Unit 2 Real Estate

Question 1

Land

Answer 1

physical dirt to earth downward to center of earth upward to infinity

Question 2

can be split into 3 sections;

Answer 2

air, surface, subsurface

Question 3

Three physical characteristics of land

Answer 3

immobility
indestructibility
uniqueness

Question 4

indestructibility

Answer 4

the location will remain no matter the destruction

Question 5

Real estate =

Answer 5

Land + Improvements

Question 6

Real Property =

Answer 6

Land + Improvements + Rights

Question 7

5 legal rights

Answer 7

1. possession
2. control the property within framework of laws
3. exclusion
4. enjoyment- use in any legal matter
5. disposition-sell, will transfer

Question 8

Appurtenance

Answer 8

somethings that is transferred with or runs with the land

Question 9

Riparian rights =

Answer 9

river,
if boat fits down river property line ends at start of bank
if boat doesn’t fit it ends at middle of bank

Question 10

Littoral Rights =

Answer 10

lake ocean,

own land up to water and water up to high water mark

Question 11

accretion

Answer 11

increases in the land resulting from the deposit of soil by water action

gaining of land

Question 12

erosion

Answer 12

the gradual and sometimes imperceptible wearing away of the land by natural forces such as wind rain and flowing water

loss of land

Question 13

avulsion

Answer 13

sudden change loss of land, because of natural disaster

Question 14

Doctrine of prior appropriation

Answer 14

state owns the water

Question 15

personal property

Answer 15

property can be owned that does not fit the definition of real property

Question 16

Chattles

Answer 16

items of personal property

Question 17

Fructus naturals

Answer 17

trees perennial shrubbery and grasses that do not require annual cultivation

natural occurring

Question 18

fructus industrials

Answer 18

anything that can be harvested, considered personal property

Question 19

pennial crops such as orchards and vineyards are not

Answer 19

personal property and transfer with the land

Question 20

real property to personal property is

Answer 20

severence

Question 21

personal property to real property is

Answer 21

annexation

Question 22

fixtures

Answer 22

personal property that has been so attached to land or building that by law it becomes part of real property

Question 23

legal tests of ficture

Answer 23

• method of annextion; how permanent
• adaptability; how being used
• relationship of parties; tenant favored over landlord
• agreement of parties

Question 24

trade fixtures

Answer 24

articles owned by a tenant attached to a rented space or building and use in conducting a business

Question 25

Accession

Answer 25

trade fixtures that are not removed become the real property of the landlord

Question 26

trade fixtures are

Answer 26

personal property