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Section 1
Real property vs. personal property — fixtures
Preview
Preview: National/general: real property characteristics, legal descriptions, and property use
Preview includes- 4 of 5 lesson topics
- 1 overview segment
- 3 core concepts
- 2 exam tips
Lesson Topics
- Analyzing Attachment Methods
- Adaptation to Realty
- Objective Intent Assessment
- Party Agreements Matter
Overview
A fixture begins as personal property and becomes real property when attachment, adaptation, objective intent, relationship of the parties, and any agreement indicate it should remain.
Core Concepts
- A fixture begins as personal property and becomes real property when attachment, adaptation, objective intent, relationship of the parties, and any agreement indicate it should remain.
- The method and permanence of attachment matter, but attachment alone is not conclusive.
- A written agreement can control whether an item is included or excluded from a transfer.
Exam Tips
- Focus on the ‘objective intent’ – what would a reasonable person believe based on the facts presented?
- Don’t assume an item is a fixture simply because it is attached; analyze the attachment method and adaptation.
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Section 2
Real property vs. personal property — trade fixtures
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Section 3
Real property vs. personal property — emblements
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Section 4
Real property vs. personal property — severance
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Section 5
Real property vs. personal property — bill of sale
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Section 6
Characteristics of real property — economic characteristics
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Section 7
Characteristics of real property — physical characteristics
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Section 8
Characteristics of real property — uniqueness
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Section 9
Legal descriptions — metes and bounds
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Section 10
Legal descriptions — lot and block
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Section 11
Legal descriptions — rectangular survey
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Section 12
Legal descriptions — surveys
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Section 13
Legal descriptions — monuments and closure
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Section 14
Land-use controls — police power and zoning
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Section 15
Land-use controls — eminent domain
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Section 16
Land-use controls — easements
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Section 17
Land-use controls — licenses and encroachments
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Section 18
Land-use controls — private restrictions
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Section 19
Ownership and estates — fee simple absolute
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Section 20
Ownership and estates — defeasible fee
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Section 21
Ownership and estates — life estate
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Section 22
Ownership and estates — tenancy in common
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Section 23
Ownership and estates — joint tenancy
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Section 24
Ownership and estates — leasehold estates
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Section 25
Ownership and estates — percentage lease
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Section 26
Ownership and estates — lien priority
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Section 27
Deeds and title — deed elements
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Section 28
Deeds and title — general warranty deed
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Section 29
Deeds and title — special warranty deed
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Section 30
Deeds and title — quitclaim deed
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Section 31
Recording of title — constructive notice
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Section 32
Recording of title — chain of title
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Section 33
Recording of title — cloud on title
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Section 34
Concept of value — market value vs. market price
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Section 35
Concept of value — substitution
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Section 36
Concept of value — contribution
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Section 37
Concept of value — anticipation
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Section 38
Concept of value — highest and best use
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Section 39
Concept of value — conformity
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Section 40
Appraisal process — scope and data
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Section 41
Appraisal process — federal oversight
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Section 42
Appraisal process — reconciliation
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Section 43
Valuation methods — sales comparison
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Section 44
Valuation methods — cost approach
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Section 45
Valuation methods — depreciation
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Section 46
Valuation methods — external obsolescence
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Section 47
Valuation methods — income capitalization
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Section 48
Valuation methods — capitalization rate
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Section 49
Valuation methods — gross rent multiplier
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Section 50
Valuation methods — CMA
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Section 51
Valuation methods — BPO
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Section 52
Valuation methods — assessed value
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Section 53
Contract types — bilateral vs. unilateral
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Section 54
Contract types — express vs. implied
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Section 55
Valid contract elements — competent parties
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Section 56
Valid contract elements — consideration
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Section 57
Valid contract elements — lawful purpose
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Section 58
Valid contract elements — mutual assent
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Section 59
Contract performance — executed vs. executory
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Section 60
Contract performance — void vs. voidable
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Section 61
Contract performance — Statute of Frauds
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Section 62
Contract performance — time is of the essence
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Section 63
Contract remedies — compensatory damages
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Section 64
Contract remedies — liquidated damages
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Section 65
Contract remedies — specific performance
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Section 66
Sales contract — earnest money
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Section 67
Sales contract — equitable title
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Section 68
Sales contract — financing contingency
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Section 69
Sales contract — inspection contingency
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Section 70
Sales contract — option contract
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Section 71
Agency — seller agency
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Section 72
Agency — buyer agency
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Section 73
Agency — dual agency
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Section 74
Agency — designated agency
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Section 75
Agency — transaction licensee/nonagent
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Section 76
Agency creation — express authority
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Section 77
Agency termination — completion
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Section 78
Agency duties — confidentiality
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Section 79
Agency duties — disclosure of material facts
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Section 80
Agency duties — accounting
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Section 81
Broker responsibilities — scope of expertise
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Section 82
Broker responsibilities — unauthorized practice of law
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Section 83
Broker responsibilities — handling expert questions
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Section 84
Brokerage agreements — exclusive right to sell
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Section 85
Brokerage agreements — exclusive agency
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Section 86
Brokerage agreements — open listing
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Section 87
Brokerage agreements — property management
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Section 88
Brokerage agreements — termination
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Section 89
Fair housing — protected classes
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Section 90
Fair housing — steering
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Section 91
Fair housing — discriminatory advertising
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Section 92
Fair housing — disability accommodation
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Section 93
Fair housing — ADA public accommodations
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Section 94
Risk management — antitrust
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Section 95
Risk management — misrepresentation
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Section 96
Environmental issues — lead-based paint
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Section 97
Environmental issues — asbestos
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Section 98
Environmental issues — radon
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Section 99
Environmental issues — mold
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Section 100
Environmental issues — underground storage tanks
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Section 101
Environmental issues — Phase I ESA
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Section 102
Environmental issues — CERCLA
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Section 103
Environmental issues — flood zones
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Section 104
Environmental issues — wetlands
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Section 105
Disclosure obligations — known defects
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Section 106
Disclosure obligations — stigmatized property
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Section 107
Disclosure obligations — latent defects
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Section 108
Disclosure obligations — as-is clauses
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Section 109
Financing concepts — conventional vs. government-backed
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Section 110
Financing concepts — amortization
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Section 111
Financing concepts — acceleration clause
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Section 112
Financing concepts — primary and secondary markets
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Section 113
Lender requirements — LTV
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Section 114
Lender requirements — mortgage insurance
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Section 115
Federal financing — Loan Estimate
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Section 116
Federal financing — Closing Disclosure
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Section 117
Federal financing — RESPA Section 8
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Section 118
Federal financing — ECOA
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Section 119
Settlement — debit and credit
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Section 120
Math — acreage
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Section 122
Math — capitalization
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Section 123
Math — commission
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Section 124
Math — discount points
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Section 125
Math — down payment
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Section 126
Math — simple interest
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Section 127
Math — property tax proration
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Section 128
Math — return on investment
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Section 129
Math — property management fee
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Section 130
Commission — examination authority
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Section 131
Commission — rulemaking authority
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Section 132
Commission — continuing education
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Section 133
Commission — hardship waiver
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Section 134
Commission — complaint and investigation
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Section 135
Commission — routine office inspections
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Section 136
Commission — special office inspections
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Section 137
Commission — disciplinary authority
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Section 138
Commission — Real Estate Recovery Fund
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Section 139
Salesperson licensure — minimum age
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Section 140
Salesperson licensure — education hours
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Section 141
Salesperson licensure — education credential
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Section 142
Salesperson licensure — examination timing
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Section 143
Salesperson licensure — out-of-state candidate
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Section 144
Salesperson licensure — employing broker statement
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Section 145
Salesperson licensure — broker affiliation
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Section 146
Salesperson scope — comparative market analysis
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Section 147
Salesperson scope — negotiating financing
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Section 148
BPO licensure — salesperson experience
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Section 149
BPO licensure — signatures
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Section 150
BPO licensure — initial education
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Section 151
BPO licensure — continuing education
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Section 152
BPO licensure — compensation
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Section 153
Consumer Notice — in-person initial interview
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Section 154
Consumer Notice — remote initial interview
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Section 155
Consumer Notice — retention
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Section 156
Consumer Notice — effect
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Section 157
Duties to all consumers — skill and care
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Section 158
Duties to all consumers — honesty
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Section 159
Duties to all consumers — written offers
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Section 160
Duties to all consumers — seller disclosure
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Section 161
Duties to all consumers — expert assistance
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Section 162
Conflicts — continuing disclosure
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Section 163
Dual agency — written consent
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Section 164
Designated agency — written consent
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Section 165
Transaction licensee — nonagency role
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Section 166
Agency creation — compensation
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Section 167
Agency delegation — written consent
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Section 168
Seller agency — confidentiality and defects
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Section 169
Buyer agency — disclosure to seller side
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Section 170
Advertising — authority to advertise
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Section 171
Solicitation — harassment
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Section 172
Advertising own property — licensure disclosure
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Section 173
Advertising — brokerage identification
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Section 174
Property management — salesperson supervision
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Section 175
Property management — lease negotiation
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Section 176
Licensee reporting — crimes
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Section 177
Licensee reporting — other jurisdiction discipline
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Section 178
Conduct — misleading advice
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Section 179
Conflict disclosure — ownership interest
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Section 180
Ancillary services — required use
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Section 181
Ancillary services — financial interest
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Section 182
Escrow — deposit deadline
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Section 183
Escrow — accepted-offer check exception
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Section 184
Escrow — nonwaiver
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Section 185
Escrow — rental management account
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Section 186
Escrow — commingling
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Section 187
Escrow — disputed funds
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Section 188
Escrow — records
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Section 189
Seller Disclosure Law — known material defects
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Section 190
Seller Disclosure Law — no independent investigation
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Section 191
Seller Disclosure Law — agent liability
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Section 192
Agreement of sale — required zoning information
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Section 193
Agreement of sale — mortgage contingency terms
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Section 194
Agreement of sale — Recovery Fund notice
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Section 195
Time-share agreement — cancellation right
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Section 196
CMA — required disclaimer
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Section 197
BPO — permitted and prohibited uses
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Section 198
Pennsylvania Human Relations Act — housing discrimination
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Section 199
Landlord-Tenant Act — security deposit limits
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