Terminology Ch 1

Question 1

Appurtenance

Answer 1

All rights and privileges that result from ownership

Question 2

Bill of Sale

Answer 2

Transferring ownership of personal property

Question 3

Chattel

Answer 3

Personal Property

Question 4

Deed

Answer 4

Transfers interest in real property

Question 5

Hereditaments

Answer 5

Corporeal and Incorporeal real estate that can be inherited

Question 6

Highest and Best Use

Answer 6

The use of land that yields a net income from rent

Question 7

Immobility

Answer 7

Impossibility to move land from one place to another

Question 8

Improvements

Answer 8

Structures, roads, walls and so on

Question 9

Indestructability

Answer 9

Land that is permanent and cannot be destroyed

Question 10

Land

Answer 10

The surface of the earth, the area above and below the surface and everything attached, Trees etc

Question 11

Nonhomogeneity

Answer 11

Land that is a unique commodity

Question 12

Personal Property

Answer 12

All property that is not land and that is not attached

Question 13

Personalty

Answer 13

Personal Property or chattels

Question 14

Real Estate

Answer 14

Land and everything attached to land

Question 15

REALTOR

Answer 15

Just a trademark national association that you need a membership for

Question 16

Realty

Answer 16

Land and everything attached to it

Question 17

Scarcity

Answer 17

A short supply in comparison to demand

Question 18

Situs

Answer 18

Location of land

Question 19

Specific Performance

Answer 19

Court order to carry out contract to buy or sell property

Question 20

Tenements

Answer 20

Land and all corporal and incorporeal rights in land