Rights In Real Estate

Question 1

What does land include? What are the unique aspects of land.?

Answer 1

Surface, all natural things attached to it, subsurface, and the air above the surface.
Immobile, indestructible, heterogeneous

Question 2

What is the definition of real estate?

Answer 2

Land PLUS all permanently attached man-made structures, called improvements

Question 3

What are man-made structures also know as ?

Answer 3

Improvements

Question 4

What is property considered?

Answer 4

Something that is owned by someone and the associated rights of ownership

Question 5

The bundle of rights are:

Answer 5

Possession
Use
Transfer
Exclusion
Encumbrance

Question 6

Property can be:

Answer 6

Real or personal ; tangible or intangible

Question 7

Define real property rights

Answer 7

Any of the bundle of rights allied to airspace (air rights) surface (surface rights) and subsurface (sub right)

Question 8

Define water rights/ doctrine of prior appropriation

Answer 8

State controls water usage, grants usage permits

Question 9

Define the 2 different types of water rights

Answer 9

Littoral rights : abutting property owners own land to high water mark, may use, but state owns underlying land

Riparian rights: if navigable -abutting property owners own land the the waters edge , may use, but the state owns underlying land.
If non-navigable- owner owns water the the midpoint of waterway

Question 10

What is real or personal property determined by?

Answer 10

Attachment criterion

Question 11

Define fixtures

Answer 11

Real property converted from personal property by attachment to real estate

Question 12

Differentiation criteria of real and personal property IAFRC

Answer 12

Intention
Adaptation
Functionality 
Relationship of parties 
Contract provisions

Question 13

Trade fixtures

Answer 13

Personal property items temporarily attached to to real estate in order to conduct business to be removed at some point

Question 14

Emblements

Answer 14

Plants or crops considered personal property since human intervention is necessary for planting and harvesting

Question 15

Conversion

Answer 15

Transforming real to personal property through severance, or personal to real property through affixing

Question 16

Federal regulation of real property interests

Answer 16

Grants overall rights of ownership, controls broad usage standards, discrimination

Question 17

State regulations of real property

Answer 17

Governs real estate business, sets regional usage standards

Question 18

Local regulations of real property

Answer 18

Levies real estate taxes, controls specific usage

Question 19

Judicial regulation of real property

Answer 19

Applies case law and common law to disputes

Question 20

Real estate as property. Who guarantees private ownership of real estate.? Define ownership rights.

Answer 20

Constitution.

Ownership rights are not absolute, others may exert claims against ones property