Property Ownership, Transfer of Title & Land Use 1 Flashcards
What is Land?
Land is the earth’s surface extending downward to the center of the
earth and upward to infinity, including natural improvements, such as trees and water.
When referring to Land what constitutes as “Improvements”
anything permanently affixed and attached to the land.
What is Real Estate?
Real Estate is the land and all natural and artificial improvements, such as buildings, landscaping, walkways, etc.
What is Real Property?
Real Property is the real estate plus interests, benefits & rights inherent in the ownership of it.
The ownership of Real Property includes what?
The legal bundle of rights
Conveyance is another word for?
Transfer
The bundle of legal rights includes the rights of?
Disposition Exclusion Enjoyment Possession Control
Possession is:
The right to occupy the premises
Control is:
The right to determine certain interests for others
Enjoyment is:
Possession without harassment or interference
Exclusion is:
Legally refusing to create interests for others
Disposition is:
Determining how the property will be disposed of
