Real Property

Question 1

5 concepts of the legal concept of land?

Answer 1

The surface area of the earth
Everything beneath the surface of the earth extending downward to its center
All natural things permanently attached to the earth or in the ground
The air above the surface of the earth extending outward to infinity
Minerals and water on or below the earth’s surface

Question 2

What defines a portion or tract of land?

Answer 2

a portion of land delineated by boundaries

Question 3

What are the physical characteristics of land?

Answer 3

Immobility, Indestructibility and Heterogeneityv

Question 4

The Five Economic characteristics of land?

Answer 4

1. Demand
2. Utility
3. Scarcity
4. Transferability
5. Situs

Question 5

What does the legal concept of land include?

Answer 5

Land and All man-made structures that are permanently attached to the land –improvements

Question 6

the 4 legal property classifications?

Answer 6

real, personal, tangible, and intangible

Question 7

What are the 4 rights in the bundle of rights?

Answer 7

Possession
Transfer
Encumber
Exclude

Question 8

What individual components of land do the bundle of rights apply to?

Answer 8

Air - Surface - and Sub-Surface

Question 9

What is The Doctrine of Prior Appropriation?

Answer 9

It requires that property owners obtain permits for use of water.

Question 10

What do Littoral Rights entail?

Answer 10

properties that border bodies of water that are not moving

Question 11

What do Riparian Rights entail?

Answer 11

properties that border moving water such as streams and rivers

Question 12

The 5 ways that water causes gain or loss to a property

Answer 12

AccretionErosionAvulsionRelictionAlluvion

Question 13

What is the primary way of determining between real and personal property?

Answer 13

Whether or not the item is permanently attached to the property and/or structures attached to the land.

Question 14

What is a fixture?

Answer 14

Personal property that has been converted to real property by attachment

Question 15

What can override the test of movability in determining whether an item is a fixture or not?

Answer 15

Original Intent.

Question 16

Items that are unique to the property can ___..

Answer 16

be deemed real property whether the item is easily removable or not

Question 17

If an item is vital to the operation of the building, it may be deemed a …

Answer 17

a fixture, even though perhaps easily removable

Question 18

What are Trade fixtures, or chattel fixtures

Answer 18

a tenant’s personal property that the tenant has temporarily affixed to a landlord’s real property in order to conduct business

Question 19

Crops that grow naturally without machinery or labor are considered what type of property?

Answer 19

Real Property

Question 20

Plants and crops requiring human intervention and labor are called

Answer 20

Emblements

Question 21

What is severance?

Answer 21

Conversion of real property to personal property by detaching it from the real estate

Question 22

What is affixing or attachment?

Answer 22

Conversion of personal property to real property by attaching it to the real estate

Question 23

What system is U.S. property under?

Answer 23

The allodial system

Question 24

What aspects of real property are regulated

Answer 24

Bundle of rights, legal descriptions, financing, insurance, inheritance, taxation, usage

Question 25

Explain the extent of federal regulations

Answer 25

grants overall rights of ownership; controls broad usage standards, discrimination

Question 26

Explain the extent of State regulations

Answer 26

governs the real estate business; sets regional usage standards

Question 27

Explain the extent of local regulations

Answer 27

levies real estate taxes; controls specific usage

Question 28

Explain the extent of judicial regulations

Answer 28

applies case law and common law to disputes