Ch. 3

Question 1

Land, and generally whatever is erected upon or affixed thereto.

Answer 1

Real Estate/Real Property

Question 2

The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath, and the right to do none of the foregoing

Answer 2

Bundle of Rights

Question 3

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descendants to the person’s heirs or distributees

Answer 3

Fee Simple Estate

Question 4

Rights in real property to use the space above the surface of the land

Answer 4

Air Rights

Question 5

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.

Answer 5

Riparian Rights

Question 6

The right of a property owner whose land borders on a body of water, such as a lake, ocean, or sea, to reasonable use and enjoyment of the shore and water property borders on.

Answer 6

Littoral Rights

Question 7

Personal property, such as household goods.

Answer 7

Chattel

Question 8

The concept that property is an illiquid asset because it cannot be easily sold or exchanged for cash

Answer 8

Illiquidity

Question 9

Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property’s utility for purposes other than the one for which it was built. For example, a church, theater, or school

Answer 9

Special Purpose Real Estate