Terminology

Question 1

Land

Answer 1

Surface of the earth, all permanently attached natural features, extending downward to the center and upwards to infinity.

Question 2

Real Estate

Answer 2

Land + Improvements

Question 3

Improvements

Answer 3

Any non-natural structure permanently attached to the land (e.g. buildings, fences, decks, roads, but NOT trees)

Question 4

Real property

Answer 4

Land+improvements+bundle of rights

Question 5

What are the bundle of rights?

Answer 5

Control
Disposition (transfer)
Exclusion
Possession
Quiet enjoyment

Question 6

Bundle of Rights: exclusion

Answer 6

Landowner has the right to decide who gets to be on the property and who doesn’t

Question 7

Bundle of Rights: Possession

Answer 7

Right to occupy, live, breathe, and do whatever you want. AKA Right to use.

Question 8

Bundle of Rights: quiet enjoyment

Answer 8

Right to use your property without interference.

Question 9

Bundle of rights: control

Answer 9

Right to use and make changes to the property in any way that is not illegal—build whatever, landscape, and use as collateral for debt (“encumber the property”)

Question 10

Bundle of rights: possession vs. control

Answer 10

Possession says you can use the property how you please (renter) and control means you can manipulate it how you please (homeowner)

Question 11

Bundle of rights: disposition

Answer 11

AKA Transfer

Question 12

Common law

Answer 12

The side of law that arises from judgments and decisions made in courts rather than legislation 

Question 13

Allodial system

Answer 13

Anyone can have complete ownership of their land (AKA Fee Simple)

Question 14

Title

Answer 14

Actual ownership of a real property including the bundle of rights (not a paper)

Question 15

Chattel

Answer 15

Impermanent property, aka personal property

Question 16

Fixture

Answer 16

Personal property transformed into real property

Question 17

Annexation

Answer 17

Process of creating a fixture

Question 18

Trade fixture

Answer 18

Personal property attached to real property that is owned by and needed for a tenant’s business 

Question 19

Severance

Answer 19

Converting real property into personal property (removing a ceiling fan or bidet)

Question 20

Adaptability (fixtures)

Answer 20

Anything specifically adapted to the home or integral to its function (e.g. box air conditioning unit or specialized door)

Question 21

Intent (fixtures)

Answer 21

Were they intending to keep the item when it was installed?

Question 22

Emblements

Answer 22

Crops grown by a farmer that are considered personal property (because of the profit, also called fructus industriales)

Question 23

Percolating rights

Answer 23

Use and ownership of underground water

Question 24

Littoral rights

Answer 24

Refers to lakefront or oceanfront water rights

Question 25

Riparian rights

Answer 25

Water rights for moving water, like rivers or streams

Question 26

What is an estate?

Answer 26

Possessory interest in real property

Question 27

What’s the difference between absolute and defeasible estates?

Answer 27

Absolute has no restrictions and freely given to heirs; defeasible has a perpetual condition that the property be used for a certain purpose or under specific conditions.

Question 28

Encumbrance

Answer 28

Non-possessory interest in a property that burdens the title

Question 29

Reversionary interest

Answer 29

Property reverts back to the person who granted it in the first place once the measuring life ends.

Question 30

Remainder interest

Answer 30

When the estate passes onto someone other than the grantor

Question 31

Act of waste

Answer 31

When a life tenant does something to diminish the value of the property

Question 32

Pur Autre Vie

Answer 32

When the measuring life of a life estate is something other than the life of the tenant

Question 33

Ownership in severalty

Answer 33

Ownership with only one owner: a person, corporation, or other legal entity

Question 34

Undivided interest

Answer 34

Type of interest that gives each co-owner the possession of the whole property, not a portion of it

Question 35

Right of survivorship

Answer 35

When one co-owner dies, their ownership reverts to the surviving co-owner

Question 36

Tenancy in common

Answer 36

Non-married co-owners who don’t specify how to take title