Real Property & the Law

Question 1

Land

Answer 1

The earth’s surface extending downward to the center of the earth and upward into space, including permanent natural objects such as trees and water

Question 2

What is Real Estate

Answer 2

the land at, above and below the earths surface and all things permanently attached to it whether natural or artificial

Question 3

What is Real Property

Answer 3

Includes both land and real estate. It is defined as the interests, benefits and rights that are automatically included in the ownership of the land and real estate. Also known as the bundle of legal rights

Question 4

what is the bundle of legal rights

Answer 4

DEEP C
right of disposition
right of exclusion
right of enjoyment (quiet)
right of possession
right of control (within framework of law)

Question 5

Can the bundle of rights be separated?

Answer 5

Yes - the bundle of rights can be separated and individually transferred

Question 6

What is the definition of title as it relates to real estate

Answer 6

Title refers to ownership if real property not to a printed document

1. The right to or ownership of land, including the owners bundle of legal rights
2. evidence of that ownership by a deed.

Question 7

What is a deed

Answer 7

A deed is the document by which the owner transfers title to the real property

Question 8

What is appurtenance

Answer 8

is the right or privilege associated with the property, although not necessarily a part of it.
Example - parking spots, easements, water rights - it is connected to the property and normally transfers to the new owner when the property is sold.

Question 9

What are subsurface rights

Answer 9

The subsurface rights are the rights to the natural resources lying below the earths surface.

Question 10

What is mine subsidence?

Answer 10

Mine subsidence is the process of downward land shifts due to the collapse of underground mine shafts and groundwater flows usually resulting in sinkholes or troughs. PA law requires that sellers provide a coal mining notice to purchasers indicating that a structure on the land may not be protected against damage caused by subsidence.

Question 11

What are air rights

Answer 11

Air rights are the rights to use the space above the earth and may be sold or leased independently provided the rights have not been preempted by law. Air rights are important in cases where air rights must be purchased to construct large office buildings.

Question 12

Solar power and rights

Answer 12

The continuing development of solar power are being examined by courts as larger buildings may impact access by shorter buildings

Question 13

What are water rights

Answer 13

Water rights are special common-law rights held by owners of land adjacent to rivers, lakes, or oceans and are restrictions on the rights of land ownership

Question 14

What is the difference between real property and personal property?

Answer 14

Personal property, also known as personaltry, is all property that can be owned and does not fit the definition of real property

Question 15

What are chattels?

Answer 15

Chattels are items of personal property and include tangibles such as chairs, tables, clothing, money and bank accounts

Question 16

What are the factors in which a manufactured home may be considered real estate?

Answer 16

1. Manufactured home is transferred in conjunction with and as part of an assignment of a land lease or the transfer of an interest in land on which the manufactured home is situated
2. Manufactured home is permanently attached to a foundation
3. Registration of the manufactured home is canceled by the owner with the PA of MV
   If these conditions are met, the manufactured home is real estate and may be sold by a real estate licensee