Rights in Land

Question 1

Physical Characteristics of Land

Answer 1

immobile, indestructible, unique

Question 2

Economic Characteristics of Land

Answer 2

scarcity, improvability (modification), situs, permanence of investment

Question 3

The description of land can be broken down into 2 categories:

Answer 3

physical and economic

Question 4

ground water

Answer 4

water beneath the surface of the earth which is obtained through artificial openings or artificially altered natural openings

Question 5

subjacent support

Answer 5

the right of land to be supported from underneath and not be disturbed by excavation or construction on adjoining property

Question 6

right to subjacent support

Answer 6

the protection of not having one’s property disturbed by losing support from below the surface

Question 7

situs

Answer 7

personal preference for one location over another which affects the value of the property

Question 8

prior appropriation

Answer 8

the doctrine under which ownership and consumption of water are granted to all, but the first user acquires priority over all later users; prior appropriation typically is practiced in states where water is scarce

Question 9

condominium

Answer 9

a large property development in which individual units are bought and sold and common areas shared; individuals own the air space of one’s own unit and an undivided interest in the common area

Question 10

non-homogeneous

Answer 10

a term that means no two parcels of land are exactly alike

Question 11

right to natural drainage

Answer 11

provides that a property owner has the right to a natural drainage of surface waters derived from rain or snow

Question 12

option

Answer 12

an agreement to keep open, over a specified time, an offer to sell, purchase, or lease property

Question 13

waste

Answer 13

willful destruction of or damage to property

Question 14

scarcity

Answer 14

a limited amount of available real estate, which influences supply and demand

Question 15

police power

Answer 15

the right of government, such as in zoning, to exercise control over private property without owners’ consent and without compensation; the constitutional right of the state to enact laws and enforce them to protect public safety, health, morals, and general welfare

Question 16

modification

Answer 16

the process of altering, changing, amending, adjusting, or adapting

Question 17

easement appurtenant

Answer 17

an agreement that permits the use of another party’s land for a specific purpose that benefits one parcel of land and passes with ownership of that land

Question 18

riparian right

Answer 18

the authority of a property owner to use water from an adjacent waterway

Question 19

doctrine of prior appropriation

Answer 19

water rights are determined in the order of when rights were obtained

Question 20

supply and demand

Answer 20

the principle of economics, as well as appraisal, which states that when there is an overabundance of a particular product, the price will go down; conversely, when there is a limited amount of that product, the price will go up

Question 21

air space

Answer 21

in condominium ownership, what is actually owned by the unit owner (in addition to tenancy in common for common areas)

Question 22

surface water

Answer 22

water on the surface of the earth (e.g., lakes, rivers, streams, and creeks), as well as spring water which flows in a normal channel over a property or off the property on which it surfaces

Question 23

customer

Answer 23

a national term for a third party

Question 24

littoral owners

Answer 24

those who own property adjoining lakes and oceans

Question 25

client

Answer 25

one on whose behalf a real estate broker acts in an agency relationship

Question 26

demand

Answer 26

the level of desire or need for an item from people with the purchasing power to acquire it