MRE_Chapter2

Question 1

Land

Answer 1

The earth’s surface extending downward to the center of the earth and upward to infinity, Including things permanently attached by nature such as trees and water

Question 2

Real Estate

Answer 2

The Land and all thing permanently attached to it by either nature or people(improvements)

Question 3

Real Property

Answer 3

Aka “realty” contains: Real Estate + Interests + Benefits + Rights inherent in the ownership of real estate

Question 4

Bundle of Rights

Answer 4

1. Possession – The right to occupy the premises 2. Control – The right to determine certain interests for others 3. Enjoyment – Possession without harassment or interference 4. Exclusion – Legally refusing to create interests for others 5. Disposition – Determining how the property will be disposed off

Question 5

Appurtenance

Answer 5

Right or privilege associated with the property, although not necessarily a part of it

Question 6

Surface Rights

Answer 6

Landowner’s rights to the exterior or upper boundary of the land (except those restricted by the mineral owner’s rights) and water and other substances (except those defined as minerals) below it.

Question 7

Subsurface Rights

Answer 7

Includes rights to Minerals and other substances under the earth’s surface. It can be sold to others same way as surface rights & independent of surface ownership

Question 8

Air Rights

Answer 8

Right to control, occupy or use the vertical space (air space) above a property, subject to necessary and reasonable us by neighbor(s) and others (such as aircraft). Distinct Properties of Air rights are: 1. Can be bought 2. Can be sold 3. Can be transfered

Question 9

Water Rights

Answer 9

Water rights are special common-law rights held by owners of land adjacent to rivers, lakes or oceans and restrictions of land ownership

Question 10

Personal Property

Answer 10

Aka “Personalty”, is the property that can be owned and that does not fit the definition of real property Important distinction is personal property is movable.

Question 11

Chattels

Answer 11

Items of personal property, such as chairs, tables, clothing, money, etc

Question 12

Fructus Naturales

Answer 12

Trees , perennial shrubbery and grasses not requiring annual cultivation are real property

Question 13

Fructus Industriales

Answer 13

Aka “emblements” , Crops with a growing season of less than a year (annuals) are personal property

Question 14

Emblements

Answer 14

Aka “Fructus Industriales” , Annually cultivated crops such as fruit , vegetables & grains

Question 15

Severance

Answer 15

An item of real property can become personal property

Question 16

Annexation

Answer 16

An item of personal property my become real estate. Construction materials routines become real estate

Question 17

Fixtures

Answer 17

Is a personal property that has been affixed to land or a building becomes part of the real property such as Kitchen cabinets, light fixtures , plumbings , etc

Question 18

MARIA

Answer 18

M-Method of Annexation A-Adaptation to real Estate R- I - Intent A – Agreement

Question 19

Trade Fixtures

Answer 19

An article owned by a tenant and attached to rented space or building of use in operating a business 1. Tenant’s personal property 2. Must remove on or before last of lease 3. Not removed – becomes landlord’s real property

Question 20

Economic Characteristics of Real Property or LIPS

Answer 20

SIPL: L-Location or area preference I-Improvements: They can affect both the improved parcel & surrounding parcels P-Permanence of Investment: Improvements are considerer to create long term investments S-Scarcity: Although the total supply of land is not in short supply, land of a particular quality or location may be limited

Question 21

Physical Characters tis of real estate / IIU

Answer 21

Immobility : Indestructibility Uniqueness

Question 22

Laws Affecting Real Estate

Answer 22

1. Law of contracts 2. General property law 3. Law of agency 4. State real estate license law 5. Federal regulations 6. Federal, state and local tax laws 7. Zoning and land use laws 8. Environmental regulations