Pennsylvania Real Estate Salesperson Exam — All Questions
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Which of the following is a physical characteristic of land rather than an economic characteristic?
- a.Scarcity
- b.Immobility✓
- c.Situs (area preference)
- d.Improvements
Land has three physical characteristics: immobility, indestructibility, and non-homogeneity (uniqueness). Immobility means the geographic location of a parcel can never be changed. Scarcity, situs, and improvements are economic characteristics that affect value.
A tenant installs custom shelving bolted to the wall of a leased store to display merchandise. At lease end this item is generally treated as:
- a.A permanent fixture that must stay with the real property
- b.An emblement belonging to the landlord
- c.A trade fixture the tenant may remove before the lease expires✓
- d.Personal property that automatically transfers to the landlord
Items a commercial tenant attaches to conduct business are trade fixtures. The tenant may remove them before the lease ends, provided any damage caused by removal is repaired. This exception overrides the usual rule that attached items become part of the real estate.