What is Real Estate?

Question 1

bundle of rights

Answer 1

1. the right to use the property in any legal manner
2. right of enjoyment
3. right of exclusion
4. right of disposition to alienation (be able to sell/give away property)

Question 2

devise

Answer 2

giving away real property via a will

Question 3

parcel

Answer 3

a specific tract of land that has legally defined boundaries

Question 4

improvement

Answer 4

manufactured additions to property

Question 5

real property/real estate/realty

Answer 5

the earth’s surface extending downward to the center of the earth and into space, including all things permanently attached to it by nature or by people, and all rights/benefits/interests in it

Question 6

corporeal

Answer 6

tangible

buildings and tress

Question 7

incorporeal

Answer 7

intangible

views or rights

Question 8

subsurface rights

Answer 8

rights to natural resources lying below the earth

aka mineral rights

Question 9

air rights

Answer 9

rights to use the air above the land

can be sold or leased independently of the land itself

Question 10

littoral/littoral rights

Answer 10

land bordering on ocean, seas, or large lakes affected by tide currents

rights of landowners to use and access a body of water, such as a lake or ocean (decks, dock, pier, etc.)

Question 11

riparian/riparian rights

Answer 11

land bordered by a stream or waterway

gives property owners along natural bodies of water the right to access and make reasonable use of those waters

Question 12

Avulsion

Answer 12

water quickly submerging land or moving land to another location

Question 13

accretion

Answer 13

an increase of land caused by the gradual depositing of solid material

Question 14

alluvion

Answer 14

the action of the sea or a river in forming new land by deposition.

Question 15

erosion

Answer 15

loss of property caused by water

Question 16

reliction

Answer 16

creation of dry land by gradual withdrawal of water from the land by lowering its surface level

Question 17

front foot

Answer 17

width of the land on the water

used to price property on the water

Question 18

hereditament

Answer 18

anything that can be inherited

Question 19

personal property

Answer 19

all property that does not fit the definition of real property

Question 20

chattels

Answer 20

tangible personal property (furniture, appliances, clothing, bonds, etc.)

Question 21

deed

Answer 21

any legal instrument in writing which passes property and that is signed, attested, delivered

Question 22

bill of sale

Answer 22

a certificate of transfer of personal property.

Question 23

emblements

Answer 23

growing crops annually through labor and industry

personal property of the tenant

Question 24

fixture

Answer 24

an article that was once personal property but has been so attached to land/a building that is now considered to be part of the real estate

Question 25

trade fixture

Answer 25

an article owned by a tenant and attached to a rented space for use in conducting a business