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Principles of Real Estate 1 > Module 2 > Flashcards

Module 2 Flashcards

1
Q

The earth’s surface, extending downward to the center and upward to infinity.

A

Land

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2
Q

Capable of being divided or split. When subsurface interests are sold by the surface owner to another, the subsurface estate has been severed from the surface estate.

A

Severable

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3
Q

Ownership rights in a parcel of real estate to the minerals, gas, oil and so forth that lie beneath the surface of the property.

A

Subsurface rights

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4
Q

(1) An improvement on land is any structure, usually privately owned, erected on a site to enhance the value of the property: for example, buildings, fences and driveways. (2) An improvement to land is usually a publicly-owned structure, such as a curb, sidewalk, street or sewer.

A

Improvement

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5
Q

Growing crops, such as cotton and corn, that are produced annually through labor and industry: deemed to be personal property.

A

Emblements

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6
Q

Land: A portion of the earth’s surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached thereto, whether by nature or by a person; any and every interest in land.

A

Real estate

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7
Q

The concept of land ownership that means ownership of all legal rights to the land – for example, possession, control within the law and enjoyment – rather than ownership of the land itself.

A

Bundle of rights

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8
Q

The right to use the open space above a property, generally allowing the surface to be used for another purpose.

A

Air rights

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9
Q

Chattel or personalty. Something moveable or temporary in nature. Everything that is not real property.

A

Personal property

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10
Q

The earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interest, benefits and rights inherent in real estate ownership.

A

Real property

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11
Q

Ownership rights in a parcel of real estate that are limited to the surface of the property, and do not include the air above it (air rights) or minerals below the surface (subsurface rights).

A

Surface rights

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12
Q

The right to use wind above a property

A

Wind Rights

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13
Q

An item of personal property that has been converted to real property by being permanently installed or attached to the real property.

A

Fixture

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14
Q

Items of a temporary or movable nature

A

Personal property

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15
Q

Shrubs, trees, and landscaping

A

Improvement

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16
Q

Everything that is encompassed with land including man-made additions

A

Real estate

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17
Q

Ceiling fans, window coverings, wall-to wall carpet

A

Fixture

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18
Q

Physical real estate plus the rights an individual has in the land

A

Real property

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19
Q

__________ is defined as the surface of the earth, extending downward to the center of the earth and upward above the surface to infinity. This definition also includes natural things such as trees, crops, and water.

A

Land

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20
Q

___________ includes all that land encompasses, with the addition of all man-made additions to the land (improvements) such as roads, houses, and commercial buildings.

A

Real estate

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21
Q

_______________ is a broader term that goes beyond the physical real estate and includes the rights that a person has in the land. These rights are often referred to as the “bundle of rights.”

A

Real property

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22
Q

The _________ can develop the surface.

A

owner

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23
Q

The right to use water from a lake, ocean, or sea next to property.

A

Littoral Rights

24
Q

Extend above the surface without limitation.

A

Air Rights

25
Q

Theory of water law based on the idea that the first in time is the first in right.

A

Prior Appropriation Theory

26
Q

The rights to oil, gas, and other minerals. This right begins at the center of the earth.

A

Subsurface Rights

27
Q

The right to use water from a river or stream on or next to a property.

A

Riparian Rights

28
Q

The right or ability to develop or improve the surface and use resources extracted from or near the surface including stone, gravel, water, and limestone.

A

Surface Rights

29
Q

The right to use water but not own it. Water may not be contaminated, and its flow may not be interrupted.

A

Water Rights

30
Q

Removing fixtures (by detaching them from real property or by uninstalling them) to create personal property is _____________

A

Severance

31
Q

_____________ to the property refers to how the item fits the property

A

Adaptation to the property

32
Q

The method refers to how the item was attached to the property.

A

The method of attachment

33
Q

When the item was installed is often considered to be the most important test

A

Intention of the Parties

34
Q

Annual crops produced with labor fall into a special category known as

A

emblements

35
Q

Read each item description and indicate whether it describes real or personal property: Built-in bookshelves

A

Real

36
Q

Read each item description and indicate whether it describes real or personal property: The stovetop

A

Real

37
Q

Read each item description and indicate whether it describes real or personal property: Plumbing fixtures

A

Real

38
Q

Read each item description and indicate whether it describes real or personal property: A tree that has been cut down

A

Personal

39
Q

Read each item description and indicate whether it describes real or personal property: Potted plants

A

Personal

40
Q

Read each item description and indicate whether it describes real or personal property: A dishwasher

A

Real

41
Q

Read each item description and indicate whether it describes real or personal property: A couch

A

Personal

42
Q

Read each item description and indicate whether it describes real or personal property: Vegetables in garden

A

Real

43
Q

Read each item description and indicate whether it describes real or personal property: Kitchen utensils

A

Personal

44
Q

Read each item description and indicate whether it describes real or personal property: A shed in the backyard

A

Real

45
Q

Read each item description and indicate whether it describes real or personal property: A boat

A

Personal

46
Q

Read each item description and indicate whether it describes real or personal property: The dining room chandelier

A

Real

47
Q

Read each item description and indicate whether it describes real or personal property: Roses in the garden

A

Real

48
Q

Read each item description and indicate whether it describes real or personal property: An attached garage

A

Real

49
Q

A manufactured home is not a

A

mobile home

50
Q

Manufactured homes and modular homes are built under controlled conditions in a

A

factory.

51
Q

A manufactured home is built to a nationwide HUD-administered building code established in

A

1976

52
Q

A Modular Home is built in a factory to local zoning codes and assembled

A

on-site

53
Q

Rights that are associated with the ownership of real property are often referred to as the ownsers ________

A

Bundle of rights

54
Q

Surface, subsurface and air rights are said to be __________

A

Severable

55
Q

Air rights are commonly leased or conveyed in ________

A

Cell tower leases
Condominiums
Outdoor advertising

56
Q

Buildings, roads, and fences are all examples of _________

A

Improvements

57
Q

If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through _______

A

Accession

Principles of Real Estate 1 (12 decks)

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