Definitions And Concepts

Question 1

Real property (Realty) vs Real Estate

Hint: real estate refers to physical land and structures on it

Answer 1

Includes land, improvements, attached things, ownership benefits

Question 2

Land and its components

Answer 2

Earths surface, subsurface,minerals, water, air rights, space overhead, surface, common rights

Question 3

Personal property and intangible Assets

Answer 3

Unattached, moveable items, (personalty/ chattel), intangible assets

Question 4

Fixtures

Answer 4

Once-moveable items attached to real property

Question 5

Trade Fixtures

Answer 5

Tenants removable property used for business

Question 6

Annexation and Legal Test for Fixtures

Answer 6

Additions from natural causes, test for fixtures permanence

Question 7

Appurtenances

Answer 7

Attached things belongings to the property, rights running with the land

Question 8

Emblements

Answer 8

Crops owned by tenants, fructus Industriales vs fructus naturales

Question 9

Escrow

Answer 9

Third party holds and disburses funds for a transaction

Question 10

Jones vs Mayer

Answer 10

Court case barring racial discrimination in property sale or rental