Chapter 2 Mastering Real Estate

Question 1

What are property rights or the “bundle of legal rights”?

Answer 1

DEEPC
Disposition
Enjoyment
Exclusion
Possession
Control

Question 2

Define land.

Answer 2

Not only the surface of the earth, but the area below to the center of the earth and above to infinity.

Question 3

Define real estate.

Answer 3

Land plus artificial things placed by humans.

Question 4

Define real property.

Answer 4

Real estate plus the bundle of property rights.

Question 5

What are air rights?

Answer 5

Rights to the space above the earth.

Question 6

What are subsurface rights?

Answer 6

Ownership to all minerals in the ground.

Question 7

Are real estate and real property the same thing?

Answer 7

Yes.

Question 8

Define personal property.

Answer 8

It is not real property and it is MOVABLE.

Question 9

Define fixture.

Answer 9

A object that was once personal property but has been attached so now it is real property.

Question 10

What is a trade fixture?

Answer 10

An article attached to the tenant for the building for use in conducting a trade of business.

Question 11

What are the four tests to determine a fixture?

Answer 11

Agreement of the parties
Intention of the parties
Method of attachment
Adaptation of the item