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CLI Prelicensing > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

Land

A

earth’s surface down to the center of the earth and the airspace above the land

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2
Q

Real Estate

A

the land + any permanent improvements on the land (human made)

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3
Q

Real Property

A

interests, benefits, and rights that are automatically included in the ownership of real estate (bundle of legal rights); real estate + bundle of rights

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4
Q

Bundle of Rights

A

legal rights you have as a homeowner

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5
Q

Subsurface

A

the minerals and substances that lie far below the earth’s surface

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6
Q

airspace

A

the air above the earth all the way into space

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7
Q

Physical characteristics of land

A
  1. immobility
  2. indestructibility
  3. uniqueness
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8
Q

another word for uniqueness

A

nonhomogeneity

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9
Q

What are the bundle of rights?

A
  1. right of possession
  2. Right to control the property within the framework of the law
  3. Right of enjoyment
  4. Right of exclusion
  5. Right of disposition
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10
Q

Right of enjoyment

A

to use the property in any legal matter

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11
Q

Right of exclusion

A

to keep others from entering or using the property

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12
Q

Right of disposition

A

to sell, will, transfer, or otherwise dispose of or encumber the property

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13
Q

Another word for immobility

A

SITUS

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14
Q

title to real property

A

legal right of ownership including bundle of rights

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15
Q

Deed

A

document that is evidence of ownership

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16
Q

What are the 2 meanings of title

A
  1. the right to or ownership of the property including the bundle of rights
  2. evidence of that ownership by a deed
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17
Q

appurtenance

A

a right or privilege associated with the property, although not necessarily a physical part of it (runs with the title)

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18
Q

Surface rights

A

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

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19
Q

Subsurface rights

A

the rights to the natural resources below the earth’s surface

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20
Q

Air rights

A

the rights to use the space above the earth; may be sold or leased independently, provided the rights have not been limited by law

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21
Q

Water rights

A

common law or statutory rights held by owners of land adjacent to rivers, lakes or oceans and are restrictions of the right of land ownership

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22
Q

How far do air rights go?

A

to infinity

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23
Q

What allows flight in homeowner’s airspace?

A

air traffic laws

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24
Q

who owns water?

A

government

25
Q

Riparian rights

A

common law rights granted to owners of land along the course of a river, stream, or similar flowing body of water

26
Q

Littoral rights

A

belong to owners of land that border navigable lake, sea or ocean

27
Q

erosion

A

slow removal of land by natural action of water

28
Q

avulsion

A

removal of land by sudden natural action of water

29
Q

accretion

A

addition of land by sudden natural action of water

30
Q

Doctrine of Prior Appropriation

A

grants the state the right to determine ownership and use of water

31
Q

Four economic characteristics of real property

A
  1. scarcity
  2. improvement
  3. permanence
  4. area preference
32
Q

Scarcity

A

land is finite

33
Q

improvement

A

buildings add value and determine use of an area

34
Q

Permanence of investment

A

permanent improvements such as electricity or sewage

35
Q

Area preference (Situs)

A

area preference and geography; location, location, location

36
Q

What is the most important characteristic of land?

A

situs

37
Q

what affects property value?

A

economic characteristics

38
Q

How does real property transfer?

A

by title

39
Q

how does personal property transfer?

A

by bill of sale

40
Q

chattels

A

personal property

41
Q

What determines real or personal property

A

state law

42
Q

real property plants

A

fructus naturales

43
Q

personal property plants

A

emblements, fructus industriales

44
Q

severence

A

separating real property from the land, becoming personal property

45
Q

annexation

A

changing personal property to real property by installing it

46
Q

what types of plants are real estate?

A

trees, perennial shrubbery, grasses

47
Q

what types of plants are personal emblements?

A

annually cultivated crops

48
Q

Fixtures

A

starts out as personal property that is so permanently attached to land or building that, by law, it becomes part of the real property (way of annexation)

49
Q

Legal tests of a fixture

A
  1. method of annexation
  2. adaptability of item to land’s use
  3. relationship of parties
  4. intention in placing item on land
  5. agreement of the parties
50
Q

Is the buyer or seller favored?

A

buyer

51
Q

Is the tenant or landlord favored?

A

tenant

52
Q

What is the most important legal test of a fixture?

A

agreement of parties

53
Q

Trade fixtures

A

an article owned by a tenant, attached to a rented space or building, and used in conducting a business

54
Q

Where are trade fixtures normally used?

A

business or commercial real estate

55
Q

What happens if trade fixtures are not removed?

A

become property of landlord

56
Q

accession

A

acquiring trade fixtures because they were not removed

57
Q

How do trade fixtures differ from other fixtures?

A
  1. belong to owner of real estate but are owned and installed by tenant for tenant use
  2. considered permanent part of build but are removable; appear to be fixtures
58
Q

What are laws affecting real estate?

A
  1. contract law
  2. general property law
  3. agency law
  4. real estate license law
  5. federal state and local laws and regulations
59
Q

Situs

A

preference for a location; location, location, location

CLI Prelicensing (23 decks)

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