Basic Real Estate Concepts

Question 1

Real Property

Answer 1

Is land and the air above it to infinity, and the ground below the land, and anything permanently attached to the land by nature or humans

Question 2

Personal Property

Answer 2

includes any property that is not real property

Question 3

Serverance

Answer 3

Real property changed to personal property

Question 4

Attached

Answer 4

Personal property changed to real property

Question 5

Fruits of Nature (fructus naturales)

Answer 5

Naturally growing plants and trees that do not require cultivation

Question 6

Emblements (fructus industriales)

Answer 6

Cultivated annual crops. Considered personal property

Question 7

Fixture

Answer 7

An object that once was personal property but has been attached to the land or a building so that it now is real property

Question 8

Trade Fixtures

Answer 8

Is an article attached by the tenant to the building for use in conducting trade or business

Question 9

Allodial System

Answer 9

A legal system that recognizes full property ownership rights if individuals

Question 10

Common Law

Answer 10

Is a body of law developed through court decisions based on custom usage