Chapter 1 Keywords

Question 1

Appurtenance:

Answer 1

Any right or privilege that is considered to run with the land. Consider city sewer lines or utility lines

Question 2

Bill of Sale:

Answer 2

Title is conveyed by bill of sale

Question 3

Chattel:

Answer 3

Anything that is not considered to be real property

Question 4

Deed

Answer 4

Title (ownership is conveyed by the deed.)

Question 5

Hereditaments:

Answer 5

Any rights capable of being inherited

Question 6

Highest and Best Use:

Answer 6

The use that will provide the property owner the best possible return on an investment over a specified time period.

Question 7

Immobility:

Answer 7

Land can not be relocated from one place to another.

Question 8

Improvements:

Answer 8

Anything used to bettor or improve the use of the land. Considered real property and not personal.

Question 9

Indestructibility:

Answer 9

Land is a permanent commodity and cannot be destroyed.

Question 10

Land Use Controls:

Answer 10

Exist in the form of city planning and zoning, state and regional planning building codes, suitability for occupancy requirements, and environmental control laws.

Question 11

Land:

Answer 11

Consists of three components; surface, subsurface, and airspace.

Question 12

Non homogeneity:

Answer 12

Uniqueness. No two parcels are alike

Question 13

Personal Property:

Answer 13

Anything that is not considered to be real property.

Question 14

Personalty:

Answer 14

Anything that is not considered to be real property.

Question 15

Real Estate:

Answer 15

Combination of land, improvements, and rights and privileges.

Question 16

Real Property:

Answer 16

A parcel of land and structures that are permanently attached to the land. Everything below the surface, and the airspace above the land.

Question 17

Realtor

Answer 17

Identifies licensees who are also members of the local, the state, and the national association.

Question 18

Realty

Answer 18

Combination of land, improvements, and rights and privileges.

Question 19

Scarcity

Answer 19

Land is a commodity that has a fixed supply base.

Question 20

Situs

Answer 20

Location of the land. It has the greatest effect of real estate value.

Question 21

Specific Performance:

Answer 21

A remedy that a court may give in a breach of contract action.
A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm.

Question 22

Tenements:

Answer 22

Ownership interest in anything immobile and is considered part of the real property. Everything of a permanent nature-associated with a piece of land and ordinarily transferred with the land.