Chapter 2 "Real Property" Flashcards Preview

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Flashcards in Chapter 2 "Real Property" Deck (5)
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1

Land

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

Real Estate

Land plus permanent, human-made additions

3

Real Property

Real estate plus "bundle of legal rights"

4

The Bundle of Legal Rights

Possession, Control, Enjoyment, Exclusion, Disposition

5

Manufactured Home (Mobile Home)

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.