Alaska Real Estate Questions and

Alaska Real Estate Questions and Answers Graded A

Personal Property ✔✔Items that do not fit into the definition of real property; moveable objects; chattels

Real Property ✔✔land and anything attached to it

Fixture ✔✔An article of personal property that has become real property because it has. Even permanently affixed to the property

General partnership ✔✔An association of two or more individuals who carry on a continuing business for profit; all co-owners are general partners & share full liability for any debts & losses

Common elements ✔✔Parts of a property that are necessary for or convenient to the existence, maintenance & safety of a condo or are normally in common use by all condo residents; each condo owner has an undivided interest in such areas

corporation (n) ✔✔An entity or organization created by operation of law, whose rights of doing Business are essentially the same as those of an individual

Trade fixture ✔✔An article installed by a business tenant under terms of a lease that is removed by tenant before lease expires

Community property ✔✔A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage

Condominium ✔✔The absolute ownership of an apartment or unit based on legal description of airspace the unit actually occupies plus an undivided interest in the common elements which are jointly owned with the other unit owners

Cooperative ✔✔Residential multi unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living with in the building who are the beneficial owner of the trust or stockholder of the corporation each holding a property lease

Accession ✔✔Acquiring title to a fixture when it is left behind by a tenant at the termination of their lease term

Air rights ✔✔The right to use open space above real property generally allowing that surface to be used for another purpose

Modern estates (SIPA)- what are the characteristics of real property that effect its nature and use? ✔✔Scarcity Improvements Performance of investment Area preference

Chattel ✔✔An item of personal property

Land ✔✔The earths surface, downward to the center of the earth and upward and indefinitely into space, including things permanently attached by nature

Personal property ✔✔Items that do not fit into the definition of real property movable objects chattels

Real estate ✔✔The earth surface extending downward to the center of the earth and upward into space, including all things permanently attached to it, whether by nature or by people

Real property ✔✔The interest, benefits and right inherent in the ownership of real estate

Severance ✔✔A method of changing an item of real property to personal property such as by chopping down a tree or removing a fence from the land

Subsurface rights ✔✔Real estate ownership rights to the water, minerals, gas, oil and so forth, that my beneath the surface of the property

Surface rights ✔✔Ownership rights in a partial of real estate that are limited to that surface of the property and do not include the air about it or the minerals below it

Townships are Sub divided into? ✔✔36 sections of one square mile( 640 acres(43,560 square feet per acre)

Section 16 of township ✔✔School section

Government powers P.E.T.E ✔✔1) police power