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1. Real property
2. A fixture
3. Personal property
4. An easement

✓ Personal property

The dishwasher is personal property because it is not yet installed or permanently attached. “At this point” refers to its current condition.

1. Its purchase price
2. The owner’s last name
3. Attachment and adaptation to the real estate
4. Whether it can be sold online

✓ Attachment and adaptation to the real estate

Permanent attachment and adaptation to a particular room strongly suggest a fixture. Intent and the parties’ relationship may also matter.

1. Emblements
2. Escheat
3. Acceleration
4. Condemnation

✓ Emblements

Emblements generally concerns annual crops planted through a tenant’s labor. Rights to harvest depend on how the tenancy ends.

1. It continues until Maria dies
2. It ends when David dies
3. It automatically becomes fee simple
4. It continues for another ten years

✓ It ends when David dies

The life estate is measured by David’s life, so it ends when David dies even though Maria is still alive.

1. The easement always disappears
2. Only the former owner may use it
3. It generally transfers with Parcel A
4. Parcel B becomes owned by Parcel A

✓ It generally transfers with Parcel A

An easement appurtenant ordinarily runs with the benefiting land. Parcel A is dominant; Parcel B is servient.

1. An easement in gross
2. A fee simple estate
3. An easement appurtenant
4. A life estate

✓ An easement in gross

An easement in gross benefits a person or company rather than a dominant parcel. Utility easements are common examples.

1. Direct fee simple title to the apartment
2. Shares in the corporation and a proprietary lease
3. A temporary hotel license
4. Only a right to park

✓ Shares in the corporation and a proprietary lease

A co-op buyer generally acquires corporate shares and a proprietary lease, rather than fee simple title to a specific unit.

1. Shares only, with no real property title
2. A revocable hotel booking
3. Separate unit ownership plus an undivided interest in common elements
4. Ownership of every other unit

✓ Separate unit ownership plus an undivided interest in common elements

Condominium ownership typically includes title to an individual unit plus an undivided interest in the common elements.

1. The seller was free to sell to anyone during the option period
2. The buyer was required to complete the purchase
3. The seller generally keeps the consideration unless the agreement provides otherwise
4. The option automatically becomes a mortgage

✓ The seller generally keeps the consideration unless the agreement provides otherwise

An option obligates the seller to keep the offer open during the agreed period, but the buyer need not purchase. The option fee is generally kept unless the agreement says otherwise.

1. It is normally credited toward the buyer’s purchase funds
2. It must be paid to the real estate agent personally
3. It disappears
4. It becomes an annual property tax

✓ It is normally credited toward the buyer’s purchase funds

Earnest money is normally credited toward the buyer’s funds at closing. Refunds if closing fails depend on the contract and facts.

1. Defeasance clause
2. Acceleration clause
3. Habendum clause
4. Subordination clause

✓ Acceleration clause

An acceleration clause may make the whole outstanding balance due after a defined default and required notices.

1. Adjust the subject property upward
2. Adjust the comparable upward
3. Adjust the comparable downward
4. Make no adjustment because garages never matter

✓ Adjust the comparable downward

Adjust the comparable sale, not the subject. A comparable with a garage is superior, so subtract the garage’s market contribution from its price.

1. Physical deterioration
2. Functional obsolescence
3. External obsolescence
4. Appreciation

✓ Functional obsolescence

Functional obsolescence comes from outdated design or functionality. Physical deterioration concerns wear, and external obsolescence comes from outside.

1. External obsolescence
2. Functional obsolescence
3. Physical deterioration
4. Capital gain

✓ External obsolescence

External obsolescence describes a loss of value caused by outside influences such as noise or a newly constructed highway.

1. Water rights
2. Mineral rights
3. Air rights
4. Emblements

✓ Air rights

Air rights can permit use of space above land. Separate zoning, safety, engineering and railway approvals may still be required.

1. General warranty deed
2. Special warranty deed
3. Quitclaim deed
4. Lease agreement

✓ Special warranty deed

A special warranty deed generally protects against claims arising during the grantor’s ownership only. A general warranty deed provides wider assurances.

1. Escheat
2. Eminent domain
3. Accretion
4. Easement in gross

✓ Eminent domain

Eminent domain is the government’s power to take private property for public use with just compensation and due process. Condemnation is the process.

1. Goodwill
2. A fixture
3. A freehold estate
4. An easement

✓ Goodwill

Goodwill is the intangible value of reputation and customer relationships beyond tangible business assets.