Ch 1

Question 0

Categories of real property

Answer 0

Improved land and unimproved land.

Question 1

Real property

Answer 1

Also real estate. Limited supply. Unique. Has own legal identity.
Can increase or decrease in value and can effect value of neighboring land. Virtually immobile but changes in topography occur.

Question 2

Unimproved land

Answer 2

Not developed. Vacant lots, woodlands, property for agricultural purposes primarily.

Question 3

improved land

Answer 3

Residential property, commercial property, industrial property, government-owned property.

Question 4

Residential property

Answer 4

Places of domicile - houses, apartments and condos. Places of dwelling.

Question 5

Commercial property

Answer 5

Non domicile property such as office park, industrial parks and shopping centers

Question 6

Industrial property

Answer 6

Factories and other structures in which goods are made.

Question 7

Government owned property

Answer 7

Owned by federal and state governments and consists of improved OR unimproved land. Ex-military bases, recreation areas, govt buildings monuments.

Question 8

Personal property

Answer 8

Or chattels - movable items such as furniture, office equipment, clothing and money

Question 9

Fixture

Answer 9

Personal property converted to real property. Ex-foyer chandelier

Question 10

Riparian rights

Answer 10

If real property located next to adjacent waterway property owner has use of waterway as long as does not disrupt natural flow .