Chapter 1

Question 1

Appurtenance

Answer 1

All rights or privileges that result from ownership of a particular property and that move with the title

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 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 rate 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

Improvements

Answer 8

Structures, walls, roads, and so on

Question 9

Economic Characteristics of Land

Answer 9

1. Scarcity
2. Permanence of Investment
3. Location (Situs)

Question 10

Indestructibility

Answer 10

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

Question 11

Public Land Use Controls

Answer 11

City planning and zoning, state and regional planning, build codes, suitability for occupancy requirements, and environmental control laws

Question 12

Protective or restrictive covenants

Answer 12

Regulations of land use in the private sector

Question 13

Land

Answer 13

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

Question 14

Nonhomogeneity

Answer 14

A physical characteristic of land describing that land as a unique commodity
Or
Uniqueness

Question 15

Personal property

Answer 15

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