. Non homogeneity

Real estate is said to be nonhomogenous because no two parcels of real estate are consisdered to be exactly alike. There is no absolute uniformity between any two or more parcels of land.

A man is building a deck on the rear patio slab of his new home.

He has just purchased the lumber which he needs to build the deck.

The lumber has just been delivered by the trucking company and left in the driveway for him.

Is the lumber considered to be real property (property to be affixed to the existing structure), or personal property ?

Remember to take your time. The answer is posted below the wildlife photo.

A. Personal property because it isn't affixed to the property.

By converting personal property (the lumber) into an assembled fixture which is permanently attached to the house, a process known as annexation takes place.  Until this process has occurred, the unattached lumber remains personal property.

Licensees should be able to make the distinctions between real property and personal property.

Real property is conveyed or transferred by deed and personal property is usually conveyed or transferred by the use of a bill of sale.

When considering the concept of real estate, most of the follwing would be included in the sale of a parcel of land except which of the following items ?

1. Air Rights above the property

2. The rights to the trees

3. The rights to the mineral substance below the surface of the land

4. The annual crops produced on the land

Please take your time. The answer is posted below the wildlife photo.

A. The annual crops produced on the land

Fruit, vegetables, corn, soybean, cotton or other crops are considered personal property and are transferred  in the sale of the property unless the farmer has indicated that he intends to harvest his crops, or has made other preparations to remove them as these items are considered personal property or 'emblements', a visible symbol of his labor.

Crops could remain on the land as a part of the sale.

When a buyer purchases a parcel of land and turns around and negotiates the sale of the oil rights to a petroleum refinery or mineral rights to a mining group what kind of right is the buyer rescinding to the buyer of the mineral or petroleum company ?

Take your time. The solution is posted below the wildlife photograph.

Subsurface rights.

The buyer has given up the rights to the natural resources lying below the surface of the land in the sale negotiation.

A man owns a building in a commercial section of the community.

The man has a tenant that rents space in the property that he owns.

The tenant operates a beauty parlor.

The tenant has installed display shelves. These are fixtures fastened to the walls which house beauty products for sale to her customers.

What are these fixtures commonly referred to by the owner of the property?

Take your time. The answer is posted below the wildlife photo.

The fixtures are known as trade fixtures and the fixtures may be removed by the tenant before the expiration of the lease.

A local construction company recently purchased 75 acres of land and decided to build a number of storage facilities on the property for the storage of building matrerials and machinery.

What is the most significant and notable condition which has been satisfied by the construction of the storage facilities on the property ?

The construction of the the storage facilities on the property establishes inprovement of the property.

When an improvement is built on a parcel of land it can have an impact on the land's value.

Improvements can also have an effect on the land and neighborhoods surrounding it as well.

When we talk about a REALTOR®, what kind of a person are we referring to ?

Please take your time. The answer is posted below the wildlife photo.

A REALTOR® is a member of the National Association of REALTORS®, which is also the nations largest trade organization supporting the needs of the real estate community.
Many facets of the industry are examined under the aegis of this historical organization representing over a million members.

When we consider the supply in the real estate markets, between the options of demographics, population, employment, and government financial policies, which one of these has the most impact ?

A. Govermnment financial policies.

The way the economy is behaving is the key to financing opportunities. The rate of inflation and whether or not the resources for mortgaging a home are available have an impact on the decision to purchase a home. When the Federal Reserve Board establishes the discount rate of interest for the money it lends to banks, the discount rate will have an effect on the interest rates the banks will charge to their borrowers.

What factor is most likely to influence the demand for real estate ?

A. Employment opportunities and the wage levels offered.

If wages are low and the opportunity for employment is scarce, the demand for real estate becomes low. If the reverse is true the demand for real estate is high.

In general, when the supply of a certain commodity increases, what tends to evolve as a natural result of this phenomenon ?

A. Prices tend to drop.

Increase in supply can be the result of less demand or over-production, as well as other factors which may include stockpiling ( which may have the reverse effect because of an increase in demand)