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Unit 2: Real Property and the Law > Unit 2 Notes > Flashcards

Unit 2 Notes Flashcards

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1
Q

Earth’s surface, subsurface (minerals and substances beneath surface), and airspace above earth

A

Land

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2
Q

___ includes trees, plants, and water

A

Land

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3
Q

Land plus all permanently attached improvements

A

Real Estate

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4
Q

Any artificial addition to land such as a building or a fence

A

Improvements

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5
Q

Includes both land and real estate

A

Real Property

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6
Q

The interests, benefits, and rights included in ownership

A

Real property

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7
Q

Includes bundle of legal rights

A

Real property

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8
Q

Anything associated with or connected to the property although not necessarily a direct part of it

A

Appurtenance

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9
Q

The sale of a condominium includes an assigned parking space for the owner. The parking space is a(n) ___.

A

Appurtenance

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10
Q

Water rights included in the purchase of a property are an example of a(n) ___.

A

Appurtenance

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11
Q

A septic tank included in the purchase of property would be considered as a(n) ___.

A

Appurtenance

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12
Q

Right to use the surface of the earth

A

Surface rights

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13
Q

Rights to the natural resources below earth’s surface

A

Subsurface rights

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14
Q

___ rights must be purchased to build foundation supports for tall buildings.

A

Subsurface

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15
Q

An owner may transfer surface rights without transferring subsurface rights. True or false?

A

True

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16
Q

Rights to use the space above earth

A

Air Rights

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17
Q

___ rights and ___ rights must be purchased to construct tall buildings.

A

Air rights
Subsurface rights

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18
Q

Government has placed limitations on ___ rights to permit reasonable interference for aircrafts, as long as owner’s right to use and occupy property is not lessened

A

Air

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19
Q

Two broad categories of real estate

A

Physical
Economic

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20
Q

The four economic characteristics of real estate

A

Scarcity
Improvements
Permanence of Investment
Location

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21
Q

The three physical characteristics of real estate

A

Immobility
Indestructibility
Uniqueness

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22
Q

___ is an economic characteristic meaning that supply in any given location or of particular quality is considered limited

A

Scarcity

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23
Q

Building a(n) ___ can affect land’s value and use.

A

Improvement

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24
Q

Improvements such as electricity, drainage, water, and sewer systems typically remain after a building has been razed to make way for new construction. What real estate characteristic does this represent?

A

Permanence of investment

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25
Q

What is the most important economic characteristic in real estate?

A

Location

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26
Q

___ is sometimes called situs.

A

Location

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27
Q

___ refers to people’s preferences for given areas, resulting in different values for similar units.

A

Situs

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28
Q

Situs directly refers to geographic location. True or false?

A

False

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29
Q

Geographic location of any given parcel of land can never be changed. Geographic location is fixed and cannot be moved. This is an example of which physical characteristic?

A

Immobility

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30
Q

Which physical characteristic refers to the fact that land is permanent?

A

Indestructible

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31
Q

Even though man made improvements on land can depreciate and become obsolete, the land itself is ___.

A

Indestructible

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32
Q

___ is a physical characteristic that refers to the fact that no two parcels of land are ever exactly the same.

A

Uniqueness

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33
Q

___ is a physical characteristic that refers to the fact that each parcel has its own geographic location.

A

Uniqueness

34
Q

The 5 rights included in the bundle of legal rights are…

A

Right of possession
Right to control the property
Right of enjoyment
Right of exclusion
Right of disposition

35
Q

What are the limitations to an owner’s rights to control and enjoy their property?

A

Must be within the framework of the law

36
Q

What right allows an owner to use their property as they wish, as long as it is within framework of the law?

A

Enjoyment

37
Q

What right allows a property owner to sell their property when they no longer wish to own it?

A

Disposition

38
Q

Joe owned a house and he died. His will stated that his property will be transferred to his daughter after he passed. What right of ownership allowed Joe to do this?

A

Disposition

39
Q

What right allows an owner to keep others from entering or using their property?

A

Exclusion

40
Q

If Sarah does not want Nicor gas reading her gas meter, does she have the right to exclude the meter reader from her property?

A

No

41
Q

Real property is conveyed by a ___.

A

Deed

42
Q

Personal property is conveyed by a ___.

A

Bill of sale

43
Q

Chattels are items of ___.

A

Personal property

44
Q

Personalty is another word for ___.

A

Personal property

45
Q

Trade fixtures are ___ property.

A

Personal

46
Q

___ property is movable and not affixed to the land.

A

personal

47
Q

Manufactured housing is considered as ___ property until it is permanently affixed to the land

A

personal

48
Q

An act of ___ is when an item of real property becomes an item of personal property

A

severance

49
Q

Changing personal property into real property

A

Annexation

50
Q

___ normally refers to factory-built housing constructed before 1976

A

Mobile homes

51
Q

Crops that are not annually cultivated are considered as ___.

A

Real estate

52
Q

Trees, grass, and bushes would be considered as ___.

A

Real estate

53
Q

Annually cultivated crops are considered as ___.

A

Personal property

54
Q

Wheat and corn are considered as ___.

A

Personal property

55
Q

In Illinois, when farmland is sold, it is custom for possession to be transferred on a certain date because it falls after last year’s crops have been harvested and before new crops are planted. When is this date?

A

March 1

56
Q

In Illinois, if possession of farmland is transferred on March 1 after being sold, the buyer assumes ___ payment of the current year’s tax bill without proration.

A

Full

57
Q

In Illinois, If sale of farmland is closed at another time of year before crops are harvested, contract should indicate whether or not ___ are included in the sale’s price

A

Growing crops

58
Q

In Illinois, if an owner wishes to break a lease with a tenant for farmland, notification must be given by a specific date, so there is least interference with cycle of spring planting and fall harvesting. When is this date?

A

November 1

59
Q

___ are personal property that has been affixed to land or building

A

Fixtures

60
Q

Fixtures become ___ property after they have been affixed to land or a building.

A

Real

61
Q

What are the 3 legal tests of whether/not an item is a fixture?

A

Method of attachment (how permanent)
Adaption to real estate (how the item is being used)
Agreement (have the parties agreed in writing?)

62
Q

Trade fixtures are owned by a business tenant and are ___ property.

A

Personal

63
Q

Trade fixtures must be removed by…

A

the final day of a lease

64
Q

If a trade fixture is not removed by the final day of a lease, they become real property to the landlord by ___

A

accession

65
Q

Trade fixtures become ___ property to the landlord if they are not removed by the final day of a lease.

A

Real property

66
Q

personal property that turns into real property

A

attachment

67
Q

Seven sources of laws that affect real estate

A

U.S. Constitution
Laws passed by congress
Rules of the regulatory agencies
State constitutions
State statutes
Local ordinances
Common law

68
Q

Six important areas of law in real estate

A

Law of contracts
General property law
Law of agency
State real estate license law
Federal & state environmental laws/ regulations
State & local land-use and zoning laws

69
Q

Real estate licensees should have the ability to recognize which legal problems need to be referred to a(n)…

A

Attorney

70
Q

Licensees cannot give legal advice unless they are also a(n) ___.

A

Attorney

71
Q

Purpose of ___ is to protect the public from fraud, dishonesty, and incompetence in real estate transactions

A

real estate law

72
Q

In IL, real estate practice is governed by the…

A

Real Estate License Act of 2000

73
Q

In considering the differences between ___ and ___, it is necessary to distinguish between a fixture and personalty.

A

real property and personal property

74
Q

What is an emblement?

A

Annually cultivated crops

75
Q

Fixtures are considered a ___ part of a building.

A

Permanent

76
Q

Trade fixtures are ___.

A

Removable

77
Q

What is the purpose of real estate law?

A

To protect the public from fraud, dishonesty, and incompetence in real estate transactions.

78
Q

All 50 states and the District of Columbia have passed laws that require real estate practitioners to be ___.

A

Licensed

79
Q

Rules and regulations that govern the real estate industry in Illinois are established by a joint comittee, with procedures governed by provisions of the ___.

A

Illinois Administrative Procedure Act

80
Q

Professionals who are trained and licensed to give advice on matters of law

A

Attorney

81
Q

Although a real estate practitioner can’t be an expert in all areas of ___, they should still know and understand some principles.

A

Real estate law

Unit 2: Real Property and the Law (2 decks)

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