chapter 3

Question 1

Land

Answer 1

surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity.

Question 2

Real Estate

Answer 2

land plus improvements

Question 3

Real Property

Answer 3

real estate PLUS the bundle of rights associated with real estate ownership

land + improvements + bundle of rights

in WA, must pass a percolation test to be considered real property

Question 4

Bundle of Rights

Answer 4

right of
-possession
-use
-transfer
-exclusion
-encumber

Question 5

Improvements

Answer 5

any non natural structure built on or permanently affixed to the land.
(buildings, fences, decks, and roads)

Question 6

Quiet Enjoyment

Answer 6

right to use your property without interference. interference from past owners trying to exert possession or literal interference from unreasonable noise (i.e. the city is building an airport next door)

Question 7

legal Title

Answer 7

the complete legal ownership of real property and the bundle of rights associated

Question 8

percolation test

Answer 8

test shows how quickly the ground absorbs or drains water.
results are used to determine whether the land is suitable for construction (septic tank system).

Question 9

right of possession

Answer 9

buyer has ownership of the property

Question 10

right to use

Answer 10

right to use the property in any way that is not illegal. can control what is built on it, who enters it, the landscaping. anything that is not prohibited by a deed restriction.

Question 11

difference between right of possession and right of use

Answer 11

possession allows someone to be in and use the property and use allows someone to make changes to the property

Question 12

right to transfer (disposition)

Answer 12

right to sell, lease, and/or will a property to anyone you choose.

Question 13

right of exclusion

Answer 13

right to tell trespassers or anyone to get off their land.

Question 14

right to encumber

Answer 14

right to use the property as collateral for a debt.
(mortgages, easements, and property tax liens)

Question 15

tangible property

Answer 15

possessions that physically exist

Question 16

intangible property

Answer 16

stocks, patents, other incorporeal things

Question 17

conveyance

Answer 17

property changing hands, the business of real estate

Question 18

asset

Answer 18

an item of value

Question 19

equity

Answer 19

amount of property’s value the title holder owns.

value of the property - any debts

Question 20

deeds

Answer 20

used to transfer estates and can restrict property use

Question 21

fee simple ownership

Answer 21

highest form of ownership in real estate.

Question 22

who regulates broad issues, such as general land usage, natural disaster relief, environmental legislation, and anti-discrimination legislation?

Answer 22

federal government

Question 23

who regulates real estate law. water rights, local environmental rules, and mineral rights? also who creates rules around real estate licensure, ethics, and practices?

Answer 23

state government

Question 24

who covers smaller scale issues such as land use control, taxation and zoning?

Answer 24

local government

Question 25

common law

Answer 25

the side of the law that arises from judgements and decisions made in courts rather than explicit legislation