Unit 2

Question 1

land

Answer 1

earth’s surface extending downward to the center of the earth and upward to infinity. ownership limited
surface rights, subsurface rights, air rights

Question 2

3 physical characteristics of land

Answer 2

immobility, indestructibility, and uniqueness

Question 3

immobility

Answer 3

geographic location of any given parcel of land can never by changed

Question 4

indestructibility

Answer 4

the geographic location will remain, whatever its condition

Question 5

uniqueness

Answer 5

no 2 parcels of property are exactly the same or in the same location

Question 6

real estate

Answer 6

land plus all human-made improvements to the land that are permanently attached to it

Question 7

improvement

Answer 7

can be any artificial thing attached on or below ground

Question 8

real property

Answer 8

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

Question 9

title

Answer 9

1) the right to or ownership the property, including the owner’s bundle of legal rights
2) evidence of that ownership by a deed. the document by which the owner transfers title to the property is the deed

Question 10

appurtenance

Answer 10

something that is transferred or runs with the land

Question 11

riparian

Answer 11

water rights
flowing water

Question 12

littoral

Answer 12

water rights
standing water

Question 13

accretion

Answer 13

addition to land through natural causes

Question 14

erosion

Answer 14

gradual wearing away to the land by natural forces

Question 15

avulsion

Answer 15

sudden loss of land by an act of nature

Question 16

mineral rights

Answer 16

transferred when property is sold unless reserved by seller
may be leased or sold separately from land
may be held by a third party

Question 17

water rights

Answer 17

common law or statutory rights held by owners of land adjacent to water and are restrictions on the rights of land ownership

Question 18

doctrine of prior appropriation

Answer 18

the right to use any water, with the exception of limited domestic use, is controlled by the state

Question 19

scarcity

Answer 19

the supply in a given location is suitable for a particular use is finite. value in leaving land in natural condition

Question 20

permeance of investment

Answer 20

the capital and labor used to build an improvement represent a large fixed investment

Question 21

factory built housing

Answer 21

dwellings that are not constructed at the site but are built off-site and trucked to a building lot where they are installed and assembled

Question 22

manufactured housing

Answer 22

built specifically to the standards of the department of housing and urban development (HUD)

Question 23

emblements

Answer 23

personal property (garden)

Question 24

fixtures

Answer 24

personal property that has been attached to a building or land and it becomes part of the real property (light fixtures)

Question 25

trade fixture

Answer 25

article owned by a tenant, attached to a rented space or building and used in conducting a business (booths in restaurants)

Question 26

federal tax law

Answer 26

deduction of interest paid on a home mortgage

Question 27

environmental law

Answer 27

disposition of hazardous materials found on a property

Question 28

agency law

Answer 28

represent of clients

Question 29

contract law

Answer 29

agreement between parties in a real estate brokerage, agency relationship or transaction

Question 30

zoning law

Answer 30

regulations on use of land

Question 31

real estate license law

Answer 31

requirements to become a real estate professional