General - Chapter 1 Lesson 1

Question 1

Real Estate

Answer 1

Physical land and everything that is permanently attached to it, whether natural or manufactured

Question 2

Real Property

Answer 2

Land, its attachments, and anything incidental to the land and attachments (rights associated with/ ownership)

Question 3

Personal Property

Answer 3

Any property that is not real property, not fixed to the land and is moveable

Question 4

How is real property usually transferred or sold

Answer 4

deed

Question 5

Real Property is…

Answer 5

immovable

Question 6

What document is used when transferring ownership of personal property

Answer 6

Bill of Sale

Question 7

Attachments

Answer 7

natural or manufactured things attached to the land

Question 8

Improvment

Answer 8

manufactured improvement that significantly increases the value of real property (house, barn, fence, swimming pool)

Question 9

Fixture

Answer 9

item of personal property that has been attached to real property (sink or chandelier)

Question 10

What’s another form of an attachment

Answer 10

item necessary to access a portion of the property (key or garage door opener)

Question 11

Trade Fixtures

Answer 11

installed by tenant in leased space for business purposes

Question 12

Fructus naturales

Answer 12

things attached to the earth by roots

Question 13

Fructus industriales

Answer 13

crops produced by human labor - personal property

Question 14

Emblements

Answer 14

Annual crops cultivated by tenant farmers (personal property of the farmer)

Question 15

Tenant Farmer

Answer 15

had irrevocable right to enter the land to care for and harvest the crop

Question 16

Chris owns 100 acres of land covered by a pine forest. The timber that he harvests when he cuts down the trees is considered…

Answer 16

Personal Property

Question 17

What’s included in the “bundle of rights”

Answer 17

possession, quiet enjoyment, disposition, exclusion, and control

Question 18

Possession

Answer 18

allows owner to physically occupy the land and put to productive use

Question 19

Quiet Enjoyment

Answer 19

freely possess the land w/o interference form others, also includes responsibility to not hinder neighbors enjoyment

Question 20

Disposition

Answer 20

transfer rights to people

Question 21

Exclusion

Answer 21

stop others from using or entering property

Question 22

Control

Answer 22

alter or change the property

Question 23

What’s not included in the bundle of rights

Answer 23

Severence - detaching fixtures from land and reverting to personal property (allowed through control)

Question 24

What comes into play with economic value

Answer 24

DUST (Demand, Utility, Scarcity, and Transferability)

Question 25

Demand

Answer 25

need or desire for a specific type of property

Question 26

Situs

Answer 26

Location - property value most dependent on

Question 27

Utility

Answer 27

ability of a good or service to satisfy human wants, needs, or desires

Question 28

Scarcity

Answer 28

perceived supply of a good or service relative to the demand

Question 29

Uniqueness

Answer 29

Scarcity makes land more valuable

Question 30

Transferability

Answer 30

ability to freely buy, sell, encumber, or dispose of property in any way that the owner sees fit

Question 31

Purchase Ability

Answer 31

prospective buyer has enough funds available to satisfy their needs or desires

Question 32

What are the physical characteristics of land

Answer 32

Immobility, indestructibility, and uniqueness Invest In Us (IIU)

Question 33

Immobility

Answer 33

can't be moved form one place to another

Question 34

Indestructibility

Answer 34

land can't be destroyed, always has some value

Question 35

Uniqueness

Answer 35

each parcel of land and each structure is a different piece of real estate

Question 36

Forces of Nature

Answer 36

can cause land to move or change shape even though indestructible (changes value and maybe even title of property)

Question 37

Erosion

Answer 37

gradual wearing away of land (wind, rain, other)

Question 38

Eroded land and title

Answer 38

The eroded land switches owners as it moves

Question 39

Accretion

Answer 39

gradual process of waterborne silt being deposited in a river, lakebed, or on the shore (deposits called alluvion or alluvium)

Question 40

Accretion Title

Answer 40

landowner acquires title to the silt that has accrued

Question 41

Riparian Rights

Answer 41

Water rights of landowners whose land touches a natural body of flowing water, such as a stream, a creek, or a river

Question 42

Littoral Rights

Answer 42

Water rights of landowners whose land touches a commercial lake, sea, or ocean

Question 43

Avulsion

Answer 43

occurs when land is torn away by flowing water (mudslide, earthquake)

Question 44

Avulsion and Title

Answer 44

Does not transfer title if land is identified and reclaimed

Question 45

Reliction

Answer 45

water recedes exposing more of the soil bed

Question 46

Reelection and title

Answer 46

doesn't add to land since owners already have title to the land out to the water's midpoint

Question 47

What are the characteristics that properties must have in harmony to maximize value?

Answer 47

Demand, utility, scarcity, and transferability

Question 48

John lives next to a bend in a river. Over the past several years, the river has been depositing silt at the bend, making the river channel straighter and adding land to John's property. This is an example of...

Answer 48

Accretion

Question 49

Emblements are...

Answer 49

fructus industiales

Question 50

Terrance decides to lease his property to someone else. Which of the bundle of rights is he exercising as the owner of the property?

Answer 50

Disposition

Question 51

"Situs" refers to a property's...

Answer 51

location

Question 52

IIU?

Answer 52

Immobility, indestrucibility, uniquness

Question 53

DUST

Answer 53

Demand, utility, scarcity, transferability

Question 54

The most typical land sales transaction involves the conveyance of...

Answer 54

real property

Question 55

Physical land and all improvements that are permanently attached to it is known as...

Answer 55

real estate

Question 56

Physical land, its attachments, and its bundle of rights is known as...

Answer 56

real property

Question 57

The physical characteristic of real estate referring to its uniqueness is also known as...

Answer 57

heterogeneity