Level 1: What Is Real Estate

Question 1

Land

Answer 1

the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity

Question 2

Real estate

Answer 2

land plus improvements

Question 3

Improvements

Answer 3

any nonnatural structure built on or affixed to land

Question 4

Real Property

Answer 4

land and improvements plus the bundle of rights associated with real estate ownership

Question 5

Land_RealEstate_RealProperty Visual Aid

Question 6

Property

Answer 6

any item that may be owned, including the rights associated with ownership

Question 7

Tangible property -

Answer 7

Possessions that physically exist, such as a house or a toasty bagel

Question 8

Intangible property -

Answer 8

Stocks, patents, and other incorporeal things

Question 9

Conveyance - Asset

Answer 9

real estate is an asset, or item of value

Question 10

Conveyance - Equity

Answer 10

the value of a property above what an owner owes their lender or other debt-holder

Question 11

Conveyance - Legal Title

Answer 11

the complete legal ownership of real property and the bundle of rights associated

Question 12

Conveyance - Deeds

Answer 12

a transfer of legal title (by deed) is how real property moves around

Question 13

Regulating Conveyance - Federal Government

Answer 13

regulates broad issues, such as general land usage, natural disaster reaction, and discrimination

Question 14

Regulating Conveyance - State Government

Answer 14

address things such as more specific environmental control of flood zones and waste disposal

Question 15

Regulating Conveyance - Local Government

Answer 15

addressing issues such as land use control, taxation, and zoning

Question 16

Regulating Conveyance - Common Law

Answer 16

comes from decisions made in court that are then applied to and accepted in real-life scenarios, each and every day