Module 2 Vocab

Question 1

Definition of Air Rights:

Answer 1

The right to undisturbed use and control of designated air space above a specific land area within stated elevations

Question 2

Something added or appended to a property that then becomes an inherent part of the property is a(n) _____.

Answer 2

Appurtenance

Question 3

Definition of Bundle of Rights:

Answer 3

total range of ownership interests in real property. An owner that possesses all the interests in the ____ has the most complete form of ownership

Question 4

Definition of Fixture:

Answer 4

an appurtenance/article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of real estate

Question 5

_____ is the total range of ownership interests in real property. An owner that possesses all the interests in the ____ has the most complete form of ownership

Answer 5

Bundle of Rights

Question 6

Definition of fixture:

Answer 6

an appurtenance/article that was once personal property but has since been installed or attached to the land or building in a rather permanent manner so that it is regarded in law as part of real estate

Tests for this are attachment (permanence), adaptation (customization), agreement (intention)

Question 7

The 5 Bundle of Rights in Real Property are:

Answer 7

Possession
Transfer
Lease
Mortgage
Improve

Bonus: Other rights include

• Right to enjoyment (use in a legal manner)
• Right of exclusion (keep others from entering or using the property)
• Right to do all or none of these things

Question 8

Something added or appended to a property that then becomes an inherent part of the property is a(n) _____.; something that goes with the land.

Answer 8

Appurtenance

Question 9

All _____ were once personal property but when attached to the land, they become real estate.

Answer 9

improvements

Question 10

Definition of Appurtenance

Answer 10

something added or appended to a property that then becomes an inherent part of the property; Something that goes with the property when the title is transferred.

Question 11

The definition of ____ is the solid surface on the earth, as distinguished from water.

Answer 11

land

Question 12

Significant characteristics of land:

Answer 12

• Land is immobile and each parcel is unique in its location and composition
• Land is durable as a long-term asset, but the supply of land is finite
• Land is not only an economic concept but also a valued commodity to people

Question 13

What are the 3 major divisions of land rights?

Answer 13

• Air
• Surface
• Subsurface

Question 14

The definition of ______ is: rights pertaining to properties abutting an ocean, lake, or pond (generally interpreted as non-flowing waters) with an emphasis on the use and enjoyment of the shore (the area between high and low water levels)

Answer 14

littoral rights

Question 15

____ is divided or undivided rights in real estate that represent less than the whole

Answer 15

Partial Interest (aka fractional interest)

Question 16

_____ is Identifiable tangible objects that are considered by the general public as being personal

Answer 16

Personal Property (aka Chattel and Personalty)

Question 17

_____ is land (physical raw land) and all things that are a natural part of the land such as trees and minerals. Also includes appurtenances.

Answer 17

real estate

Question 18

___ is the interests, benefits, and rights in the ownership of real estate

Answer 18

real property

Question 19

_____ these pertain to owner rights where their land touches water. These are typically rivers and streams that are used for commercial purposes, but these rights can also include recreational use.

Answer 19

riparian rights

Question 20

subsurface rights are:

Answer 20

• Right to use and profits of the underground portion of the designated property
• Right to extract coal, mineral, oil, gas, and water
• Right to construct and maintain tunnels subways, sewers, and basements
• Solid mineral rights (Minerals are part of real estate until extracted, then they are personal property)
• oil and gas rights (Oil and gas becomes personal property once it is brought to the surface)

Question 21

_____ rights include land, water, and anything attached to the land - either naturally or placed by human hands

Answer 21

surface

Question 22

_____ May be subject to laws and customs of the area but generally were placed in or attached to rented buildings by a tenant to help carry out a trade or business of the tenant. They are personal property regardless of how they are affixed and are removable by the tenant when the lease expires unless this right has been surrendered in the lease

Answer 22

trade fixtures

Question 23

riparian rights

Answer 23

these pertain to owner rights where their land touches water. These are typically rivers and streams that are used for commercial purposes, but these rights can also include recreational use.

Question 24

real property

Answer 24

the interests, benefits, and rights in the ownership of real estate

Question 25

littorial rights

Answer 25

rights pertaining to properties abutting an ocean, lake, or pond (generally interpreted as non-flowing waters) with an emphasis on the use and enjoyment of the shore (the area between high and low water levels)

Question 26

real estate

Answer 26

is land (physical raw land) and all things that are a natural part of the land such as trees and minerals. Also includes appurtenances.

Question 27

Annual crops and plantings such as corn, wheat, and vegetables are known as ____ and are known as personal property

Answer 27

emblements

Notes: Land sales typically address emblements in the purchase contract to avoid confusion regarding harvesting rights

Generally, crops planted by a tenant farmer are treated as emblements.
BUT
Perennial plantings like trees, shrubbery, and grasses that do not require annual cultivation are considered real estate