Chapter 1

Question 1

Consists of the surface (and anything permanently attached to it), as well as the subsurface and airspace.

Answer 1

Land (or Realty)

Question 2

space beneath the surface and extends to the center of the earth.

Answer 2

Subsurface

Question 3

These rights include mineral rights, oil and gas rights, and in some cases water rights

Answer 3

Subsurface rights

Question 4

This is the space above the surface that extends into infinity.

Answer 4

Airspace

Question 5

These rights, are rights to use all airspace land as long as this use does not unreasonably interfere with the landowners enjoyment of the property.

Answer 5

Air rights

Question 6

Can these rights be bought and sold individually?

Answer 6

Yes

Question 7

This term is generally accepted to include these rights and the rights to all things that are permanently attached to the land.

Answer 7

Land

Question 8

Man made objects that are directly attached to the land (ie. a building, fence, landscaping) are know as…

Answer 8

Improvements

Question 9

Movable Items/objects that are not permanently attached to land.

Answer 9

Personal Property, Personalty or Chattel

Question 10

Personal property is MOVABLE while real property is …

Answer 10

FIXED

Question 11

1. Permanence, 2. non - homogeneity & 3. immobility are all distinguishing characteristics of…

Answer 11

Real Property

Question 12

Of the two choices, which are considered to be rights acquired through a lease by the courts? (Real Property or Personal Property)

Answer 12

Personal Property

Question 13

Personal Property that is permanently attached to real property is known as a…

Answer 13

Fixture

Question 14

Items such as barbershop sinks, walk-in freezers for a food store remain personal property owned by tenant and are called…

Answer 14

Trade fixtures

Question 15

Ownership by one person/entity is referred to as…

Answer 15

Ownership in Severalty (Individual)

Question 16

Ownership by a group is referred to as…

Answer 16

Concurrent Ownership

Question 17

Ownership interests of a deceased owner passed along to owner’s chosen heirs is called…

Answer 17

Tenancy in Common

Question 18

when the ownership interests of a deceased owner become the property of surviving owners that is called…

Answer 18

Joint Tenancy

Question 19

Are the terms “land”, “realty”, “real property” & “real” estate are interchangeable, yes or no?

Answer 19

Yes