Chapter 2: Nature and Description of Real Estate

Question 1

What are the 5 Bundle of Rights

Answer 1

Right to:

1. Possession
2. Use
3. Enjoy
4. Control
5. Disposition

Question 2

A factor used to distinguish personal and real property.

Answer 2

Mobility vs. Immobility.

• Real Estate: Immobile
• Personal: Mobile

Question 3

How is ownership of personal property transferred?

Answer 3

Bill of sale

Question 4

How is ownership of real property transferred?

Answer 4

Deed

Question 5

What is realty?

Answer 5

tangible objects such as land, buildings, and trees

Question 6

What is real property?

Answer 6

the rights associated with ownership

Question 7

What is real estate?

Answer 7

the objects and the rights associated with ownership

Question 8

What does land consist of?

Answer 8

everything beneath the surface to the earth’s core and all airspace above it.

Question 9

Improvements with intent to be permanent are considered to be (real estate or personal)

Answer 9

real estate

Question 10

What is a fixture?

Answer 10

An item of personal property attached to the land or to a building that’s on the land.

Question 11

What are the 4 tests of a fixture?

Answer 11

1. Manner of attachment (Intent)
2. Adaptation (Customizations)
3. Existence of an agreement
4. Relationship of the parties

Question 12

Fructus Naturales

Answer 12

1. Natural vegetation on the land and perennial plants

2. Considered real estate

Question 13

Fructus Industriales (Emblements)

Answer 13

1. Annual cultivated cash crops

2. Considered personal property,

Question 14

What is an appurtenance?

Answer 14

1. Anything attached to & conveys with title to real prop.
2. Ex. Improvement, right, privilege
3. Common examples are easements and water rights

Question 15

Riparian Right

Answer 15

Right to use water on land that borders a river or stream

Question 16

Littoral Rights

Answer 16

Right to use water on land bordering a large amount of water such as a lake, sea, or bay.

Question 17

Doctrine of Prior Appropriation

Answer 17

Right to use water is controlled by the state and not the land owner

Question 18

Ownership levels for Riparian

Answer 18

1. High mark on navigable rivers

2. Middle of watercourse on non-navigable rivers

Question 19

Metes and bounds

Answer 19

1. Metes: Measurements, distances, directions, bearings
2. Bounds: monuments or landmarks
3. Used for official land descriptions

Question 20

Point of beginning

Answer 20

Metes and bounds land description begins and ends with this point.

Question 21

Informal reference

Answer 21

Street address

Question 22

Property by severance

Answer 22

How a fixture is removed from a property