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Unit 2: Real Property and the Law > Unit 2 Notes > Flashcards

Unit 2 Notes Flashcards

1
Q

Earth’s surface, subsurface (minerals and substances beneath surface), and airspace above earth

A

Land

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2
Q

___ includes trees, plants, and water

A

Land

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3
Q

Land plus all permanently attached improvements

A

Real Estate

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4
Q

Any artificial addition to land such as a building or a fence

A

Improvements

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5
Q

Includes both land and real estate

A

Real Property

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6
Q

The interests, benefits, and rights included in ownership

A

Real property

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7
Q

Includes bundle of legal rights

A

Real property

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8
Q

Anything associated with or connected to the property although not necessarily a direct part of it

A

Appurtenance

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9
Q

The sale of a condominium includes an assigned parking space for the owner. The parking space is a(n) ___.

A

Appurtenance

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10
Q

Water rights included in the purchase of a property are an example of a(n) ___.

A

Appurtenance

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11
Q

A septic tank included in the purchase of property would be considered as a(n) ___.

A

Appurtenance

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12
Q

Right to use the surface of the earth

A

Surface rights

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13
Q

Rights to the natural resources below earth’s surface

A

Subsurface rights

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14
Q

___ rights must be purchased to build foundation supports for tall buildings.

A

Subsurface

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15
Q

An owner may transfer surface rights without transferring subsurface rights. True or false?

A

True

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16
Q

Rights to use the space above earth

A

Air Rights

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17
Q

___ rights and ___ rights must be purchased to construct tall buildings.

A

Air rights
Subsurface rights

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18
Q

Government has placed limitations on ___ rights to permit reasonable interference for aircrafts, as long as owner’s right to use and occupy property is not lessened

A

Air

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19
Q

Two broad categories of real estate

A

Physical
Economic

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20
Q

The four economic characteristics of real estate

A

Scarcity
Improvements
Permanence of Investment
Location

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21
Q

The three physical characteristics of real estate

A

Immobility
Indestructibility
Uniqueness

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22
Q

___ is an economic characteristic meaning that supply in any given location or of particular quality is considered limited

A

Scarcity

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23
Q

Building a(n) ___ can affect land’s value and use.

A

Improvement

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24
Q

Improvements such as electricity, drainage, water, and sewer systems typically remain after a building has been razed to make way for new construction. What real estate characteristic does this represent?

A

Permanence of investment

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25
What is the most important economic characteristic in real estate?
Location
26
___ is sometimes called situs.
Location
27
___ refers to people's preferences for given areas, resulting in different values for similar units.
Situs
28
Situs directly refers to geographic location. True or false?
False
29
Geographic location of any given parcel of land can never be changed. Geographic location is fixed and cannot be moved. This is an example of which physical characteristic?
Immobility
30
Which physical characteristic refers to the fact that land is permanent?
Indestructible
31
Even though man made improvements on land can depreciate and become obsolete, the land itself is ___.
Indestructible
32
___ is a physical characteristic that refers to the fact that no two parcels of land are ever exactly the same.
Uniqueness
33
___ is a physical characteristic that refers to the fact that each parcel has its own geographic location.
Uniqueness
34
The 5 rights included in the bundle of legal rights are...
Right of possession Right to control the property Right of enjoyment Right of exclusion Right of disposition
35
What are the limitations to an owner's rights to control and enjoy their property?
Must be within the framework of the law
36
What right allows an owner to use their property as they wish, as long as it is within framework of the law?
Enjoyment
37
What right allows a property owner to sell their property when they no longer wish to own it?
Disposition
38
Joe owned a house and he died. His will stated that his property will be transferred to his daughter after he passed. What right of ownership allowed Joe to do this?
Disposition
39
What right allows an owner to keep others from entering or using their property?
Exclusion
40
If Sarah does not want Nicor gas reading her gas meter, does she have the right to exclude the meter reader from her property?
No
41
Real property is conveyed by a ___.
Deed
42
Personal property is conveyed by a ___.
Bill of sale
43
Chattels are items of ___.
Personal property
44
Personalty is another word for ___.
Personal property
45
Trade fixtures are ___ property.
Personal
46
___ property is movable and not affixed to the land.
personal
47
Manufactured housing is considered as ___ property until it is permanently affixed to the land
personal
48
An act of ___ is when an item of real property becomes an item of personal property
severance
49
Changing personal property into real property
Annexation
50
___ normally refers to factory-built housing constructed before 1976
Mobile homes
51
Crops that are not annually cultivated are considered as ___.
Real estate
52
Trees, grass, and bushes would be considered as ___.
Real estate
53
Annually cultivated crops are considered as ___.
Personal property
54
Wheat and corn are considered as ___.
Personal property
55
In Illinois, when farmland is sold, it is custom for possession to be transferred on a certain date because it falls after last year’s crops have been harvested and before new crops are planted. When is this date?
March 1
56
In Illinois, if possession of farmland is transferred on March 1 after being sold, the buyer assumes ___ payment of the current year’s tax bill without proration.
Full
57
In Illinois, If sale of farmland is closed at another time of year before crops are harvested, contract should indicate whether or not ___ are included in the sale’s price
Growing crops
58
In Illinois, if an owner wishes to break a lease with a tenant for farmland, notification must be given by a specific date, so there is least interference with cycle of spring planting and fall harvesting. When is this date?
November 1
59
___ are personal property that has been affixed to land or building
Fixtures
60
Fixtures become ___ property after they have been affixed to land or a building.
Real
61
What are the 3 legal tests of whether/not an item is a fixture?
Method of attachment (how permanent) Adaption to real estate (how the item is being used) Agreement (have the parties agreed in writing?)
62
Trade fixtures are owned by a business tenant and are ___ property.
Personal
63
Trade fixtures must be removed by...
the final day of a lease
64
If a trade fixture is not removed by the final day of a lease, they become real property to the landlord by ___
accession
65
Trade fixtures become ___ property to the landlord if they are not removed by the final day of a lease.
Real property
66
personal property that turns into real property
attachment
67
Seven sources of laws that affect real estate
U.S. Constitution Laws passed by congress Rules of the regulatory agencies State constitutions State statutes Local ordinances Common law
68
Six important areas of law in real estate
Law of contracts General property law Law of agency State real estate license law Federal & state environmental laws/ regulations State & local land-use and zoning laws
69
Real estate licensees should have the ability to recognize which legal problems need to be referred to a(n)...
Attorney
70
Licensees cannot give legal advice unless they are also a(n) ___.
Attorney
71
Purpose of ___ is to protect the public from fraud, dishonesty, and incompetence in real estate transactions
real estate law
72
In IL, real estate practice is governed by the...
Real Estate License Act of 2000
73
In considering the differences between ___ and ___, it is necessary to distinguish between a fixture and personalty.
real property and personal property
74
What is an emblement?
Annually cultivated crops
75
Fixtures are considered a ___ part of a building.
Permanent
76
Trade fixtures are ___.
Removable
77
What is the purpose of real estate law?
To protect the public from fraud, dishonesty, and incompetence in real estate transactions.
78
All 50 states and the District of Columbia have passed laws that require real estate practitioners to be ___.
Licensed
79
Rules and regulations that govern the real estate industry in Illinois are established by a joint comittee, with procedures governed by provisions of the ___.
Illinois Administrative Procedure Act
80
Professionals who are trained and licensed to give advice on matters of law
Attorney
81
Although a real estate practitioner can't be an expert in all areas of ___, they should still know and understand some principles.
Real estate law

Unit 2: Real Property and the Law (2 decks)

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