What Is Real Estate

Question 1

Land refers to…

Answer 1

The earth’s surface, including all permanently attached natural features, extends downwards to the center and upwards to infinity.

Question 2

Real estate is…

Answer 2

land plus improvements

Question 5

Real estate is also referred to as…

Answer 5

realty

Question 6

But what, exactly, are “improvements”?

Answer 6

Any non-natural structure permanently built on or affixed to the land.

Question 7

Real property refers to…

Answer 7

Land + Improvements + Bundle of rights = Real property

Question 8

Tenements are…

Answer 8

A piece of land held by an owner.

Question 9

Hereditaments are…

Answer 9

Any item of property, either a corporeal hereditament (such as land or a building) or an incorporeal hereditament (such as a rent or a right of way).

Question 10

Personal property is…

Answer 10

A class of unattached and moveable property usually goes with the seller in a sale unless otherwise specified in the sales contract. This can include things inside your home, like a dining room set or the television in your living room.