Chapter One: Property

Question 1

What are the 4 rights, commonly called “bundle of legal rights” include? (PECD)

Answer 1

Right of possession, enjoyment, control, and disposition

Question 2

Personal property is also known as

Answer 2

Chattels (Items that have mobility)

Question 3

What is chattels real?

Answer 3

Items extending to the interest of the owner in real property (leases, mortgages, contracts to purchase)

Question 4

How is ownership of personal property transferred?

Answer 4

By Bill of sale

Question 5

How is real property transferred?

Answer 5

By deed

Question 6

What does real estate consist of?

Answer 6

The actual land itself and things permanently attached to land by man (buildings or nature)

Question 7

What does real property consist of?

Answer 7

Permanently attached things plus legal rights and interests that go along with ownership

Question 8

Appurtenances?

Answer 8

Any right, interest, or improvement that automatically conveys with ownership of property (air condition, furnaces)

Question 9

Tenements?

Answer 9

Things permanently attached to the land, physically or legally. Immovable

Question 10

What are fructus naturales?

Answer 10

Grown naturally and not requiring annual cultivation. Is considered real property and transfer with land.

Question 11

What are fructus industrialies or enblements?

Answer 11

Crops planted every year. Considered personal property

Question 12

What is percolating water?

Answer 12

Underground water that doesn’t have a specific waterway [water table: the level at which percolating water is found]

Question 13

What are riparian rights?

Answer 13

Properties that border a river or stream [owner has rights to use water for enjoyment]
[rights arent exclusive]

Question 14

What are correlative rights?

Answer 14

Allows owners only a reasonable amount of water during short supply

Question 15

What is prior appropriation?

Answer 15

The right to use water is secured by permit.

Question 16

What are navigable waters?

Answer 16

Rivers and oceans used for commercial shipping and identified on government survey maps

Question 17

What are Littoral rights?

Answer 17

Properties bordering large navigable lakes, oceans, seas and typically involve the public’s use of enjoyment

Question 18

What do mineral rights consist of?

Answer 18

Coal, oil gas and ores. [real property if on earths surface] [personal property once minerals are removed]

Question 19

What is the law of capture?

Answer 19

Allows landowners to have equal rights to drill for oil or gas under adjoining properties

Question 20

What do air rights consist of?

Answer 20

restrictions based on building height limitations

Question 21

What is severance?

Answer 21

The process by which a real property becomes personal property (ex: tree grows on land- real property, the tree turned to lumber- personal property)

Question 22

Five tests to determine if an item is a fixture or not? (MARIA)

Answer 22

Modification, Attachment, Relationship of parties, Intentions of annexing party, Agreement

Question 23

Physical characteristics of Land (IIN)

Answer 23

Immobility, non-homogeneity, indestructibility

Question 24

4 economic characteristics of the land (LIFS)

Answer 24

location(preference), improvements, fixed investment, scarcity

Question 25

What is situs?

Answer 25

Factors such as weather, scenery, schools, etc that affect value of the area

Question 26

What does legal description consist of?

Answer 26

Will identify the property in such a way it can’t be mistaken for another parcel.

Question 27

What are three different forms of legal description?

Answer 27

Metes and bounds, rectangular survey and recorded plat

Question 28

What are metes and bounds

Answer 28

legal description describing boundaries. [Metes are distances/directions. Bounds are landmarks]

Question 29

How many square miles are in a township?

Answer 29

36 square miles

Question 30

Recorded plat?

Answer 30

When subdivision needs a prepared plat showing how land should be divided into blocks and lots

Question 31

Datum

Answer 31

A base point from which height or depth can be measured

Question 32

Topographic or contour map

Answer 32

3D maps showing the shape of the earth’s surface

Question 33

How can a salesperson get a legal description for a property? (4 ways)

Answer 33

Seller’s/security deed, seller’s plat of survey, subdivision plat, or public records of the county

Question 34

What are three circumstances where you cannot use existing legal descriptions?

Answer 34

The seller isn’t selling the entire plat, the seller has previously sold part of the land, recent survey is in conflict w/description on the deed