Real Property

Question 1

Land

Answer 1

The surface area of the earth, everything beneath the surface extending downward to its center, all natural things permanently attached to the earth, and the air above the surface extending outward to infinity.

Question 2

Parcel or Tract

Answer 2

A portion of land delineated by boundaries

Question 3

Improvements

Answer 3

Man-made structures attached to the land.

Question 4

Personal Property

Answer 4

Anything that is not real estate.

Question 5

Real Property

Answer 5

Real estate and the bundle of rights associated with owning real estate.

Question 6

Tangible Property

Answer 6

Property that is physical, visible, and material.

Question 7

Fixtures

Answer 7

Personal property converted into real property by attaching it to real estate

(i.e lights, dishwasher, oven)

Question 8

Trade Fixtures

Answer 8

Personal property items temporarily attached to real estate in order to conduct business (designed to be removed at some point).

Question 9

Emblements

Answer 9

Plants or crops requiring human intervention for planting and harvesting (Emblements are personal property)

Question 10

Conversion (in regard to property)

Answer 10

The act of transforming real to personal property through severance, or personal to real property through affixing.

Question 11

Littoral Rights

Answer 11

Rights that concern properties next to bodies of water that are not moving (lakes and seas)

Question 12

Riparian Rights

Answer 12

Rights that concern properties next to moving water (streams and rivers)

Question 13

Five Bundles of Legal Rights:

Answer 13

-Possession
-Disposition
-Control
-Exclusion
-Enjoyment

Question 14

What is a property owner’s ‘Right of Possession’?

Answer 14

The right to use the property in certain ways (mining, cultivating, landscaping, razing, and building on the property).

Question 15

What is a property owner’s ‘Right of Disposition’ ?

Answer 15

the right to sell, lease, donate, or assign ownership interests

Question 16

What is a property owner’s ‘Right to Control’ ?

Answer 16

the right to use the property in any way that is not illegal.

Question 17

What is a property owner’s ‘Right of Exclusion’?

Answer 17

the right to limit who may enter the property (with the exception of easements or a warrant)

Question 18

What is a property owner’s ‘Right of Enjoyment’ ?

Answer 18

The right to enjoy their property within the bounds of the law

Question 19

Surface Rights

Answer 19

Rights to the ground, all natural things affixed to the ground, and all improvements (within the surface boundaries of a parcel of real estate)

Question 20

Severance

Answer 20

Converting real property to personal property by detaching it from the real estate.

Question 21

Affixing (aka Attaching)

Answer 21

The act of converting personal property to real property by attaching it to the real estate.

Question 22

What are the three physical characteristics of land?

Answer 22

Immobility
Indestructibility
Non-homogeneous

Question 23

Who does not have to have a special license to sell a manufactured home?

Answer 23

Real estate brokers

Question 24

What right applies to extracting mineral and gas deposits and subsurface water from the water table?

Answer 24

Subsurface rights