Land, Real Estate, Real Property, and Personal Property

Question 1

Define land and its characteristics

Answer 1

Land is the surface and all natural things attached to it, plus the subsurface and the air above the surface

Characteristics: immobile, indestructible, non-homogenous

Question 2

Can land be laterally severed? In Texas?

Answer 2

Yes, into surface rights, subsurface rights, and air rights

Yes. Air rights are usually given out for a fee and not bought or sold.

Question 3

What is a parcel or tract?

Answer 3

It’s a portion of land that boundaries delineate.

Question 4

Define real estate

Answer 4

Land and all permanently attached mad-made structures

Question 5

Define improvements

Answer 5

All permanently attached man-made structures

Question 6

Define property

Answer 6

Something that someone owns plus the associated rights of ownership

Question 7

What is in the bundle of rights/rights of ownership?

Answer 7

Possession, Disposition, Control, Exclusion, Enjoyment

Question 8

Is property tangible (physical) or intangible (abstract)?

Answer 8

Both

Question 9

Is property real or personal?

Answer 9

Both

Question 10

Define personal property

Answer 10

Personal property is ownership of anything that is not real estate, and the rights associated with owning the personal property item.

Question 11

What else is personal property called?

Answer 11

Chattels or personalty

Question 12

Define real property

Answer 12

Real property is ownership of real estate and the bundle of rights associated with owning real estate