Introduction to real estate Flashcards

Introduction to real estate Flashcards Three of the four economic characteristics of real property

are:

scarcitypermanence of investmentimprovementsScarcity (supply), permanence of investment, improvements, and area preference are all economic characteristics of real property.The rights of a landowner to use waters of an adjacent

stream or river are known as:

riparian rightsWhile both riparian and littoral rights have to do with water, remember that riparian rights have to do with FLOWING bodies of water, such as rivers, streams or creeks.when a property is sold and several removable fixtures are sold, such as refrigerators and radiator covers, upon

delivery of the deed, the seller should also deliver a(n):

bill of saleA bill of sale includes the personal property involved in a sale.Which of the following is (are) considered personal property?Patio furniturePersonal property is never attached.Water rights may be converted from private agricultural to

public domestic use by the process of:

CondemnationCondemnation can convert water from agricultural to domestic use.According to law, a trade fixture is:Personal propertyA trade fixture is personal property of the tenant and may be removed by the tenant. A trade fixture is something that is used in the conducting of a business; i.e.a pizza oven in a pizza restaurant.Certain items on the premise that are installed by the

tenant and are related to the tenant's business are called:

trade fixturesThe tenant owns trade fixtures. They must be removed before midnight of the last day of the lease or they may become the property of the lessor.Colorado water rights are based on the:Doctrine of prior appropriationWater rights in Colorado are based upon the doctrine of prior appropriation, unless sold the individual who had the first rights to that water retains those rights.The characteristic of being unique means that: geographically, all parcels of real estate are differentNo two parcels of land are exactly the same.Personal property may be distinguished from real property

by its:

mobilityPersonal property is not attached to the land or the improvements and it usually is movable. Even though it may be personal property, the contract can include it in the sale of the real estate and then, by means of the contract it does become real estate.Real property may become personal property by: severanceSevering property from the real estate, for example extracting minerals from the earth creates personalty or personal property. Another example would be cutting down a tree and turning it into firewood. As a tree it was real property but as firewood it would be personal property.The rights of an owner with property abutting the bank of a stream, river, or creek, is/are called; Riparian rightsRiparian rights are along a stream, river or creek; littoral rights are abutting a pond, lake, or ocean.

All of the following would be considered chattels except:a kitchen sinkEverything but the kitchen sink which is considered real property. Personal property, roughly speaking, is private property that is moveable as opposed to real property or real estate. Personal property may also be called chattels or personalty.Movable objects, which are not considered real estate, are

known as:

Personal propertyPersonal property or chattels is something that belongs to a PERSON, and that PERSON could take them when moving.Which of the following is true with regard to water rights?they are real property rights that may be sold separately from the land with their own deedWater rights are real property that may be sold separately and transferred by deed. They could be transferred on a water rights deed or a general warranty deed. They can be included in the sale of the property if expressly stated in the contract and both parties agree.The rights of a landowner to use waters of an adjacent lake

or ocean are known as:

littoral rightsBoth riparian and littoral rights concern water, littoral rights specifically apply to nonmoving bodies of water, like lakes, ponds, and oceans.