Unit 2: Real Property and the Law

Question 1

the earth’s surface, it’s subsurface extending downward to the center of the earth, and the air space above the surface

Answer 1

Land

Question 2

——- characteristics of land include immobility, indestructibility, and non-homogeneity

Answer 2

Physical

Question 3

mineral rights and other natural resources that can be leased or sold separately from surface rights

Answer 3

Subsurface rights

Question 4

can be sold separately from surface rights and have limitations to enable air travel

Answer 4

Air rights

Question 5

can be held by owners of land adjacent to rivers, lakes, or oceans

Answer 5

Water rights

Question 6

Includes the land as well as all things permanently attached or annexed to the land, both by nature and by humans

Answer 6

Real estate

Question 7

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

Answer 7

Real property

Question 8

Includes the rights of possession, control, enjoyment, exclusion, and disposition

Answer 8

Bundle of legal rights

Question 9

is the right to ownership of real property and the evidence of ownership provided by written document, called a deed, by which title is transferred

Answer 9

Title

Question 10

a right or privilege associated with real property in someway, such as a parking space in a multiunit building, an easement, or water rights, and is normally conveyed to the new owner when the property is sold

Answer 10

Appurtenance

Question 11

are determined by common law and statute

Answer 11

Water rights

Question 12

belong to owners of land along a flowing body of water

Answer 12

Riparian rights

Question 13

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

Answer 13

Littoral rights

Question 14

provides that water use, aside from limited domestic use, is controlled by the state rather than the land owner adjacent to the water

Answer 14

Prior appropriation

Question 15

scarcity, improvements, permanence of the investment, and area preference are

Answer 15

Economic characteristics of land

Question 16

personal property that has been affixed to the land or to a building so that by law and becomes part of the real property

Answer 16

Fixture

Question 17

method of annexation, adaptability, relationship, intent, and agreement

Answer 17

MARIA

Question 18

property attached to the structure but used in the course of business, and can be personal property

Answer 18

Trade fixtures