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Legal Aspects of Real Estate > Module 3.1: REAL PROPERTY > Flashcards

Module 3.1: REAL PROPERTY Flashcards

From Module 3: Real Property

1
Q

Real or Personal?

Which type has to have a recording system?

A

Real property

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2
Q

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

A

$500

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3
Q

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

A

personal

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4
Q

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

A

real

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5
Q

Real property consists of:

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

affixed

appurtenant

immovable

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6
Q

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

A
  • interests
  • benefits
  • rights

Basically real estate + legal rights associated with it.

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7
Q

Define

Appurtenance

A

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

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8
Q

Define Easement

A

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

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9
Q

Bundle of Rights

A

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.

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10
Q

Two categories of attachments:

A
  1. Natural
  2. Man-made
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11
Q

Title

A

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

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12
Q

types of rights in real estate

A
  1. Subsurface
  2. Air
  3. Water
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13
Q

Chattel

A

Personal Property

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14
Q

Fixtures

A

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

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15
Q

Emblements = ___ property

A

Personal

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16
Q

What are embelments

A

Crops that are cultivated annually

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17
Q

Trade fixture

A

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

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18
Q

Chattel fixture aka ___ fixture

A

trade

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19
Q

trade fixture can become real property if

A

it isn’t removed at the end of a lease

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20
Q

How is personal property conveyed?

A

A bill of sale or receipt.

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21
Q

severance

A

Items of real property that can become personal property.

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22
Q

What are the 4 economic characteristics of real property?

A
  1. Scarcity
  2. Improvements
  3. Permanence of investment
  4. Location or area preference, or situs.
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23
Q

What are the physical characteristics of land?

A
  • Immobility
  • Indestructibility
  • Uniqueness, non-homogeneity.
24
Q

How do trade fixtures differ from other fixtures?

A

They are used in the course of a business.

25
Q

What are the two characteristics of real estate?

A

Economic and Physical.

26
Q

Accession

A

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

27
Q

What are the legal tests of a fixture?

A

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
28
Q

Riparian rights

A

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

29
Q

Littoral rights

A

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

30
Q

____ rights are usually concerned with the use and enjoyment of the shore

31
Q

____ rights have to do with water that is moving in a direction;

____ rights have to do with water that does not have a direction

A

Riparian

Littoral

32
Q

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

A

severed

33
Q

Growing crops may be considered ____ property

A

personal

34
Q

“Every kind of property that is not ____ is personal”

A

real

35
Q

Real estate:

  • ​land
  • attachments

Real Property:

  • land
  • attachments
  • _____ rights
A

appurtenant

36
Q

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

A

estate

37
Q

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

A

property

38
Q

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

A

right to transfer, sell, or encumber the property;

right to occupy or use the real estate in a variety of ways

39
Q

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

A

distinct

40
Q

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

A

True

41
Q

Bundle of rights

A

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

42
Q

Ex _______

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

A

bundle of rights

43
Q

Are an individual’s property rights absolute?

A

no

44
Q

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

A

property

45
Q

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

A

True

46
Q

T/F:

your right to use, possess, and dispose of your property is relative to the rights of your neighbors

A

True

47
Q

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.

A

True

48
Q

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. ___)

A
  1. zoning laws
  2. building codes
  3. conditions
  4. covenants
49
Q

____ (tangible or intangible) property includes both real property and personal property

A

tangible

50
Q

tangible property

A

Anything that can be touched

51
Q

Real estate refers to the

A

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

52
Q

Real Property

A

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.

53
Q

bundle of rights refers to

A

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

54
Q

T/F: intangible property can be touched

A

False

intangible property = any property that cannot be physically touched

55
Q

Quiz:

T/F: A houseboat is real property

A

False

*a boat is movable and therefore is personal property

56
Q

Quiz: T/F:

Real estate is a broader category than real property

A

False

Real estate refers to physical land and structures attached to the land.

Real property also includes the rights inherent in ownership of

57
Q

Quiz T/F:

The “bundle of rights” might include the right to sell the property and the right to mine for minerals

A

True

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

Legal Aspects of Real Estate (48 decks)

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