real estate start

Question 1

Corporeal

Answer 1

actual possession of the property.

Question 2

Incorporeal

Answer 2

rights in a property, rather than possession of land.

Question 3

Freehold

Answer 3

an ownership in real property, an estate.

Question 4

Leasehold

Answer 4

a possession of real estate such as leasing rather than ownership; an estate.

Question 5

Interest

Answer 5

is a right, a claim, title or legal share in a property

Question 6

appurtenances

Answer 6

rights, privileges, and improvements that belong to and pass with the transfer of the property. water rights, a shared drive way, easements - something attached to a property that is of lesser value than the property itself.

Question 7

example of appurtenance(s)

Answer 7

trees, a fence, a stream, a shed, a garage, wells, septic systems, water storage tanks. Items hard-wired to the home’s electrical system, such as lights and ceiling fans, are appurtenances. Air rights, gas rights, solar rights, light and sound rights, mineral rights and surface rights.

Question 8

easement

Answer 8

An easement gives someone else the legal right of enjoyment and is attached to a property in the same way that something physical like a well is.

Question 9

easement example

Answer 9

a driveway easement is an appurtenance. When the property is sold, the easement goes with it. In this case, the attachment to the property is provided for the convenience of someone else, but the property owner is expected to respect it.

Question 10

littoral

Answer 10

land that is located next to a pooled body of water. Littoral land includes land that is situated next to a lake, ocean, or sea.

Question 11

riparian

Answer 11

relating to or situated on the banks of a river.

Question 12

prior appropriation

Answer 12

A common law doctrine governing the use of surface water and groundwater rights.

Question 13

allodial system

Answer 13

a legal system that allocates full property ownership rights to individuals.

Question 14

bundle of rights

Answer 14

The right of possession
The right of control
The right of exclusion
The right of enjoyment
The right of disposition

Question 15

The right of disposition

Answer 15

The right of disposition protects the titleholder’s right to transfer ownership, permanently or temporarily, to another party. This right is fully realized only when the property is owned outright and not mortgaged. An exclusion also applies if the property is subject to a lien.

Question 16

Right of Enjoyment

Answer 16

The right to enjoyment asserts the titleholder’s right to participate in any activities that they find pleasurable while on the property. This assumes, once again, that those activities are lawful.

Question 17

Right of Exclusion

Answer 17

The right of exclusion allows the titleholder to limit who may enter the property.

Question 18

Right of Exclusion limits

Answer 18

Easements may be in place permitting access to utility lines that override this right. A warrant authorizing a search of the property trumps the right of exclusion. Additionally, an owner of a rental property may not have right of exclusion for who their tenant lets on the property depending on the terms of the lease and local laws.

Question 19

Right of Control

Answer 19

The titleholder can use the property in any way that is not illegal.

Question 20

Right of Control limits

Answer 20

a homeowner association (HOA) can place additional restrictions on anything from garden ornaments to pet ownership, though these rules are not laws.

Question 21

Right of Possession

Answer 21

The right of possession simply states that the titleholder is the legal owner of the property.

Question 22

Livery of Seisin

Answer 22

“I own it and I have the right to sell it.”

Question 23

the Physical characteristics of land are:

Answer 23

Immobility
Indestructibility
Heterogeneity

Question 24

Immobility

Answer 24

Physical characteristic of real estate referring to the fact that it cannot move from one place to another.

Question 25

Indestructibility

Answer 25

land cannot be destroyed or worn out. Its appearance may be altered but it always continues to exist.

Question 26

heterogeneity

Answer 26

every unit is unique in terms of its construction, condition, financing and mainly location. The word heterogeneous generally describes things that are made up of elements that are unalike. An appraisal term describing an area composed of buildings of varied styles or uses. Diversity.

Question 27

The Five Economic characteristics of land are:

Answer 27

Demand
Utility
Scarcity
Transferability
Situs

Question 28

what is Situs

Answer 28

where it is located
the situs of real estate (land) is where it is located, for legal purposes.

Question 29

Water rights

Answer 29

Doctrine of Prior Appropriation requires that property owners obtain permits for use of water.

Question 30

Littoral rights

Answer 30

properties that border bodies of water that are not moving

Question 31

Riparian rights

Answer 31

properties that border moving water such as streams and rivers

Question 32

Accretion

Answer 32

increase of land through natural causes

Question 33

Erosion

Answer 33

land eroding or worn away by water or ice

Question 34

Avulsion

Answer 34

the sudden tearing away of land by a river or flood

Question 35

Reliction

Answer 35

the recession of water gradually leaving land

Question 36

Alluvion

Answer 36

an increase of land on a river bank or shoreline by the act of water

Question 37

air rights

Answer 37

the right to build or develop in the airspace above a property

Question 38

scenic easement

Answer 38

may be sold so another building cannot be built to block the view. A scenic easement controls the use of adjacent land, including the airspace above the land, for the purpose of protecting a scenic view.

Question 39

light and air easement

Answer 39

stops a building from blocking the light of another

Question 40

Fructus Industriales

Answer 40

Those things created by the labor (industry) of man rather than by nature alone and are considered personal property. For example: a planted crop (wheat / corn) rather than an iron ore deposit.

Question 41

fructus naturales

Answer 41

Fructus naturales are natural fruits that come from the land, plants, or animals. They are considered part of the real property.

Question 42

Annexation

Answer 42

changes personal property to real property

Question 43

Severance

Answer 43

changes the real property to personal property

Question 44

Personal property

Answer 44

(chattels) is portable, readily movable from one location to another

Question 45

fixture

Answer 45

something that once was personal property but has been installed to real property.

Question 46

appurtenance

Answer 46

right, privilege, or improvement that belongs to and passes with the transfer of property.

Question 47

Trade Fixture

Answer 47

personal property and can be removed by the tenant at any time before the end of the lease.

Question 48

Method of Annexation

Answer 48

every mode by which a chattel can be joined or united to the freehold. The article must not however be laid upon the ground; it must be fastened, fixed or set into the land or into some such erection as is unquestionably a part of the realty.

Question 49

Adaptability

Answer 49

Items adapted to a specific purpose in the home and that have become an essential piece of the home, such as floating flooring or a pool cover, are fixtures.

Question 50

Intent of the parties

Answer 50

writing signed by the parties to a proposed real estate transaction, e.g. buyer and seller or landlord and tenant, that identifies the key terms of the transaction that the parties will later incorporate into a formal contract, such as a sales contract or lease.

Question 51

Damage

Answer 51

an item is a fixture if its removal would damage the real property