Unit 2 Real Property and the Law

Question 1

Earth’s surface extending downward to the center of the earth and upward to infinity. Includes subsurface and the airspace.

Answer 1

Land

Question 2

The 3 characteristics of land

Answer 2

Immobility
Indestructibility
Uniqueness

Question 3

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

Answer 3

Real Property

Question 4

What do these characteristics define?
-Right of possession 
-right to control the property within the framework of law
-right of enjoyment
-right of exclusion
right of disposition

Answer 4

Bundle of (legal) rights

Question 5

This word has two meanings:

The right to ownership of the property, including the owner’s bundle of legal rights AND evidence of ownership by a deed

Answer 5

Title

Question 6

Something that is transferred with or “runs with” the land. A right or privilege associated with the property although not necessarily a physical part of it. Typically includes parking spaces, easements, water rights and other improvements
-“The right to use something”

Answer 6

Appurtenance

Question 7

Ownership rights in a parcel of real estate that are limited to the surface of the earth are called

Answer 7

Surface Rights

Question 8

Rights to natural resources below the earth’s surface are called

Answer 8

Subsurface Rights

Question 9

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

Answer 9

Air Rights

Question 10

RIghts held by owners of land adjacent to rivers, lakes or oceans and are restrictions on the rights of land ownership

Answer 10

Water Rights

Question 11

Common-law rights granted to owners of land along the course of a river, stream or similar FLOWING body of water

Answer 11

Riparian Rights

Question 12

Owning land adjacent to navigable water

Answer 12

Littoral Rights

Question 13

A result from the deposit of soil by the water’s action.

“Increases the amount of land”

Answer 13

Accretion

Question 14

Wearing away of the land by natural forces. Slow process.

Answer 14

erosion

Question 15

Sudden removal of soil by an act of nature. Quick process.

Answer 15

Avulsion

Question 16

Under this dotirine, the right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water

Answer 16

Prior Appropriation

Question 17

This most recent agreement affects coastal waters to which the United Stes is a party. Identifies territorial waters as those extending up to 12 miles from a base line that is the mean low-water line of a coastal country

Answer 17

The United Nations Convention on the law of the Sea, signed in 1982

Question 18

The four economic characteristics of real property that affect its value as a product in the marketplace

Answer 18

Scarcity, improvements, permanence of investment, and area preference

Question 19

Economic characteristic of value. Relates to supply in a given location

Answer 19

Scarcity

Question 20

Economic characteristic of value. Relates to building on a parcel of land

Answer 20

Improvements

Question 21

Economic characteristic of value. Relates to the capital and labor to build an improvement representing a large fixed investment

Answer 21

Permanence of investment

Question 22

Economic characteristic of value. Relates to “location, location, location”

Answer 22

Area Preference

Question 23

Property that is owned that is not fixed into an improvement. Moveable.

Answer 23

Personal Property

Question 24

Items of personal property, such as tangibles like chairs, tables, clothing, money, bonds and bank accounts

Answer 24

Chattels

Question 25

Dwellings built off-site and trucked to a building where they are installed or assembled

Answer 25

Factory-built housing

Question 26

More appropriate term for mobile home. Built to the standards of HUD.

Answer 26

Manufactured Housing

Question 27

Trees, perennial shrubbery, and grasses that do not require annual cultivation are know as

Answer 27

fructus naturales

Question 28

Annual cultivated crop such as fuit, vegetables, and grain are known as

Answer 28

emblements, or fructus industrials

Question 29

The act of separating/turning real rpoperty into personal property

Answer 29

Severance

Question 30

CHanging personal property into real property

Answer 30

Annexation

Question 31

Personal property that is so attached to land or a building that it becomes part of the real property. Light fixtures, kitchen cabinets, etc.

Answer 31

Fixture

Question 32

An article owned by a tenant, attached to a rental space or a building, and used in conducting a business is a …
ex: hydraulic lifts

Answer 32

trade fixture

Question 33

Trade fixtures that are not removed become the real property of the landlord. Acquiring the property in this way is known as….

Answer 33

accession