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Georgia Real Estate > Unit 2 - Real Property and The Law > Flashcards

Unit 2 - Real Property and The Law Flashcards

1
Q

Land

A

the earths surface extending downward to the center of the earth and upward to space

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2
Q

What Are The Physical Characteristics of Land?

A

immobility
uniqueness ( nonhomogeneity )
indestructibility

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3
Q

Real Estate

A

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

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4
Q

What Are The Bundle of Rights?

A

The concept of land ownership that includes ownership of all legal rights to the land

  1. Right of Possession
  2. Right of Control
  3. Right of Exclusion
  4. Right of Enjoyment
  5. Right of Disposition
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5
Q

Title

A

refers to the ownership of the property

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6
Q

Deed

A

Is the document in which the title of the property is transferred by the owner

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7
Q

Appurtenances

A

a right or privilege associated with the property

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8
Q

What the characteristics that affect the economic value of the property?

A
  1. Scarcity
  2. Improvements
  3. Permanence of Investment
  4. Area Preference
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9
Q

Surface Right

A

Ownership rights in a parcel of real estate that are limited to the surface of the property

  • does not include air rights or subsurface rights
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10
Q

Air Rights

A

the right to use the open space above a property

  • usually allowing the surface to be used for another purpose
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11
Q

Water Rights

A

common law rights held by owners of land adjacent to rivers, lakes, or oceans

  • includes restrictions on those rights and land ownership
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12
Q

Riparian Rights

A

an owner’s rights in land that borders on or includes a stream, river, or lake

*these rights include access to and use of the water.

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13
Q

Littoral Rights

A

a landowners claim to use water in large navigable lakes, seas and oceans adjacent to her property

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14
Q

Accretion

A

the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

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15
Q

Prior Appropriation

A

a concept in which water ownership is controlled by the state rather than by the landowner adjacent to the water

  • to secure water rights, a landowner must demonstrate to a state agency that the owner’s plans are for beneficial use
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16
Q

Personal Property

A

movable items ( also known as chattels )

  • is not real property
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17
Q

Manufactured Housing

A

dwellings that are built off site and trucked to a building lot where they are installed or assembled

18
Q

Emblements

A

that are produced annually through labor and industry

*also called fructus industriales

19
Q

Severance

A

changing an item of real estate to personal property by detaching it from the land

20
Q

Annexation

A

process of converting personal property into real property

21
Q

Fixtures

A

an item of personal property that has been converted to real property by being permanently affixed to the realty.

22
Q

Trade Fixtures

A

an article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires

23
Q

Accession

A

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures

  • trade fixtures that are not removed become the real property of the landlord
24
Q

What are the specific areas of law that are important in the real estate profession?

A
  1. Contract Law
  2. Agency Law
  3. General Property Law
  4. Specific State Real Estate License Law
25
Q

What plays a role in real estate transactions?

A
  1. Federal Laws and Regulations
  2. Federal, State and Local Tax Laws
  3. State and Local Land-Use
  4. Zoning Laws
26
Q

Contract Laws

A

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

27
Q

Agency Laws

A

lays out regulations or requirements for the representation of clients

28
Q

Federal Tax Laws

A

deductions of interest paid on home mortgages

29
Q

Environmental Law

A

regulations regarding hazardous substances and their dispositions

30
Q

Zoning Law

A

govern the use of land

31
Q

Real Estate License Law

A

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

32
Q

True or False

All 50 states have passed laws that require real estate brokers and the their sales associates to be licensed.

A

True

33
Q

True or False

only attorneys are trained and licensed to prepare documents defining or transferring rights in property and to give advice on matters of law

A

True

34
Q

Definition of Avulsion

A

the sudden removal or tearing away of land by an act of nature

35
Q

Definition of Erosion

A

the gradual wearing away of land by natural forces, such as rain

36
Q

Definition of Accretion

water rights

A

increase of land resulting from the deposit of soil by the waters action

37
Q

Definition of Water Rights

A

are common-law (historical) or statutory rights

held by owners of land adjacent to rivers, lakes, or oceans; restrictions on the rights of land ownership.

38
Q

According to law, a trade fixture is usually treated as

A) a license.
B) personalty.
C) an easement.
D) realty

A

B. Personalty

39
Q

What describes the act by which real property can be converted into personal property?

A

Severance

40
Q

Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as?

A) covenants.
B) emblements.
C) appurtenances.
D) chattels

A

C. Appurtenances

41
Q

Laws that govern the ownership and use of water as well as the adjacent land vary among the states, but all are closely linked to

A

climatic and topographical conditions

42
Q

Real Propert

A

the interests, benefits, and rights inherent in

real estate ownership

Georgia Real Estate (3 decks)

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