Module 3.1: REAL PROPERTY

Question 1

Real or Personal?

Which type has to have a recording system?

Answer 1

Real property

Question 2

For personal property, agreement for sale must be in writing if value is over ___

Answer 2

$500

Question 3

Commercial sales of ____ property are subject to federal and state laws

Answer 3

personal

Question 4

____ property is governed by law of state in which it is located

Answer 4

real

Question 5

Real property consists of:

• land,
• that which is ____ to land,
• that which is incidental or ____ to land, and
• that which is ____ by law.

Answer 5

affixed

appurtenant

immovable

Question 6

Real property is the ____, ____, and ____ inherent in real estate ownership

Answer 6

• interests
• benefits
• rights

Basically real estate + legal rights associated with it.

Question 7

Define

Appurtenance

Answer 7

something that is attached to the property and stays with the property in the event that the owner changes over time.

Question 8

Define Easement

Answer 8

right held by one person to use the land of another for a specific purpose

Question 9

Bundle of Rights

Answer 9

An owner of real property has a bundle of rights, including the right to possess, use, enjoy, encumber, will, sell, or do nothing at all with the property.

Question 10

Two categories of attachments:

Answer 10

1. Natural
2. Man-made

Question 11

Title

Answer 11

The right to or ownership of the land with the bundle of legal rights.

Question 12

types of rights in real estate

Answer 12

1. Subsurface
2. Air
3. Water

Question 13

Chattel

Answer 13

Personal Property

Question 14

Fixtures

Answer 14

Personal property that has been affixed to land or a building that by law it becomes real property

Question 15

Emblements = ___ property

Answer 15

Personal

Question 16

What are embelments

Answer 16

Crops that are cultivated annually

Question 17

Trade fixture

Answer 17

A fixture used in the course of a business that is owned by the tenant

Question 18

Chattel fixture aka ___ fixture

Answer 18

trade

Question 19

trade fixture can become real property if

Answer 19

it isn’t removed at the end of a lease

Question 20

How is personal property conveyed?

Answer 20

A bill of sale or receipt.

Question 21

severance

Answer 21

Items of real property that can become personal property.

Question 22

What are the 4 economic characteristics of real property?

Answer 22

1. Scarcity
2. Improvements
3. Permanence of investment
4. Location or area preference, or situs.

Question 23

What are the physical characteristics of land?

Answer 23

• Immobility
• Indestructibility
• Uniqueness, non-homogeneity.

Question 24

How do trade fixtures differ from other fixtures?

Answer 24

They are used in the course of a business.

Question 25

What are the two characteristics of real estate?

Answer 25

Economic and Physical.

Question 26

Accession

Answer 26

The means by which trade fixtures become the real property of the landlord

Question 27

What are the legal tests of a fixture?

Answer 27

MARIA * Method of annexation * Adaptability of item to land's use * Relationship of parties * Intention in placing item on the land * Agreement of the parties

Question 28

Riparian rights

Answer 28

Allow a property owner to use water from a water course such as a river, stream, or creek

Question 29

Littoral rights

Answer 29

concern properties abutting an ocean, sea, or lake rather than a river or stream

Question 30

\_\_\_\_ rights are usually concerned with the use and enjoyment of the shore

Answer 30

Littoral [https://www.prepagent.com/article/water-rights](https://www.prepagent.com/article/water-rights)

Question 31

\_\_\_\_ rights have to do with water that is moving in a direction; \_\_\_\_ rights have to do with water that does not have a direction

Answer 31

Riparian Littoral

Question 32

normally immovable things that are ____ (for instance, by sale) may be treated as personal property even when they are still attached

Answer 32

severed

Question 33

Growing crops may be considered ____ property

Answer 33

personal

Question 34

"Every kind of property that is not ____ is personal"

Answer 34

real

Question 35

**_Real estate:_** * **_​_**land * attachments **_Real Property:_** * land * attachments * _____ rights

Answer 35

appurtenant

Question 36

Real ____ refers to the physical land, structures, and other tangible items attached to the land, such as trees, crops, and rocks

Answer 36

estate

Question 37

real _____ includes not only the physical manifestation of property, but also the benefits and rights inherent in ownership of real estate, such as the right to transfer, sell, or encumber the property; and to occupy or use the real estate in a variety of ways

Answer 37

property

Question 38

Ex: Benefits and rights inherent in ownership of real estate right to transfer, sell, or encumber the property; and to occupy or use the real estate in a variety of ways

Answer 38

right to transfer, sell, or encumber the property; right to occupy or use the real estate in a variety of ways

Question 39

inherent rights and benefits of real property ownership are ___ from the real estate itself

Answer 39

distinct

Question 40

T/F: rights and benefits may be transferred, sold, or encumbered separately from the land and structures themselves

Answer 40

True

Question 41

Bundle of rights

Answer 41

refers to the combined rights, tangible and intangible, that are associated with ownership of real property

Question 42

Ex \_\_\_\_\_\_\_ an owner might sell the subsurface rights to a mining company but still retain the remaining rights as an estate in real property

Answer 42

bundle of rights

Question 43

Are an individual's property rights absolute?

Answer 43

no

Question 44

\_\_\_\_\_ rights must be balanced against the rights of other property owners as well as the health and safety of the general public.

Answer 44

property

Question 45

T/F: Your use of your property can't interfere with other people's use or possession of their own property

Answer 45

True

Question 46

T/F: your right to use, possess, and dispose of your property is relative to the rights of your neighbors

Answer 46

True

Question 47

T/F: If you own a property along a road, you can't fence it in such a way that a landlocked property owner behind the fenced property has no access to the road.

Answer 47

True

Question 48

Government restrictions (such as 1. ___ and 2. \_\_\_) limit what a person can do with his property, as do private restrictions (such as 3. ___ and 4. \_\_\_)

Answer 48

1. zoning laws 2. building codes 3. conditions 4. covenants

Question 49

\_\_\_\_ (tangible or intangible) property includes both real property and personal property

Answer 49

tangible

Question 50

tangible property

Answer 50

Anything that can be touched

Question 51

Real estate refers to the

Answer 51

physical land, structures, and other tangible items attached to the land, such as trees, crops, and rocks.

Question 52

Real Property

Answer 52

includes not only the physical manifestation of property, but also the benefits and rights inherent in ownership of real estate, such as the right to transfer, sell, or encumber the property; and to occupy or use the real estate in a variety of ways.

Question 53

bundle of rights refers to

Answer 53

the combined rights, tangible and intangible, that are associated with ownership of real property.

Question 54

T/F: intangible property can be touched

Answer 54

False intangible property = any property that cannot be physically touched

Question 55

Quiz: T/F: A houseboat is real property

Answer 55

False \*a boat is movable and therefore is personal property

Question 56

Quiz: T/F: Real estate is a broader category than real property

Answer 56

False Real estate refers to physical land and structures attached to the land. Real property ***also*** includes the rights inherent in ownership of

Question 57

Quiz T/F: The "bundle of rights" might include the right to sell the property and the right to mine for minerals

Answer 57

True the "bundle of rights" includes all rights, tangible and intangible, that a person has in property