Key Terms - Chapter 1

Question 1

appurtenance

Answer 1

Any right or privilege that is considered to run with the land.

Question 2

bill of sale

Answer 2

Used to convey personal property.

Question 3

chattel

Answer 3

Anything that is not considered to be real property

Question 4

deed

Answer 4

Used to convey title/ownership in real property

Question 5

hereditaments

Answer 5

Any rights capable of being inherited

Question 6

highest and best use

Answer 6

The use that will provide the owner the best possible return on an investment over a specified time period’ resulting in the highest possible present value.

Question 7

immobility

Answer 7

Land cannot be relocated from one place to another.

Question 8

improvements

Answer 8

Anything used to improve the use of the land.

Question 9

indestructibility

Answer 9

Cannot be destroyed.

Question 10

land use controls

Answer 10

Government controls for the benefit of the public good.

1. city planning and zoning
2. state and regional planning
3. building codes
4. suitability for occupancy
5. environmental controls

Question 11

land

Answer 11

surface, subsurface and air rights

Question 12

nonhomogeneity

Answer 12

uniqueness (doctrine of specific performance; if seller contracts to sell buyer can force sale but seller can’t)

Question 13

personal property

Answer 13

Anything that is not considered to be real property

Question 14

personalty

Answer 14

Anything that is not considered to be real property

Question 15

real estate

Answer 15

surface, subsurface and air rights

Question 16

real property

Answer 16

surface, subsurface and air rights

Question 17

REALTOR

Answer 17

registered trademark of NAR. identifies licensees who are members of the local, state and national association.

Question 18

realty

Answer 18

surface, subsurface and air rights

Question 19

tenements

Answer 19

Ownership interest in anything immobile and is considered part of the real property