Real Property

Question 1

Includes not only the natural resources seen on the surface of the land but the minerals below the surface and the air above the surface

Answer 1

Land

Question 2

Includes the land AND human-made improvements attached to it

Answer 2

Real Estate

Question 3

Any permanent human-made addition that is attached to the land

Answer 3

Improvement

Question 4

Refers to the land and improvements on it, PLUS the set of rights associated with real estate ownership

Answer 4

Real Property

Question 5

What is the difference between land and real estate?

Answer 5

Land is a tract of earth plus the resources above & below; real estate is land plus human-made improvements

Question 6

The ownership of real property includes a set of legal rights typically referred to as…

Answer 6

Bundle of rights

Question 7

Include: The right to quiet enjoyment, possession, disposition, & exclusion

Answer 7

The bundle of rights

Question 8

The bundle of legal rights includes the rights to:

Answer 8

• Quiet enjoyment
• Possession
• Disposition
• Exclusion

Question 9

Anything that someone can move and take with them from place to place

Answer 9

Personal property

Question 10

Ownership rights include:

Answer 10

• Surface rights
• Subsurface rights/mineral rights
• Air rights,
• Water rights

Question 11

May be sold separately from surface rights

Answer 11

Subsurface/mineral rights

Question 12

If a buyer wants to be sure they are getting the mineral rights they will need to..

Answer 12

hire an oil and gas attorney

Question 13

Rights & interests with respect to the surface of the earth, including natural elements & structures built on or attached to it

Answer 13

Surface rights

Question 14

The rights to use the airspace above a property.

Answer 14

Air rights

Question 15

When a property borders a body of water or a river, the right to enjoy the water included in the bundle of rights is called

Answer 15

Water rights

Question 16

Govern the use of flowing water, such as a stream or river, that pass through or border a property.

Answer 16

Riparian rights

Question 17

Govern lakefront or seafront property & usually allow the property owner to use the water bordering their property

Answer 17

Littoral rights

Question 18

Buyer Alex is looking at a lakefront property. He has questions about whether he would be allowed to access and use the lake. What kind of rights is Alex wondering about?

Answer 18

Littoral rights