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Unit 2 Real Property & The Law > Difference Btw Land, Real Estate, Real Property > Flashcards

Difference Btw Land, Real Estate, Real Property Flashcards

1
Q

Land is defined as?

A

The right to anything on the surface, subsurface, and surrounding air that property sits on.

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2
Q

Are Air Rights a thing?

A

Yes. Land of a property includes the air around property

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3
Q

What are the 3 characteristics of Land?

A
  1. Immobility - Geographic location can never be changed
  2. Indestructability - Land is consider indestructible even though we know it is.
  3. Uniqueness - No 2 parcels will be identical nor can it be substituted. Geographic location and coordinates are also unique.
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4
Q

Real Estate is defined as?

A

Defined as land plus all appurtenances

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5
Q

Real Property is defined as?

A

Defined as the Interest, and Rights already included in the ownership of the Real Estate.

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6
Q

Real Estate and Real Property in many states are used interchangeably in most states. T/F?

A

True. Though some states still distinguish between the two.

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7
Q

Ownership rights of Real Property are known as?

A

Bundle of Legal Rights

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8
Q

What are included in Bundle of Legal Rights?

A
  1. Right of Possession
  2. Right of Control
  3. Right of Enjoyment - Use property as you like
  4. Right of Disposition - Transfer, will, rent, sell, dispose of property
  5. Right of Exclusion - Keep off property
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9
Q

What is the term used when describing privilege’s associated with property when transferred?

A

Appurtenance.

Ex. Parking Spaces, water rights, and other improvements.

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10
Q

Define Appurtenance?

A

Privilege’s that are transferred with ownership that are connected to the property that include rights, Interest, fixtures, Improvements, Privileges
water rights, mineral rights, and parking space, fixtures.

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11
Q

Is the Ownership of property referred as a Deed?

A

No. The ownership of a property is known as a Title.

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12
Q

What is a Deed?

A

A document referring to the transfer of a Title or Ownership.

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13
Q

What is a Title? And what does it mean?

A

Title refers to the ownership of property.

  1. Right to OR ownership of property, including owner’s bundle of legal rights
  2. Evidence of ownerships by a Deed.
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14
Q

Where do water rights generally extend?

A

The right that is flowing, but not the source unless you acquire rights to the source. Water rights generally extend to the average high-water mark and does not automatically include water front access.

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15
Q

In all states, Water Rights are controlled by the Land Owner. T/F?

A

False. In States with scarce water, Water Rights are controlled by the state and rights to water needs to be acquired. Owner also needs to prove that water will be used for beneficial use only.

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16
Q

In states with scarce water, if water rights are used for farming downstream and then another farm opens upstream. Does that mean that the new farm will cut off or prevent the farm downstream from getting enough water?

A

No. Because the farm downstream acquired their rights first. This means that the new farm upstream cannot cut off water and may even have to wait till the farm downstream has acquired their portion first. This is protected by the Doctrine of Prior Appropriation.

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17
Q

What is the Doctrine of Appropriation?

A

The doctrine of prior appropriation is a legal doctrine that grants water rights to the first individual or entity to take water from a source for beneficial use.

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18
Q

What is referred to Riparian Rights?

A

Land that has a common boundary to Flowing Water like lakes, ponds, rivers, streams everyone has equal rights

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19
Q

What happens to a property if Erosion occurs?

A

Erosion caused by flowing water causes the owner to lose land property

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20
Q

What happens to property when Avulsion occurs?

A

Avulsion is caused by a sudden natural force like a flood, hurricane, or earthquake. When this occurs the owner loses land

21
Q

What happens to property when Accretion occurs?

A

Accretion is when deposit of soil to land by water causes the owner gain land.

22
Q

Owned property attached to a navigable waterway, how far does the owner’s property extend to?

A

Only to the water’s edge. Any subsurface land under the water is owned by the state.

23
Q

Owned property attached to a nonavoidable waterway, how far does the owner’s property extend to?

A

The landowner Owns the Land Under the Water to the exact center of the waterway.

24
Q

Owners with Littoral Rights have unrestricted use of the water, but own the land adjacent to the water only up to where?

A

Only up to the high-water mark. All land below that point is owned by the government.

25
Q

Mineral Rights are Subsurface Rights. T/F?

A

True.

26
Q

What is an Easement?

A

An Easement is the permission given to one property owner to Enter or Use land on their property.

27
Q

What is significant with 200 Nautical Miles?

A

Exclusive Economic Zones extend 200 nautical miles from the coastal base line and assumes the country sovereignty right to the subsurface for exploration and exploitation.

28
Q

What is significant with 12 Nautical Miles?

A

Territorial Waters of a Country extend 12 Nautical Miles or 13.8 land miles from the base low-water line of the country. This always full sovereignty of the waters.

29
Q

What does The Law of The Sea consist of?

A

12 nautical miles of Territorial Waters and 200 nautical miles of Exclusive Economic Zones per country

30
Q

What are the 4 characteristics that affect the value of property?

A
  1. Scarcity
  2. Improvement
  3. Permanence of Investments
  4. Area Preference
31
Q

What is meant by Scarcity?

A

Scarcity refers to the limited resources in a given location.

32
Q

Making improvements to a parcel of land affects the value and use of the land and surrounding neighborhoods and communities. T/F?

A

True. New construction of a business like a theme park or new site for toxic waste dramatically affects the use and value of the land and surrounding areas.

33
Q

What is meant by Area of Preference?

A

Economic characteristics is not only geographic location, but also a preference to a specific area. Area Preference is based on several factories like Convenience, History, and Reputation, which is the reason for difference prices points between similar properties.

34
Q

What is the most important economic characteristic of land?

A

Location.

35
Q

Traditionally, ownership rights of real property are described as a barrel of legal rights.

A

False. Ownership rights of real property is a Title or Deed of Trust.

36
Q

Real estate is defined as land at, above, and below the earth’s surface, plus all things permanently attached to it, whether natural or artificial. T/F?

A

True.

37
Q

Manufactured housing is the term used for a factory-built home as of?

A

1976

38
Q

The phrase bundle of legal rights is properly included in?

A

The definition of real property.

39
Q

Land development costs for capital and labor contribute to the economic characteristic of?

A

Permanence of investment.

40
Q

The area preference or situs (place) of a property is commonly referred to as?

A

“location, location, location.”

41
Q

Water rights are created by

consensus of neighboring property owners. T/F

A

False. Common law or statute.

42
Q

A seller asked a real estate professional to draw up several documents relating to seller financing. Under these circumstances, the real estate professional should?

A

Refer the seller to an attorney.

43
Q

The Law of the Sea identifies national territorial waters as those extending from a baseline up to?

A

12 nautical miles.

44
Q

The purpose of real estate license laws is to protect the public in real estate transactions from fraud, dishonesty, and?

A

Incompetence.

45
Q

An important characteristic of personal property is that it is?

A

Moveable

46
Q

When an owner of real estate sells the property to someone else, which of the “sticks” in the bundle of legal rights is the owner as seller using?

A

Disposition

47
Q

The specific areas of law that are important to the real estate professional include the law of contracts, the general property law, the law of agency, and specific

A

State real estate license law.

48
Q

To determine whether an item is a fixture, the MOST important test is whether?

A

The person who installed it intended for it to be permanent.

49
Q

Real estate professionals can’t be experts in all areas of real estate law, but what?

A

They should know and understand some basic principles.

Unit 2 Real Property & The Law (3 decks)

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