Introduction to Real Estate CHAP 1

Question 1

The basic bundle of rights included with ownership of real property are…

Bundle of Rights

Answer 1

The right of possession
The right to use
The right of transfer(disposition)
The right of exclusion
The right to encumber

BONUS (the right of enjoyment (peace and quiet)

Question 2

What is the right of possession in relation to the bundle of rights?

Answer 2

the right to occupy, rent or keep others out.

Question 3

What is the right of enjoyment in relation to the bundle of rights?

Answer 3

the right of “peace and quiet” without interference from past owners and others.

Question 4

What is the right of control in relation to the bundle of rights?

Answer 4

the right to physically change or keep the property the way you like it. (as long as its legal)

Question 5

What is the right of disposition in relation to the bundle of rights?

Answer 5

the right to transfer all or part of your property to others as you see fit.

Question 6

What is a Riparian right?

Answer 6

A riparian right is the right of a landowner to the reasonable use of moving/free-flowing on, under, and adjacent to his/her land

Riparian = RIVERS AND STREAMS

Question 7

What is a Littoral right?

Answer 7

A littoral right is the right of a landowner to the reasonable use of a non-flowing body of water adjacent to his/her land

Littoral = LAKES & OCEANS

Question 8

Improvements become real property when they are…

Answer 8

permanently incorporated, integrated in, affixed, or attached to the land.

Question 9

Appurtenant means ownership that transfers with the land…

Answer 9

automatically without the need of a separate conveyance (runs with the land)

Question 10

Emblements are planted growing crops that are cultivated annually by a tenant farmer on leased land. Are emblements considered real property or personal property?

Answer 10

Emblements are considered personal property even after the expiration of the lease.

Question 11

Items of personal property that are attached to, or incorporated into, the land in such a permanent manner as to become real property is called a…

Answer 11

FIXTURE

Question 12

When buying personal property, your receipt is called a…

Answer 12

BILL OF SALE

Question 13

What is the ancronym to determine whether or not an item is a fixture

Answer 13

Method of Attachment: if the removal of the item would leave permanent damage or an unusable area, it is surely real property.
Adaptability: Is the item specifically adapted or designed for the property?
Relationship to the Parties: Who is installed this item? (dependent on each course case)
Intention: Who bought this item? Were they intending on keeping it after?
Agreement:What does the contract have to say about this item?

Question 14

(BLANK) are personal property used in the normal course of business. A tenant may remove any (BLANK) he/she installed provided that the real property is left in the same condition as he/she found it.

Answer 14

TRADE FIXTURES

Question 15

A (BLANK) is an amount paid, usually as a
percentage of the selling price, to a broker for
services

Answer 15

COMMISSION

Question 16

What are the 3 legal identification methods of land description?

Answer 16

1. Metes & Bounds (Surveyor’s map - irregular parcels)
2. Sections & Townships (U.S. Goverment Survey - Rural)
3. Lots, Blocks and Tracts (Recorded Subdivision - Cities)

Question 17

(BLANK) is the oldest and least reliable method of identifying (describing) property by its boundaries, distances and angles given from a starting point.

legal method of land description

Answer 17

METES & BOUNDS

Question 18

(BLANK & BLANK) use the U.S. Government Survey system to identify all public lands by the use of “merdian lines” and “base lines” starting from a precise point.

legal method of land description

Answer 18

Sections & Townships

Question 19

What are the names California’s 3 principal base and merdians line intersections?

Answer 19

Humboldt Base Line and Merdian
Mt Diablo Base Line and Merdian
San Bernardino Base Line and Meridian

Question 20

A (BLANK) line is a horizontal line that runs east to west from any one of the 3 starting points.

METES & BOUNDS

Answer 20

BASE LINE

Question 21

A (BLANK) line is a verticial line that runs south to north from any one of the 3 starting points.

Answer 21

**MERDIAN LINE*

Question 22

The east-west lines (running parallel to the base line) are called (BLANK LINES) .

Sections & Townships

Answer 22

TIER LINES

Question 23

The north-south lines (running parallel to the principal meridian) are referred to as (BLANK) LINES.

Sections & Townships

Answer 23

RANGE LINES

Question 24

(BLANK, BLANK & BLANK) make up subdivisions, which are approved by the DRE and the city and then recorded on a SUBDIVISION map in the County Recorder’s Office.

legal method of land description often used for cities

Answer 24

LOTS, BLOCKS & TRACTS

Question 25

A (BLANK) acre is an acre minus the amount of land dedicated for public improvements (sidewalks, alleys, etc)

Answer 25

commerical

Question 26

A (BLANK) contains 36 square miles.

Answer 26

Township

Question 27

A (BLANK) is one mile square, containing 640 acres.

Answer 27

Section

Question 28

How many square feet are in an acre?

Answer 28

43,560 square ft

Question 29

How many feet are in a mile?

Answer 29

5,280 ft

Question 30

How many acres are in a square mile?

Answer 30

640 acres

Question 31

Each base line is marked in six-mile increments. Every six-mile increment is called a (BLANK) and each (BLANK) is six miles in length.

Answer 31

RANGE

Question 32

Meridians are also marked off in increments of six miles each, but each six-mile increment north or south on a meridian is called a (BLANK) or (BLANK).

Answer 32

TOWNSHIP or TIER