Unit one: intro to the real estate business

Question 1

Bundle of rights

Answer 1

Possession: right to occupy
Control: write to control prop. use
Enjoyment: use legally without interference
Exclusion: right to exclude
Disposition: right to sell, lease or transfer ownership

Question 2

Emblements

Answer 2

Crops cultivated annually – considered personal property, even if attached to the land

Question 3

Chattel

Answer 3

Another time for personal property

Question 4

Appurtenance

Answer 4

A right or privilege associated with property (e.g. parking spaces or water rights)

Question 5

Riparian rights

Answer 5

Water rights for property boarding a river or stream

Question 6

Littoral rights

Answer 6

For property, bordering, lakes, oceans, or sea

Question 7

Accretion

Question 8

Accretion

Answer 8

Gradual land increase from deposits of soil

Question 9

Erosion

Answer 9

Gradual loss of land due to water, wind or other sources

Question 10

What’s the main difference between real and personal property?

Answer 10

Real property is attached to the land. Personal property is movable items real is permanent.

Question 11

Examples of fixtures and trade fixtures

Answer 11

Fixtures: ceiling fan,countertop
Trade fixtures: display shelves, or diner booth

Question 12

How does scientist affect real estate value?

Answer 12

Location is everything. Accessibility and proximity to amenities value