11. Real Property (Real Estate, Realty)

Question 1

Real property

Answer 1

Is the land everything attached to (tenements) and the rights that accompany it.

Question 2

What is real property transferred by?

Answer 2

Deed

Question 3

Deed

Answer 3

The written document by which a property owner as “grantor” conveys to a “grantee” in ownership, interest in real property.

Question 4

Parties to a deed

Answer 4

“Grantor” gives a deed and “Grantee”, receives a deed

Question 5

Land

Answer 5

The land is the basic real property. Ownership extends to the sky and down to the center of the earth. Ownership includes air rights and subsurface rights.

Question 6

Land me, decrease or increase due to

Answer 6

Erosion, Avulsion, Accretion

Question 7

Erosion

Answer 7

The gradual wearing away of soil

Question 8

Avulsion

Answer 8

The sudden separation of land due to natural causes

Question 9

Accretion

Answer 9

The increase of land due to natural causes

Question 10

Physical characteristics of land

Answer 10

Fixed, heterogeneity (non-homogeneous, uniqueness), indestructible

Question 11

Fixed

Answer 11

Location (immovable)

Question 12

Heterogeneity (non-homogeneous, uniqueness)

Answer 12

No to partials of the land or the same

Question 13

Indestructible

Answer 13

Not able to destroy

Question 14

Scarcity

Answer 14

Limited amount

Question 15

Modification

Answer 15

Well, you can be increased by improvements

Question 16

Fixity

Answer 16

Non-liquid assets takes time to convert to cash without losing principle investment

Question 17

Situs

Answer 17

Location, location location

Question 18

Appurtenances

Answer 18

Are the rights and improvements that are attached to the land and transferred with the land unless reserved or excepted on the deed. Appurtenance may be corporate or incorporeal.

Question 19

Corporeal real estate

Answer 19

Improvements such as buildings, fences, trees, sidewalks, and perennial plants (fructose naturals fruits of nature)

Question 20

Incorporeal rights, relationships, and privileges

Answer 20

Mineral rights, air rights, riparian rights, easement rights, hereditament rights, bundle of rights, Disposition rights, Exclusion rights, enjoyment, rights, possession, rights, control rights

Question 21

Mineral rights

Answer 21

Oil, gas, coal rights, etc

Question 22

Air rights

Answer 22

Rights above property

Question 23

Riparian rights

Answer 23

Rights of a property adjoining a river or a stream to the land beneath the water or to the water itself

Question 24

Easements

Answer 24

Right across another person’s land for a specific use that benefits the easement holder

Question 25

Hereditament

Answer 25

The right to transfer ownership to heirs.

Question 26

Bundle of rights

Answer 26

A term describing all the rights an owner has in real property

Question 27

Disposition

Answer 27

The right of transfer all or some of the rights to other people. Disposition can be a sale transfer conveyance grant gift, devise dedication, or demise.

Question 28

Exclusion

Answer 28

The right to stop others from using, or entering the property

Question 29

Enjoyment

Answer 29

The right to free use of the property without interference from the other people or society

Question 30

Possession

Answer 30

The right to physically occupy, and use the land and make it productive

Question 31

Control

Answer 31

The right to physically alter, or change the property

Question 32

Fixtures

Answer 32

A fixture is an item which was once personal property that has been permanently attached to and has become real property.

Question 33

MARIA

Answer 33

The legal test used to determine if an item is a fixture. (Method, agreement, relationship, intent, adaptation)

Question 34

Acronym Maria

Answer 34

Method of attachment, agreement of parties, relationship to parties, intent what is the intent of annexor? Adaptation what is the items purpose? Cost is never a factor when determining if an item is a fixture.

Question 35

Conversion

Answer 35

The process of changing real property to personal property or personal property to real Ex. Trees, real property become personal property upon conversion into lumber.

Question 36

Severance

Answer 36

Converting real property to personal property by detaching it from the land

Question 37

Annexation

Answer 37

Converting personal property to real property by attaching it to the land

Question 38

Fixture

Answer 38

Real property, becomes part of the building, owner by the property, owner, included in a sales contract

Question 39

Trade fixture

Answer 39

Personal property of a commercial tenant, can be removed, owner by the tenant, addressed under a separate agreement

Question 40

Mobile/manufactured homes in Arizona

Answer 40

Mobil homes and manufactured homes may be real or personal property

Question 41

Mobile/manufactured homes in Arizona

Answer 41

1.) mobile homes in manufactured homes may be real or personal property. They are: A. personal property if not legally affixed B. Real property and tax as real property, if legally affixed by surrendering the title in a recording an affidavit of affixture

Question 42

Affidavit of a Affixture

Answer 42

1.) A document used to make a mobile/manufactured home real property. 2.) The vehicle titles must be surrendered, and Affidavit of Affixture must be recorded 3.) real estate licensee may list and sell new or used, un-affixed mobile or manufactured homes in represent dealers or private sellers.