Unit 2: RealProperty And The Law

Question 1

What is defined as the earths surface extending downward to the center of the earth & upward to infinity?

Answer 1

Land

Question 2

What are the three characteristics of land?

Answer 2

Immobility
Indestructibility
Uniqueness

Question 3

Nonhomogeneity is also known as…

Answer 3

Uniqueness

Question 4

Real estate is defined as?

Answer 4

Land plus all human made improvements to the land that are permanently attached

Question 5

Real property is defined as?

Answer 5

The interests, benefits, and rights that are automatically included in the ownership of real estate

Question 6

Bundle of legal rights are…

Answer 6

The rights of:
Possession
Control
Enjoyment
Exclusion
Disposition

Question 7

A right or privilege associated with the property, although not necessarily a physical part of it.
“Runs with the land”

Answer 7

Appurtenance

Question 8

What is Personal Property ?

Answer 8

All the property that can be owned and that does not fit the definition of “real property”

Question 9

Chattels and perosnalty are also known as…

Answer 9

Personal Property

Question 10

An item of real property can become personal property by way of…

Answer 10

Severance

Question 11

Personal property that has been so attached to land or a building that by law it becomes part of real property is…

Answer 11

A fixture

Question 12

What does the acronym MARIA stand for?

Answer 12

Method of attachment
Adaptability of the item for the lands ordinary use
Relationship of the parties
*Intention of the person in placing the item on the land
Agreement of the parties

Question 13

What is a trade fixture?

Answer 13

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

Question 14

Mineral rights is also known as…

Answer 14

Subsurface rights

Question 15

What are subsurface rights?

Answer 15

The rights to the natural resources below the earths surface

Question 16

What are air rights?

Answer 16

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

Question 17

Common law rights granted to owners of land along the course of a river, stream, or similar flowing body of water is called?

Answer 17

Riparian rights

Question 18

What are Littoral rights?

Answer 18

Owners whose land borders commercially navigable lakes, seas, and oceans

Question 19

________ increases in the land resulting from the deposit of soil by the waters action

Answer 19

Accretion

Question 20

What is erosion?

Answer 20

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

Question 21

The sudden removal of soil by an act of nature is?

Answer 21

Avulsion

Question 22

In States where water is scarce, ownership of use of water are often determined by the doctrine of

Answer 22

Prior appropriation

Question 23

What are the 4 economic characteristics of real estate?

Answer 23

Scarcity
Improvements
Permanence of investment
Area preference or situs

Question 24

Area Preference is also known as…

Answer 24

Situs

Question 25

Area preference is commonly referred to as….

Answer 25

“Location, location, location”