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Flashcards in Concept of Property Deck (2)
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1

Ownership Topics

As much as 20% of the questions on the state licensing exam will be based on ownership topics such as:
Definitions;

Descriptions;

Ways to hold title;

Land use controls and restrictions; and

Transfer/alienation of title to property.
The term "real estate" refers to the land and all improvements made both on and to the land.

2

Meaning of Real Propert

The term "real property" is broader in meaning. It is real estate plus all legal rights, powers, and privileges inherent in ownership of real estate. These legal rights, powers, and privileges are many in number and varied in nature. They have value, are usually salable, and affect the value of the underlying real estate. Real property encompasses things such as easements, options, water rights, and so on.

Instruments affecting real property must be in writing and should be recorded. The law of the state where the real property is located governs the acquisition and transfer of title to land, including important matters such as rules of descent and probate