Chapter 1 - Introduction to Real Estate

Question 1

acre

Answer 1

an area of land equaling 43,560 ft.

Question 2

air space

Answer 2

the reasonable space above a parcel, or in a condominium, the cubic area of space within the walls

Question 3

base lines

Answer 3

imaginary east/west lines that intersect meridian lines to form a starting poit for the measurement of land

Question 4

bill of sale

Answer 4

a written instrument that passes title of person property from seller to buyer

Question 5

bundle of rights

Answer 5

all of the legal rights relevant to ownership of property including rights of use, possession, encumbering, and disposition.

Question 6

Chattel or Chattel Real

Answer 6

a personal property interest in real property; an old term meaning personal property

Question 7

Commission

Answer 7

an amount, usually a percentage, paid to a broker as compensation for services

Question 8

condominium

Answer 8

a structure of two or more units where the interior airspace of each unit is individually owned; the balance of land and improvements is owned and common by all the owners

Question 9

Emblements

Answer 9

crops (produced on leased land by a tenant farmer) from an individual cultivation considered personal property

Question 10

fixtures

Answer 10

personal property that has become permanently attached to the land or improvements that are legally treated as real property ( ex. plumbing fixtures, built in range, etc.)

Question 11

meridian lanes

Answer 11

imaginary north/south lines used in US government surveys

Question 12

metes and bounds

Answer 12

a legal description of land, setting forth all boundaries with their terminal points and angles

Question 13

personal property

Answer 13

property that is movable and not real property

Question 14

potable water

Answer 14

water that is suitable for human consumption

Question 15

range

Answer 15

a column of land six miles wide, determined by a government survey, running in a north/south direction, lying east or west of a principal meridian

Question 16

real property

Answer 16

land, improvements, items permanently attached to the land appurtenances and that which is immovable by law

Question 17

riparian rights

Answer 17

the right of a land owner, whose land borders a stream or water way, to use and enjoy the water, provided such use does not injure the rights of other owners

Question 18

rod

Answer 18

this old unit of measurement is 16 1/2 ft long (5.5 yards0

Question 19

section

Answer 19

a square of land that contains 640 acres and is one square mile

Question 20

township

Answer 20

in the survey of public lands, a territorial subdivision six miles long, six miles wide, and containing 36 sections, each section being one square mile.

Question 21

trade fixtures

Answer 21

personal property use in a business, attached to the property, but removable by the tenant