Unit 2

Question 1

What is the definition of land

Answer 1

earth’s surface extending downward to the center of the earth and upward to infinity, including naturally attached objects

Question 2

What are the three physical characterisitics of land

Answer 2

immobility, indestructibility, and uniqueness.

Question 3

What is the definition of Real Estate

Answer 3

land plus all human-made improvements to the land that are permanently attached (annexed) to it.

Question 4

What is the definition of Real property

Answer 4

Real estate plus a bundle of legal rights, interests, and benefits

Question 5

What are some things that are included into the legal bundle of rights of real property

Answer 5

right of possession,
right to control the property within the framework of the law,
right of enjoyment (to use the property in any legal manner),
right of exclusion (to keep others from entering or using the property), and
right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property).

Question 6

What are the two meanings of a title in real estate

Answer 6

the right to or ownership of the property, including the owner’s bundle of legal rights; and (2) evidence of that ownership by a deed.

Question 7

What is a deed

Answer 7

the document by which the owner traansfers the title

Question 8

What is an appurtenance

Answer 8

a right or privilege associated with the property, although not necessarily a physical part of it.

Question 9

What are examples of appurtenances

Answer 9

parking spaces in multiunit buildings, easements, water rights

Question 10

What are Riparian rights

Answer 10

generally allows unrestricted use of the water
still cannot polute or disrupt water flow
For land on nonnavigable water, owner owns to middle of the water
For navigable land, owner owns to edge of water, state owns land under water

Question 11

What are littoral rights

Answer 11

rights of water use for owners on commercially navigable lakes, seas or oceans
Owner owns only up to the high-water mark

Question 12

How are littoral and riparian rights usually associated with the property

Answer 12

they are usually automatically included with the sale of the property

Question 13

What is accretion

Answer 13

increases in the land resulting from the deposit of soil by the water’s action.

Question 14

Does the owner have rights to accretionn

Answer 14

yes

Question 15

Erosion vs avulsion

Answer 15

both are the removal of land through natural processes but avulsion is much faster and severe

Question 16

What is the doctrine of appropriation

Answer 16

water rights are controlled by the state because of its scarcity

Question 17

What are the economic characteristics of real estate

Answer 17

Scarcity
Improvements
Permanence of investment
Area preference or situs

Question 18

What are some factors that influence area preferene

Answer 18

convenience, reputation, and history

Question 19

Whats another word for items of personal property

Answer 19

chattels

Question 20

What are the legal terms for plants that do not require annual cultivatio n

Answer 20

fructus naturales

Question 21

What are the legal terms for plants that do require annual cultivation

Answer 21

emblements or fructus industriales

Question 22

What is fructus naturales considered

Answer 22

real estate

Question 23

What is fructus industriales or emblements considered

Answer 23

personal property

Question 24

What is the process of converting real property to personal property

Answer 24

severance

Question 25

What is the process of converting personal property to real property

Answer 25

annexation

Question 26

What is the sale of personal property conveyed by

Answer 26

bill of sale or receipt

Question 27

What is a fixture

Answer 27

personal property that is fixed to a property in a way that makes it real property

Question 28

What are some examples of fixtures

Answer 28

Almost any item that has been added as a permanent part of a building is considered a fixture Like heating systems, radiators, kitchen cabinets, light fixtures, and plumbing

Question 29

What is used to determine if an item is a fixture

Answer 29

``` 5 legal tests 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 30

What is the acronym for the 5 legal tests of a fixture

Answer 30

MARIA

Question 31

What are some factors that affect the method of annexation

Answer 31

how permanent is the attachment? Will its removal cause damage to the surrounding property?

Question 32

What is Adaptability of the item for the land’s ordinary use refering to and give an example

Answer 32

Is the item being used as real property or personal property? a refrigerator is usually considered personal property. However, if a refrigerator has been adapted to match the kitchen cabinetry, it may be considered a fixture.

Question 33

What is Relationship of the parties refering to

Answer 33

In general, a court will favor a tenant over a landlord, and a buyer over a seller.

Question 34

What is Intention of the person in placing the item on the land refering to

Answer 34

is the intention of installation for permanent or temporary use

Question 35

What is Agreement of the parties refering to

Answer 35

have the parties agreed on what tyep of property it is

Question 36

What are trade fixtures

Answer 36

those that are used for business

Question 37

What is a special consideration for tenants installing their own trade fixtures

Answer 37

they need to remove it on or before the last day the property is rented and the tenant is responsible for any damage caused by the removal of a trade fixture.

Question 38

What happens to trade fixtures that are not removed

Answer 38

they become the real property of the landlord

Question 39

What is the process of acquiring real property through the lack of removal of a trade fixture

Answer 39

accession