Chapter 1

Question 1

Land Use Controls

Answer 1

City-planning, and zoning, state and regional planning, building codes, suitability for occupancy, requirements and environmental control laws.
Note: There is substantial public control of land use as a result of government ownership. Examples of government ownership include: public buildings, public parks, watersheds, streets, and highways.

Question 2

Bill of Sale

Answer 2

An instrument transferring ownership of personal property.

Question 3

Chattel

Answer 3

Personal property.

Question 4

Deed

Answer 4

A written instrument that transfers an interest in real property when signed by grantor and delivered to the grantee.

Question 5

Hereditaments

Answer 5

All the corporeal and incorporeal attributes of real estate that can be inherited.

Question 6

Highest and Best Use

Answer 6

The use of land that will preserve its utility and yield a net income in the form of rent that forms, when capitalized at the proper value of interest, the highest present value of the land.

Question 7

Immobility

Answer 7

A physical characteristic of land describing the impossibility of relocating land from one place to another.

Question 8

Tenements

Answer 8

Land and all corporeal and incorporeal rights in land.

Question 9

Specific Performance

Answer 9

An instruction of a court requiring a defaulting party to a contract to buy and sell real property to carry out his or her obligations under the contract.

Question 10

Situs

Answer 10

Location of land. (What is the site telling us? The site)

Question 11

Scarcity

Answer 11

A short supply in comparison with demand.

Question 12

REALTOR®

Answer 12

A registered trademark of the National Association of REALTORS®. Its use is limited to members only.

Question 13

Realty

Answer 13

Land and everything permanently attached to land.

Question 14

Real Property

Answer 14

Land and everything permanently attached to land, including any rights and interests in the land.

Question 15

Real Estate (Real property, realty)

Answer 15

Land and everything that is permanently attached to land. Interchangeable with the terms real property and realty.

Question 16

Personalty

Answer 16

Personal property or chattel.

Question 17

Personal Property

Answer 17

All property that is not land and is not permanently attached to land. Everything that is moveable.

Question 18

Non Homogeneity

Answer 18

A physical characteristic of land describing that land as a unique commodity.

Question 19

Land

Answer 19

The surface of the earth, the area above and below the surface and everything attached naturally (trees, crops) thereto.

Question 20

Indestructibility

Answer 20

A physical characteristic of land meaning that land is a permanent commodity and cannot be destroyed.

Question 21

Appurtenance

Answer 21

Any right or privilege that is said to “run with the land”. The concept of runs with the land is that the right or privilege is an integral part of the property, much like structures or other improvements and are conveyed as a normal part of the deed. Transferring title to the real property.
Note: not all rights and privileges are considered to run with the land and may be personal.

Question 22

Improvements

Answer 22

Anything used to better or “improve” the use of the land. These are artificially attached items and are considered to be real property and not personal.