Unit 2

Question 1

Land

Answer 1

Earths surface to the center of the earth, the air above it and the trees and water.

Question 2

3 Physical Characteristic of Land

Answer 2

Immobility: Some aspects of land can be removed but the geographical location will never change.

Indestructibility: Geographical location will remain the same.

Uniqueness or Nonhomogeneity: No two parcels of property are exactly the same.

Question 3

Real Estate

Answer 3

Defined as land all human-made improvements to the land that are permanently attached to it.
Transferred by a deed.

Question 4

Improvements

Answer 4

Attached to the land with the intent of being permanent (fences, driveways, buildings)
Publicly owned= Side walk, curb, street or sewer.

Question 5

Real Property

Answer 5

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

Question 6

Bundle of Legal Rights

Answer 6

INCLUDED IN THE DEFINITION OF REAL PROPERTY

Right of possession
Right to control the property within the law
Right of enjoyment (to use the property in any legal manner)
Right of exclusion (to keep others from entering/using the property)
Right of disposition (to sell, will, trade, or otherwise dispose of)

Question 7

Title to Real Property

Answer 7

Has 2 meanings-

1. the right to or ownership of property, including the owners bundle of rights
2. Evidence of ownership by a deed

Question 8

Title

Answer 8

Refers to ownership of the property, not to a printed document. The document by which the owner transfers title to the property is the deed.

Question 9

Appurtenance

Answer 9

A right, privilege, or improvement belonging to and passing with the land.

• Not necessarily a physical part of it
• Typically include parking spaces, multiunit buildings, easements, water rights and other improvements
• Connected to the property and ownership of the appurtenance normally transfers to the new owner when the property is sold.

Question 10

Riparian

Answer 10

Land abutting flowing water (R = River)

Question 11

Littoral

Answer 11

Land abutting standing water (L = Lake)

Question 12

Accretion

Answer 12

Addition to land through natural causes.

Question 13

Erosion

Answer 13

Gradually wearing away of land by natural forces.

Question 14

Avulsion

Answer 14

Sudden loss of land by an act of nature.

Question 15

Doctrine of Prior Appropriation

Answer 15

The right to use water is controlled by the state rather than the land owners.
A landowner must demonstrate their plans are for beneficial use
The priority of water rights is usually determined by the oldest recorded permit date.

Question 16

Mineral Rights

Answer 16

Subsurface rights. Transferred when a property is sold unless reserved by the seller. They may be leased or sold separately from the land. May be held by a third party.

Question 17

Surface Right

Answer 17

Ownership rights in a parcel of real estate that are limited to the surface of the earth.

Question 18

Subsurface Rights

Answer 18

The rights to the natural resources below the earths surface.

Question 19

Air Rights

Answer 19

The right to use the air above the earth may be sold or leased independently, provided the rights have not been limited by the law.

Question 20

Water Right

Answer 20

Common law rights held by ownership of land adjacent to rivers, lakes, or ocean; includes restrictions on those rights and land ownership.

Question 21

Coastal Waters

Answer 21

The United Nations Convention on the Law of the Sea signed in 1982 is the most recent agreement affecting coastal waters.

Question 22

Law of the Sea

Answer 22

Identifies territorial waters as those extending up to 12 nautical miles from a base line that is the mean low-water line of a coastal country.

The law also recognizes Exclusive Economic Zones that extend 200 nautical miles from the coastal baseline.

Question 23

Economic Characteristics of Land

Answer 23

Scarcity: There is value in leaving land in its natural conditions.

Improvements: Building an improvement can help you and your neighbors land value.

Permanence of Investment: The capital and labor used to build an improvement represent a large fixed investment. (return tens to be long term and relatively stable)

Area Preference: Also known as situs (place). Commonly referred to as location. Refers to not only geography but also to the preference for a specific area.

Most important characteristic of land location