Flashcards in Unit 2 - part I Deck (10):
How is land defined?
Land is defined as the earth’s surface extending downward to the center of the earth and upward to infinity (and includes naturally attached objects, such as trees, bodies of water found on or under it).
What land includes?
2. Subsurface (minerals and substances that lie far below the earth’s surface)
3. Airspace (the air above the earth, all the way into space).
How is real estate defined?
RE is defined as land plus all human-made improvements to the land that are permanently attached (annexed) to it.
What is an improvement to the land?
An improvement to the land can be any artificial thing attached on or below ground, such as a building, fence, water line, sewer pipe, growing things that are made part of the landscaping.
How is real property defined?
Real property is defined as the interest, benefits, and rights that are automatically included in the ownership of real estate.
What is the bundle of legal rights and what includes?
Ownership rights of real property are described as a bundle of legal rights. It includes:
1. Rights on possession
2. Right to control the property within the framework of the law
3. Right of enjoyment (to use property in any legal manner)
4. Right of exclusion (to keep others from entering or using the property)
5. Right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property)
What title of real property refers to?
Title of real property refers to ownership of the property, not to a printed document.
What is deed?
The document by which the owner transfers title to the property is the deed.
What does word title (of real property) mean?
1. the right to or ownership of the property, including the owner's bundle legal rights
2. evidence of that ownership by a deed.