Chapter 2 "Real Property" Flashcards
1
Q
Land
A
the earth’s surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water.
2
Q
Real Estate
A
Land plus permanent, human-made additions
3
Q
Real Property
A
Real estate plus “bundle of legal rights”
4
Q
The Bundle of Legal Rights
A
Possession, Control, Enjoyment, Exclusion, Disposition
5
Q
Manufactured Home (Mobile Home)
A
Real property if it is attached to land owned by the owner or if the land is leased to the owner of the home under a long-term lease. Otherwise it is personal property if it isn’t attached.
