Unit 1 Chapter 2 Review

Question 1

What five economic characteristics affect the value of land in the marketplace?

Answer 1

Demand 
Utility or usefulness 
Scarcity 
Transferability 
Situs

Question 2

What are the three physical characteristics of land?

Answer 2

Immobile or permanent
Indestructible
Non-homogeneous or unique

Question 3

Explain the differences between the legal concepts of land and real estate.

Answer 3

Land encompasses the surface of the earth, whatever is below the surface, whatever is above extending into space, and every natural thing that is permanently attached to the earth. Real estate includes all this plus all man-made things permanently attached to the earth.

Question 4

Name the five major rights included in the bundle of rights to real estate.

Answer 4

possess, use, transfer, encumber, exclude

Question 5

What is the difference between littoral rights and riparian rights?

Answer 5

Littoral rights concern properties that border bodies of water that are not moving.
Riparian rights concern properties that border moving water such as streams and rivers

Question 6

What are the legal tests that determine if an item is a fixture?

Answer 6

Method of annexation (attachment)
Adaptability
Intention
Existence of an agreement

Question 7

What is an emblement and is it real or personal property?

Answer 7

Plants or crops that require human intervention and labor are emblements and are personal property.