Course 1

Question 1

______ is defined as the earth’s surface extending downward to the center of the earth and upward into space, including permanent natural objects such as trees and water

Answer 1

Land

Question 2

______ is defined as land at, above, and below the earth’s surface, and all things permanently attached to it, whether natural or artificial

Answer 2

Real estate

Question 3

______includes both land and real estate. It is defined as the interests, benefits, and rights that are automatically included in the ownership of the land and real estate. ______includes the earth’s surface, subsurface, and airspace, including all things permanently attached to it by nature or people, and the legal rights innate to the ownership of a parcel of real estate.

Answer 3

Real property

Question 4

Rights to use the surface of the earth

Answer 4

Surface Rights

Question 5

rights to use the natural resources lying below the earths surface

Answer 5

Subsurface rights

Question 6

rights to use the space above the earth, may be sold or leased independently, provided the rights have not been preempted by law.

Answer 6

Air rights

Question 7

____ Are special common law rights held by owners of land adjacent to rivers, lakes, oceans and are restrictions on the rights of land ownership.

Answer 7

Water Rights

Question 8

______ sometimes called personalty, is all property that can be owned and does not fit the definition of real property

Answer 8

Personal Property

Question 9

Items of personal property, also referred to as chattels, include such tangibles as chairs, tables, clothing, etc.

Answer 9

Chattels

Question 10

___ is defined as dwelings that are built off site and trucked to a building lot where they are installed or assembled

Answer 10

Factory Built Housing

Question 11

Dwellings built to HUD specifications that are at least 320 sq ft and on a permanent chassis

Answer 11

Manufactured housing

Question 12

Annual cultivated crops of fruit, veggies, grain which are generally considered personal property

Answer 12

Emblements

Question 13

Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree

Answer 13

Severance

Question 14

Converting personal property to real property

Answer 14

Annexation

Question 15

An item of personal property that has been converted to real property by being permanently affixed to the realty

Answer 15

Fixture

Question 16

An article owned by a tenant and attached to a rented space or building used in conducting a business

Answer 16

trade fixture

Question 17

Trade fixtures that are not removed become the real property of the landlord. Acquiring property in this way is known as ____

Answer 17

Accession

Question 18

Characteristics of land that affect its value in the marketplace are scarcity, improvements, permanence of investment and location

Answer 18

Economic characteristics of land

Question 19

Personal preference of people for one area over another

Answer 19

Situs

Question 20

____ has physical characteristics, immobility, indestrucability, and uniqueness

Answer 20

Land

Question 21

Concept that no two parcels of property are exactly the same or in the same location

Answer 21

Uniqueness or nonhomogenity

Question 22

The process of downward land shifts due to the collapse of underground mine shafts and groundwater flows, usually resulting in sinkholes and troughs. The damage to structures may be functional, cosmetic or structural

Answer 22

Mine Subsidence