Chapter 1

Question 1

Surface rights

Answer 1

The surface rights are the rights to use the surface of the earth

Question 2

Subsurface rights

Answer 2

Subsurface rights are the rights to the natural resources lying below the earth’s surface

Question 3

Air Rights

Answer 3

the rights to use the space above the earth, may be sold or leased independently, provided the rights have not been preempted by law

Question 4

Water rights

Answer 4

Water rights are special common-law rights held by owners of land adjacent to rivers, lakes, or oceans and are restrictions on the rights of land ownership. Water rights are particularly important rights in drier western states, where water is a scarce and valuable public commodity.

Question 5

Real Estate

Answer 5

Land and all things attached to it whether natural or artificial

Question 6

Land

Answer 6

the earths surface extending down to the center of the earth and up into space, including permanent natural objects

Question 7

Real property

Answer 7

the bundle of ownership rights that attached to physical land, above and below its surface and all fixtures

Question 8

Personal property (sometimes called personalty)

Answer 8

personal property is movable. Items of personal property, also referred to as chattels, include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts.

Question 9

Factory-built housing

Answer 9

dwellings that are built off site and trucked to a building lot where they are installed or assembled. Factory-built housing includes modular, panelized, precut, and mobile homes.

Question 10

Manufactured housing is built at the factory under the following U.S. Department of Housing and Urban Development (HUD) specifications:

Answer 10

Nonremovable steel chassis
At least 8 feet wide and 40 feet long
At least 320 square feet of living space
Capable of being lived in with or without a permanent foundation
Contains a red label indicating that the home has been built in compliance with HUD construction and safety standards

Question 11

Fixtures

Answer 11

A fixture is personal property that has been so affixed to the land or a building that, by law, it becomes part of the real property. - heating plants, elevator equipment in highrise buildings, radiators, kitchen cabinets, light fixtures, and plumbing

Question 12

Trade fixtures

Answer 12

Fixtures belong to the owner of the real estate, but trade fixtures are usually owned and installed by a tenant for the tenant’s use