ch 2

Question 1

what kind of land owning system was held under royalty

Answer 1

feudal system

Question 2

real estate in the united state follows what system

Answer 2

allodial system

Question 3

what is a body of law developed through court decisions based on custom and usage

Answer 3

common law

Question 4

_____________ are the rights someone has in something, and they are often defined as a “bundle of legal rights”

Answer 4

property rights

Question 5

the right to occupy the property

Answer 5

possession

Question 6

the right to possess the property without interference

Answer 6

enjoyment

Question 7

the right to sell or give the property to someone else

Answer 7

disposition

Question 8

the right to use the property the way the owner wishes within the limits of the law

Answer 8

control

Question 9

the right to keep other people from using the property

Answer 9

exclusion

Question 10

a property owner’s right are restricted by certain powers of the

Answer 10

government

Question 11

the term land refers to

Answer 11

surface of earth, below earth to the center of earth, and above to infinity, and all natural things permanently attached

Question 12

real estate includes

Answer 12

all components defined in land plus artificial things

Question 13

all land that is unimproved is called

Answer 13

raw land

Question 14

ownership rights that includes rights to space above the surface of the earth is called

Answer 14

air rights

Question 15

ownership rights that includes rights below ground surface are called

Answer 15

subsurface rights

Question 16

real estate plus bundle of legal rights

Answer 16

real property

Question 17

land plus man made additions

Answer 17

real estate

Question 18

additions to the property that are created artificially rather than by nature

Answer 18

improvements

Question 19

property can be classified as either

Answer 19

real property or personal property

Question 20

what includes the land and the air above it to infinity and ground below the land to the center of the earth, and anything permanently attached to the land by nature or humans

Answer 20

real property

Question 21

also known as chattel property or personalty

Answer 21

personal property

Question 22

includes any property that is not real property

Answer 22

personal property

Question 23

personal property is

Answer 23

movable

Question 24

real property is

Answer 24

immobile

Question 25

personal property and also be classified as either be

Answer 25

tangible or intangible

Question 26

tangible property

Answer 26

includes things that you can see and touch

Question 27

intangible property

Answer 27

cannot be seen or touch… such as stock certification

Question 28

real property can be changed to personal property by

Answer 28

severance… a tree being cut down for example

Question 29

personal property can be changed to real property by

Answer 29

attachment….

Question 30

natural growing plants and tree are

Answer 30

real property called fruits of nature

Question 31

cultivated annual crops are considered

Answer 31

personal property called emblements, fruit of industry

Question 32

an object that was once personal property, but has been attached to the land or property

Answer 32

fixtures

Question 33

and article attachment by tenants to the building for use conducting a trade or business

Answer 33

trade fixtures, chattel fixtures

Question 34

fixtures are

Answer 34

real property, become party of the building, are owned by the landowner, are included in the real estate, sale contract

Question 35

trade fixtures

Answer 35

personal property, can be removed, are owned by the tenants, change owners by separate agreement

Question 36

the four tests of a fixture

Answer 36

agreement of the parties, intention of the parties, method of attachment, adaptation of the item

Question 37

a test of a fixture that determines if a fixture is permanent or not due to damage to property if removed

Answer 37

method of attachment

Question 38

a test of a fixture….. an information brochure given to potential buyers states that the item is excluded from the sale

Answer 38

intention

Question 39

test of a fixture …. if the item is adapted or custom built to fit the property, it will be considered a fixture

Answer 39

adaption

Question 40

test of fixture… and existing agreement between the parties.

Answer 40

agreement of the parties

Question 41

Another name for personal property is

Answer 41

chattel