Chapter 1 - Land, Real Estate and Real Property: Understanding the Difference

Question 1

Air Rights

Answer 1

The rights in real property to the reasonable use of the air space above the surface of the land.

Question 2

Bundle of Rights

Answer 2

All of the legal rights incident to ownership of property including rights of use, possession, encumbering and disposition.

Question 3

Land

Answer 3

The materials of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.

Question 4

Mineral Rights

Answer 4

A landowner’s right to receive a portion of the profits of any minerals that are extracted from the land.

Question 5

Real Estate

Answer 5

Land plus anything permanently attached to land.

Question 6

Real Property

Answer 6

Land, things affixed to land, appurtenances, plus the bundle of rights.

Question 7

Chattel

Answer 7

Goods or every species of property movable or immovable which are not real property. Personal property.

Question 8

Emblements

Answer 8

The crops and other annual plantings considered to be personal property of the cultivator.

Question 9

Fixtures

Answer 9

Appurtenances attached to the land or improvements, which usually cannot be removed without agreement as they become real property; examples – plumbing fixtures, store fixtures built into the property, etc.

Question 10

Personal Property

Answer 10

Any property which is not real property.

Question 11

Trade Fixture

Answer 11

Articles of personal property annexed by a business tenant to real property which are necessary to the carrying on of a trade and are removable by the tenant.