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WV Pre License Real Estate > Real Property + The Law- unit 2 > Flashcards

Real Property + The Law- unit 2 Flashcards

1
Q

What is a characteristic of REAL property?

A

It is immovable

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2
Q

What are 3 sub-categories of REAL property?

A

Land
Real estate
Real property

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3
Q

Land
Real estate
Real property
..are the sub-categories of what?

A

Real property

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4
Q

What is Land?

A

It is natural ground, nothing man made, includes air rights

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5
Q

What is real estate?

A

Land plus all things attached to it whether artificial or natural

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6
Q

What is real property?

A

The interests, benefits, and rights that are included automatically in the ownership of land and real estate

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7
Q

What is the difference between real estate and real property?

A

Real property includes the bundle of legal rights of ownership
When you own the property

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8
Q

What categories are in the bundle of legal rights?

A 
Possession
Control
Enjoyment
Exclusion
And disposition
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9
Q

Possession, control, enjoyment, exclusion, and disposition are included in what?

A

Bundle of legal rights

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10
Q

What are 4 kinds of real property rights?

A

Surface rights
Subsurface rights
Air rights
Water rights

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11
Q

Surface, subsurface, air, and water rights are all _____ ________ rights?

A

Real property

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12
Q

Surface of the earth rights are called

A

Surface rights

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13
Q

Rights of the natural resources below ground are called?

Think mineral rights

A

Subsurface rights

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14
Q

Rights to the air above your land are called?

A

Air rights

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15
Q

Rights that are adjacent to bodies of water are called?

A

Water rights

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16
Q

Two categories of water rights are?

A

Riparian rights

Littoral rights

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17
Q

What are littoral rights?

A

Rights to the property by a lake/ocean to the high water mark

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18
Q

Rights to a property by a lake/ocean to the high water mark are?

A

Littoral rights

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19
Q

Rights to a property to a river waters edge are?

A

Riparian rights

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20
Q

What are Riparian rights?

A

Rights to a property by a river that gives you ownership to the waters edge if it’s navigable.

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21
Q

What makes a river NAVIGABLE?

A

If a boat can navigate in it.

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22
Q

What 3 things happen to land because of water movement?

A

Accretion
Erosion
Avulsion

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23
Q

Accretion
Erosion
Avulsion
What are their differences?

A

Accretion-accrue/build up land bc of water movement

Erosion-part of land lost due to movement of water

Avulsion-SUDDEN loss of land due to nature. Earthquake, mudslide, etc. it’s SUDDEN.

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24
Q

Personal property characteristic is ____________ (cow)

A

Moveable

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25
Q

Another name for mobile homes is what?

A

Manufactured housing

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26
Q

The term mobile homes was phased out in what year?

A

1976

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27
Q

What is manufactured housing?

A

Housing constructed off site and trucked to a building lot where they are installed or assembled.

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28
Q

Housing constructed off site and trucked to a building lot where they are installed or assembled is what?

A

Manufactured housing

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29
Q

Another name for crops in a field is what?

A

Emblements

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30
Q

What are emblements?

A

Crops in a field

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31
Q

What is a synonym for personal property?

A

Personalty

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32
Q

How does real property become personal property?

A

Severance

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33
Q

Severance turns ______ property into ______ property.

A

Real

Personal

34
Q

Personal property can be turned into real property through what?

A

Annexation

35
Q

Annexation can turn ______ property into ______ property.

Building a fence (shout this!!)

A

Personal

Real

36
Q

What are FIXTURES?

A

Personal property that has been afFIXed to the land (fence)

When it becomes attached to the property/land it becomes REAL PROPERTY.

Fixtures are always considered REAL property.

37
Q

Personal property that has been affixed to the land (which then makes it REAL PROPERTY) is what?

Fence, ceiling fan, custom fit stuff

A

Fixtures

38
Q

What are the 4 determining factors of whether a fixture is personal property or real property?

A

Intent—I will take this with me when I go or not.

Method of annexation—

Adaptation to Real Estate—^^ are they built into property/easy to remove or what

Agreement—everyone agrees that it can go/stay

39
Q

Intent, method of annexation, adaptation to real estate, and agreement are determining factors of what?

A

To tell whether a FIXURE is personal or real property

40
Q

What is a trade fixture?

A

A special category of fixtures. Includes property used in a business. It’s personal property that a TENANT has attached to a rented business space. The tenant has intent to take these trade fixtures with them.

These can become REAL PROPERTY of the owner of the tenant leaves the trade fixtures in the space AFTER the lease expires. This is called accession.

41
Q

A special category of fixtures. Includes property used in a business. It’s personal property that a TENANT has attached to a rented business space. The tenant has intent to take these trade fixtures with them.

These can become REAL PROPERTY of the owner of the tenant leaves the trade fixtures in the space AFTER the lease expires. This is called accession.

A

Trade Fixture

42
Q

What are the 4 ECONOMIC characteristics of REAL property?

Which is most important (*)

A 
•Scarcity
•improvements
•Permanence of investment 
^^^^all impact how much $ it will bring
•Situs—location location location *most important*
43
Q

Scarcity
Permanence of investment
Improvements
Situs

These are all __________ characteristics of _________ property.

A

Economic

Real

44
Q

What are the 3 PHYSICAL characteristics of REAL property?

Which are the most important (*)

A

Immobility*
Uniqueness*
Indestructibility

Uniqueness is also nonhomogeneity and heterogeneity

Hint: IUI

45
Q

Immobility
Uniqueness (nonhomogeneity/heterogeneity)
Indestructibility
..are ___________ characteristics of _________ property

A

Physical

Real

46
Q

Name 2 words that are synonymous to Uniqueness

A

Heterogeneity

Nonhomogeneity

47
Q

What are two types of CONTRACT law?

A

Common law

Statute law

48
Q

What is common law?

A

A contract law where decisions are made by judges.

49
Q

What is statute law?

A

It is a contract law that is already in record books. It’s a written law set by legislature or other governing authority.

Important to note it’s written law.

50
Q

What is general property law?

A

Law governed at state level

51
Q

This is law governed at state level….

A

General property law

52
Q

What is agency law

A

Law between two living individuals

53
Q

Law between two living individuals is….

A

Agency law

54
Q

Real estate license law is…

Where/who decides

A

Real estate Licensing law decided at a state by state level

55
Q

Real estate Licensing law decided at a state by state level is…..

A

Real estate licensing law

56
Q

Federal regulations deal mostly with…..

2 things

A

Civil rights and environmental situations

57
Q

What are the 8 laws affecting real estate?

A 
Contract law (2 included)
General property law 
Agency law
Real estate license law
Federal regulations
Fed, state, local tax laws
Zoning and land use laws
Fed, state, local environmental regulations
58
Q

What is accession?

A

The process by which personal property (trade fixtures) becomes real property of the landlord.

59
Q

The process by which personal property (trade fixtures) becomes real property of the landlord is what?

A

Accession

60
Q

What is accretion?

A

When land builds up because water carries it from elsewhere

61
Q

When land builds up because water carries it from elsewhere is what?

A

Accretion

62
Q

What are air rights?

A

Rights to use open space above property

63
Q

Rights to use open space above property are what?

A

Air rights

64
Q

What is annexation?

A

To add to a property (building a fence)

65
Q

To add to a property (building a fence) is called what?

A

Annexation

66
Q

What is appurtenance?

A

Property that stays with the land and runs with the ownership of it (driveways, house, etc)

67
Q

Property that stays with the land and runs with the ownership of it (driveways, house, etc) is called what?

A

Appurtenance

68
Q

What is area preference?

A

Location/situs

Most important economic characteristic of real property

69
Q

What is avulsion?

A

Land that is SUDDENLY lost due to natural cause

70
Q

Land that is SUDDENLY lost due to natural cause is called what?

A

Avulsion

71
Q

What is chattel?

A

Personal property (cow cattle chattel)

72
Q

What are emblements?

A

Crops in a field

73
Q

Crops in a field are called what?

A

Emblements

74
Q

What is erosion?

A

Gradual loss of land from water

75
Q

Gradual loss of land from water is called what?

A

Erosion

76
Q

What is a fixture?

A

Personal property that becomes real property based on attachment, intent, adaptation, and agreement

77
Q

Personal property that becomes real property based on attachment, intent, adaptation, and agreement is what?

A

A fixture

78
Q

Heterogeneity and nonhomogeneity are two words for what?

A

Uniqueness

79
Q

What is considered an improvement?

A

Something a man does to land

80
Q

What is prior appropriation?

A

Where water is scarce and the government determines its use.

81
Q

When water is scarce and the government determines its use is called what?

A

Prior appropriation

82
Q

Land with improvements is called what?

A

Real estate

WV Pre License Real Estate (6 decks)

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