unit 2

Question 1

Real Estate REal Property KEY POINTS:

Answer 1

Real estate is defined as the land plus appurtenances that are attached to the land

Question 2

what are appurtenances?

Answer 2

they include improvements, rights, interest, fixtures and privileges
- they are attached to and transfer or run with the land

Question 3

What are the different land rights?

Answer 3

Surface rights,
substance rights
air rights

Question 4

What are improvements in real estate?

Answer 4

items attached to the land with the intent of being permanent
examples are house, fence, road, landscaping

Question 5

what are surface rights?

Answer 5

the entire surface of the land

Question 6

what are air rights

Answer 6

rights extend as high as can be legally used, government controlled

Question 7

what are water rights?

Answer 7

Riparian and Littoral
ownership rights generally extend to the average high water mark
they do not automatically include the right of waterfront access to the water source

Question 8

Riparian is?

Answer 8

land abudtting flowing water R=River

Question 9

Littoral is?

Answer 9

land abutting standing water (L=Lake)

Question 10

what is accretion

Answer 10

gradual addition to land through natural causes

Question 11

what is erosion

Answer 11

gradual wearing away of the land by natural forces

Question 12

what are avulsion?

Answer 12

sudden loss of land by an act of nature

Question 13

Where water is scarce, ownership and use of water are often determined by the what?

Answer 13

doctrine of prior appropriation

Question 14

Mineral rights

Answer 14

may be held by a 3rd party

Question 15

real estate is transferred by what?

Answer 15

a deed

Question 16

personal property key points

Answer 16

all property that is not real property
is moveable
is not attached permanently to the land and
must be included in the purchase contract to transfer with the property

Question 17

what is personal property transferred by?

Answer 17

a bill of sale

Question 18

what are fixtures?

Answer 18

an object that was once a personal property that has been attached to an improvement so as to become real property
the land is never a fixture
Once the fixture is attached it becomes an APPURTENANCE and automatically transferred with the deed.

Question 19

Test for intent is:

Answer 19

was the object affixed or installed with the apparent intent of improving the land? 
attachment:
-permanence of method
-built-in=fixture
-freestanding=personal property

Adaption:

• specific to individual property
• house keys, garage opener

Aggrement
-the written contract is the final decision on what will be conveyed
fixtures must be excluded from the purchase contract if the seller is not going to convey

Question 20

What are annually cultivated crops that belong to the party who planted them, unless otherwise agreed?

Answer 20

emblements

Question 21

all property other than real estate is known as

Answer 21

personal property

Question 22

The definition of real estate includes:

Answer 22

land, improvements, rights

Question 23

which of the following would ordinarily be considered personal property?

Answer 23

Drapery rods
FREESTANDING REFIGERATOR
built in bookcase
ceiling fan

Question 24

True or false: Trade fixtures are treated the same as all other fixtures?

Answer 24

false

Question 25

Owner or tenatn installed additions that are a necessary part of their trade or business are known as?

Answer 25

trade fixtures

Question 26

a tenant installed shelving as part of her business at the concusion of the lease, the tenant

Answer 26

may remove the shelving nd is not required to reimburse the landlord

Question 27

All of the following are considered fixtures except: | plumbing, wiring, grapevines draperites

Answer 27

draperies

Question 28

The principle of the doctrine of prior appropriation determines

Answer 28

hich user's water rights have priority

Question 29

``` all oft he following apply to water rights except: riparian rights littoral rights avulsion appurtenant ```

Answer 29

appurtenant

Question 30

true or false: mineral rights are often held by a third party?

Answer 30

true

Question 31

A fixture is defined as

Answer 31

a personal property attached to real property

Question 32

a seller and buyer have negotiated an offer back and forth. In the original offer, the buyer asked fro the seller's installed hot tub, which the seller has excluded frm all marketing, the MLS listing, and the listing contract. In the final accepted offer, the hot tub is not mentioned. Who will own the hot tub at closing?

Answer 32

The buyer: the seller would be in breach if the hot tub were to be removed

Question 33

If I wanted to keep my roses bushes in a sale of my home they are considered what?

Answer 33

fixtures and I must exclude them from the purchase contract

Question 34

The opposite of erosion is best described as

Answer 34

accretion

Question 35

Water front property ownership rights generally extend to

Answer 35

the average high water mark

Question 36

REal estate is defined as the land pluce appurtenances appurtenances include all of the following

Answer 36

improvements, rights, fixtures

Question 37

List two rights the govermnet can use to acquire pricately held land

Answer 37

escheat | eminent domain

Question 38

A right of use or enjoyment that one person has in the lands of another fro a specific purpose is an

Answer 38

easment

Question 39

a tenants right to posess real estate for the term of a lease is a

Answer 39

leasehold estate

Question 40

a tree limb that overhands into a neighbors yard is an example of an

Answer 40

encroachment