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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
Another name for mobile homes is what?
Manufactured housing
26
The term mobile homes was phased out in what year?
1976
27
What is manufactured housing?
Housing constructed off site and trucked to a building lot where they are installed or assembled.
28
Housing constructed off site and trucked to a building lot where they are installed or assembled is what?
Manufactured housing
29
Another name for crops in a field is what?
Emblements
30
What are emblements?
Crops in a field
31
What is a synonym for personal property?
Personalty
32
How does real property become personal property?
Severance
33
Severance turns ______ property into ______ property.
Real | Personal
34
Personal property can be turned into real property through what?
Annexation
35
Annexation can turn ______ property into ______ property. Building a fence (shout this!!)
Personal | Real
36
What are FIXTURES?
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
Personal property that has been affixed to the land (which then makes it REAL PROPERTY) is what? Fence, ceiling fan, custom fit stuff
Fixtures
38
What are the 4 determining factors of whether a fixture is personal property or real property?
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
Intent, method of annexation, adaptation to real estate, and agreement are determining factors of what?
To tell whether a FIXURE is personal or real property
40
What is a trade fixture?
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
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.
Trade Fixture
42
What are the 4 ECONOMIC characteristics of REAL property? Which is most important (*)
``` •Scarcity •improvements •Permanence of investment ^^^^all impact how much $ it will bring •Situs—location location location *most important* ```
43
Scarcity Permanence of investment Improvements Situs These are all __________ characteristics of _________ property.
Economic | Real
44
What are the 3 PHYSICAL characteristics of REAL property? Which are the most important (*)
Immobility* Uniqueness* Indestructibility Uniqueness is also nonhomogeneity and heterogeneity Hint: IUI
45
Immobility Uniqueness (nonhomogeneity/heterogeneity) Indestructibility ..are ___________ characteristics of _________ property
Physical | Real
46
Name 2 words that are synonymous to Uniqueness
Heterogeneity | Nonhomogeneity
47
What are two types of CONTRACT law?
Common law | Statute law
48
What is common law?
A contract law where decisions are made by judges.
49
What is statute law?
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
What is general property law?
Law governed at state level
51
This is law governed at state level....
General property law
52
What is agency law
Law between two living individuals
53
Law between two living individuals is....
Agency law
54
Real estate license law is... | Where/who decides
Real estate Licensing law decided at a state by state level
55
Real estate Licensing law decided at a state by state level is.....
Real estate licensing law
56
Federal regulations deal mostly with..... | 2 things
Civil rights and environmental situations
57
What are the 8 laws affecting real estate?
``` 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
What is accession?
The process by which personal property (trade fixtures) becomes real property of the landlord.
59
The process by which personal property (trade fixtures) becomes real property of the landlord is what?
Accession
60
What is accretion?
When land builds up because water carries it from elsewhere
61
When land builds up because water carries it from elsewhere is what?
Accretion
62
What are air rights?
Rights to use open space above property
63
Rights to use open space above property are what?
Air rights
64
What is annexation?
To add to a property (building a fence)
65
To add to a property (building a fence) is called what?
Annexation
66
What is appurtenance?
Property that stays with the land and runs with the ownership of it (driveways, house, etc)
67
Property that stays with the land and runs with the ownership of it (driveways, house, etc) is called what?
Appurtenance
68
What is area preference?
Location/situs | Most important economic characteristic of real property
69
What is avulsion?
Land that is SUDDENLY lost due to natural cause
70
Land that is SUDDENLY lost due to natural cause is called what?
Avulsion
71
What is chattel?
Personal property (cow cattle chattel)
72
What are emblements?
Crops in a field
73
Crops in a field are called what?
Emblements
74
What is erosion?
Gradual loss of land from water
75
Gradual loss of land from water is called what?
Erosion
76
What is a fixture?
Personal property that becomes real property based on attachment, intent, adaptation, and agreement
77
Personal property that becomes real property based on attachment, intent, adaptation, and agreement is what?
A fixture
78
Heterogeneity and nonhomogeneity are two words for what?
Uniqueness
79
What is considered an improvement?
Something a man does to land
80
What is prior appropriation?
Where water is scarce and the government determines its use.
81
When water is scarce and the government determines its use is called what?
Prior appropriation
82
Land with improvements is called what?
Real estate

WV Pre License Real Estate (6 decks)

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