Land, Real Property, and Real Estate (S2U1&2)

Question 1

Land

Answer 1

the earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects.

Question 2

Real Estate

Answer 2

includes everything in the definition of land, plus all things permanently attached to it naturally or artificially.

Question 3

Improvements

Answer 3

artificial attachments that can include things such as fencing, buildings, walkways, etc.

Question 4

Real Property is also known as?

Answer 4

Land, Tenements, & Hereditaments

Question 5

Interests, Benefits, and Rights included in Real Property? (5 in total)

Answer 5

1) Possession
2) Enjoyment
3) Exclusion
4) Control
5) Disposition

Question 6

Possession

Answer 6

The right to occupy property

Question 7

Enjoyment

Answer 7

The right to possess the land without harassment or interference.

Question 8

Exclusion

Answer 8

The right to refuse other interest in your property

Question 9

Control

Answer 9

The right to determine interest in the property for others.

Question 10

Disposition

Answer 10

The right to determine how, when, and if the property is to be sold, leased, mortgaged, or transferred.

Question 11

Personal Property

Answer 11

Also known as “Chattel” or “Personalty”; any property that is not permanently attached to the property or classified as real property.

Question 12

Trade Fixtures

Answer 12

A removeable personal property that a tenant attaches to leased commercial premises in order to conduct business.

Question 13

3 Conditions for businesses removing trade fixtures at the end of a lease.

Answer 13

1) TF are essential for tenant’s business operations.
2) TF is detachable without damaging the property (or the damage will be repairable.)
3) TF are moved out within a certain period of time.

Question 14

5 Legal Tests of a Fixture

Answer 14

MARIA

1) Method of Annexation
2) Adaptability of the item to land’s use
3) Relationship of the parties
4) Intention in placing the item on the land.
5) Agreement of the parties.

Question 15

Method of Annexation

Answer 15

refers to whether the item is attached to the property and how permanent the attachment is.

Question 16

Adaptability of Item to the Land’s Use

Answer 16

How the item is situated or adapted to the real property.
EX: a fireplace that is free standing but would require the removal of real property around it to move it. It could be argued that the item had been adapted to the environment and must not be removed.
This would include items such as Garage Door Openers, Remotes of other built in features, and custom fixtures (drapes, lights, etc.)

Question 17

Relationship of the parties

Answer 17

Can happen with renters. If the renters adds it to the property but the owner removes it (or vise versa). Generally courts tend to favor a tenant’s take on an item over the landlords… or buyer over a seller.

Question 18

Intention in placing item on land

Answer 18

The intention of the party that installed the item on the land.
Things that were intended to be temporary may end up being permanent.

Question 19

Agreement of the parties

Answer 19

The intention of the party that installed the item on the land.
Things that were intended to be temporary may end up being permanent.

Question 20

Bill of Sale

Answer 20

an agreement in the purchase contract.

Question 21

Economic characteristics of real property

Answer 21

1) Scarcity: How scare land is in the area.
2) Improvements: When a land’s value is positively or negatively affected by changes made to it.
3) Permanence of Investment: Long term, stable investments with relatively stable returns. (ex. Sewer, roads, and utilities)
4) Location or Area Preference: Value determined by location and market desirability.

Question 22

Physical characteristics of real property

Answer 22

1) Immobility: The geographic location of land is fixed.
2) Indestructibility: While improvements may deteriorate over time, the land itself cannot be destroyed.
3) Uniqueness: One piece of land will not be exactly like another. This is the concept of nonhomogeneity.

Question 23

Deed

Answer 23

A legal document conveying title to or interest in real estate. Establishes legal ownership. The deed will describe the boundaries of the property in detail

Question 24

Land Surveyors

Answer 24

Specialize in the land and physical description of the property.

Question 25

Land Survey

Answer 25

a professional on-site measurement of the lot lines and dimensions of a property, including the location of any improvements on the lot, any encroachments that may exist, and any easement of public records.

Question 26

Legal Description

Answer 26

a description that specifies the boundaries and location of a piece of real property.
Appears on deeds and other legal documents.
Is sufficient to adequately describe and define a property so the courts can correctly determine ownership boundaries.

Question 27

Metes & Bounds

Answer 27

Uses compass headings and directions

Question 28

Monument System

Answer 28

Sometimes used in Metes & Bounds system, simply uses monuments as permanent land markers.

Question 29

Lot & Block

Answer 29

Also called a “Plat Reference System” because it’s a description by reference, plat, or lot & block. The land is divided into lots with a numerical or alphabetical designation of a parcel including streets, access roads, and other important features.

Question 30

Rectangular Government Survey System

Answer 30

AKA “Public Land Survey System”, “The Government Survey System”, or “The Rectangular System”
Provides a standard set of labels to identify properties within public land.

Question 31

Lines that run N to S that breakup the country?

Answer 31

Principal Meridian

Question 32

How many Principal Meridian Lines are there?

Answer 32

37

Question 33

Lines that run E to W that breakup the country?

Answer 33

Base Lines

Question 34

Principal Meridian Lines run?

Answer 34

N to S

Question 35

Base Lines run?

Answer 35

E to W

Question 36

Principal Meridian & Base Lines break the country up into what groupings?

Answer 36

Townships

Question 37

How large are RGSS townships?

Answer 37

36 square miles or 640 acres

Question 38

What N to S lines breakup townships?

Answer 38

Range Lines

Question 39

What E to W lines breakup townships?

Answer 39

Township Lines