LEVEL 1 TERMS

Question 1

Commercial Real Estate

Answer 1

Agents help rent or sell commercial properties or find companies office space to rent.

Question 2

Investment Real Estate

Answer 2

Helping investors buy properties that will generate income for them.

Question 3

Property Development

Answer 3

Working with a builder or developer to build new buildings.

Question 4

Property Management

Answer 4

Helping the owner of a residential or commercial building run and maintain their investment.

Question 5

Escrow Service

Answer 5

The people who arrange real estate escrows and help with closings.

Question 6

Title Service

Answer 6

Title companies research real estate titles and provide title commitment, as well as title insurance.

Question 7

Mortgage Brokering

Answer 7

Serves as an intermediary between the lender and the borrower.

Question 8

Land

Answer 8

Owns all of the surface of the earth including all permanently attached natural features extending downward to the center of the earth and upwards to infinity.

Question 9

Bundle of Rights

Answer 9

Ownership of land with all of the legal rights of possession, control, quiet enjoyment, exclusion, transfer, and encumber.

Question 10

Real Estate

Answer 10

Land plus improvements

Question 11

Real property

Answer 11

Land plus improvements plus the bundle of rights

Question 12

Improvement

Answer 12

Any non-structural built on or affixed to land.

Question 13

Quiet Enjoyment

Answer 13

The right to use your property without interference.

Question 14

Title

Answer 14

The actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document.

Question 15

Fixture

Answer 15

An object that was once personal property but is now firmly attached to the land in such a way that is considered to be real property.

Question 16

Trade Fixture

Answer 16

Is a fixture such as a display case or a shelf, that is owned by and needed for a tenant’s business. (Chattel fixture)

Question 17

Chattel

Answer 17

Another word for personal property.

Question 18

Severance

Answer 18

Is the act of converting real property into personal property.

Question 19

Fructus Naturales

Answer 19

Things like trees, long-term decorative plants.

Question 20

Fructus Industriales

Answer 20

CROPS, also called EMBLEMENTS. Cultivated crops planted by farmers that are considered personal property.

Question 21

MARIA (METHOD OF ATTACHMENT)

Answer 21

Will it damage the home if I remove this ?

Question 22

MARIA (ADAPTABILITY)

Answer 22

Is this item specifically adapted for this home?

Question 23

MARIA (RELATIONSHIPS OF THE PARTIES)

Answer 23

Who installed this item?

Question 24

MARIA (INTENT)

Answer 24

Who bought this item? Were they intending on keeping it?

Question 25

MARIA (AGREEMENT BETWEEN PARTIES)

Answer 25

What does the contract have to say about this?

Question 26

Right of Possession

Answer 26

Usually means the owner has ownership of the property.

Question 27

Right To Use

Answer 27

(Right of Control) it gives the titleholder the right to use the property in anyway that is not illegal.

Question 28

The Right to Transfer

Answer 28

The right to sell, lease, and/or will a property to anyone you choose.

Question 29

The Right of Exclusion

Answer 29

Gives an owner the right to kick out anyone off their land.

Question 30

Right to Encumber

Answer 30

Gives an owner the right to use their property as collateral for debt.

Question 31

Attachments

Answer 31

Physical objects permanently attached to land.( human made or natural)

Question 32

Emblements

Answer 32

CROPS grown by a farmer that are considered personal property.

Question 33

Personal Property

Answer 33

Any moveable, unattached asset on the property that is not considered real estate such as a car.

Question 34

Accession

Answer 34

The right to use what is on your land.

Question 35

Accretion

Answer 35

Gradual increase in land from soil deposits.

Question 36

Erosion

Answer 36

Gradual loss of land over time.

Question 37

Reliction

Answer 37

Gradual increase in land from water withdrawing.

Question 38

Avulsion

Answer 38

Sudden loss of land due to water flooding or changing course.

Question 39

Scarcity

Answer 39

Supply and demand; how scarce is this land?

Question 40

Situs

Answer 40

Addresses the significance of a propertys location; what makes this property’s location especially valuable?

Question 41

Modification

Answer 41

Addresses human-made changes and improvements; what nearby modifications affect this land?

Question 42

Fixity

Answer 42

Addresses the permanence of land; this land cannot be moved- how does this impact investments ?

Question 43

Illiquidity

Answer 43

Addresses the difficulty of converting an asset to cash without losing value; how fast could this land be sold? At what price?

Question 44

Appurtenances

Answer 44

Includes air rights, water rights, surface rights, subsurface rights, supporting rights

Question 45

Air rights

Answer 45

Govern the area above property, and can be sold seperately.

Question 46

Surface rights

Answer 46

Govern what happens on the surface of the land, and include natural elements and improvements.

Question 47

Subsurface rights

Answer 47

Also known as mineral rights; they deal with what is beneath the surface of the land.

Question 48

Supporting rights

Answer 48

A property owner’s right to not have their land slide around because of what a neighbor is getting up to. Lateral support comes from adjacent properties and subjacent support is from below.

Question 49

Water rights

Answer 49

Either operate under prior appropriation or common law. If a state operates under common law, water rights are broken into riparian rights( for flowing bodies of water) and littoral rights( still bodies of water) REMEMBER, This is all determined by states and even municipalities.