OWNERSHIP: SECTIONS 1-3

Question 0

What is the definition of “Deed”

Answer 0

A piece of paper that transfers rights from seller to buyer at closing.

Question 1

What is the definition of “Title”

Answer 1

The intangible rights a person has to a property. To use, enjoy, etc.

Question 2

What are the three ways to transfer real estate:

Answer 2

1) Sell
2) Will
3) Steal

Question 3

Name three conditions that would have rights in someone else’s property.

Answer 3

1) Taxation
2) Mortgage
3) Easement

Question 4

What is the definition of “Land”

Answer 4

Spot on the earth that goes down to the center and up to infinity. Mineral rights and air rights possible.

Question 5

Name three physical characteristics of “Land”

Answer 5

1) immovable
2) indestructible
3) unique

Question 6

Name three economic characteristics of “Land”

Answer 6

1) Situs (location) location location location
2) Scarcity
3) Improvable: It can be developed

Question 7

Define “Scarcity”

Answer 7

Land is scarce and that is what makes it valuable

Question 8

Define “Real Estate”

Answer 8

Land + All Appurtenances

Question 9

Define “Appurtenances”

Answer 9

The right, privilege or improvement permanently attached to the land

Question 10

Name 5 Examples of “Appurtenances”

Answer 10

1) Natural: trees, streams
2) Man-Made: House, buildings, etc.
3) Mineral Rights: Unless noted otherwise
4) Air Rights: Part of real estate
5) Water Rights: Part of real estate

Question 11

Define “ Personal Property”

Answer 11

Anything that is not Real Property

Question 12

Name 3 Characteristics of “Personal Property”

Answer 12

1) Easily Moveable: chairs, desks, cameras
2) Chattel: another word for personal property
3) Bill of Sale: instrument used to transfer personal property

Question 13

Can real estate ever become personal property? Or can personal property ever become real estate?

Answer 13

Yes

Question 14

Define “Severance”

Answer 14

Going from real estate to personal property, example cutting down a tree. A tree is a natural appurtenance.

Question 15

Define “Fixture”

Answer 15

Considered real estate. Going from personal property to real property; item once personal property but is now attached. Example: ceiling fan, kitchen cabinets, etc.

Question 16

Name 3 Tests For Determining Real property or personal property

Answer 16

1) Method: method of attachment
2) Intention: what was the intention
3) Adaptation: adaption of the article: can items be used elsewhere. Example; mirror-yes, rug-yes, carpeting-no, usually cut for existing property

Question 17

What does “MIA” stand for?

Answer 17

1) method
2) intention
3) adaptation

Question 18

Define “Trade Fixtures”

Answer 18

Personal Property: items installed by commercial tenant for business use: display cases, countertops, etc.

Question 19

Name 3 conditions for “Trade Fixtures”

Answer 19

1) tenant can take item at end of lease
2) if not taken, item has been abandoned and belongs to landlord
3) tenant can take item even if it damages space as long as tenant repairs

Question 20

Define “Emblements”

Answer 20

CROPS

Question 21

Define how “Emblements” are used in a Real Estate Contract

Answer 21

Planting and growing crops in a field allows seller to come back and harvest. Whoever plants it gets to harvest it. One time only. Considered personal property.