Lesson 2: Real Property Flashcards

Lesson 2: Real Property Flashcards

Which one of the following rights is NOT associated with property ownership?Quiet enjoymentFeudal rightsDispositionPossession

FEUDAL RIGHTSFeedback:An owner of real estate own

rights known as the bundle of legal rights; these include the right to quiet enjoyment, possession, disposition, exclusion, and control. Feudalism was a form of ownership in which the king had the right to real property versus today the allodial system is used.Which of the following terms refers to an item in which ownership transfers through a bill of sale rather than a conveyance instrument such as a deed or will?Real propertyReal estateLandChattel

CHATTELFeedback:Land refers to the earth surface,

subsurface and air above the surface and all the natural features. Real estate refers to the land and all of the manmade improvements attached to the land and the term real property refers additionally to the rights associated with the ownership such as use and possession.What is the CORRECT definition of "real property"?Real estate with all improvements plus an owner's bundle of rightsReal estate, land, plus fructus industrialisReal land, subsurface minerals, and additions to a propertyReal estate plus chattel

REAL ESTATE WITH ALL IMPROVEMENTS PLUS AN

OWNER'S BUNDLE OF RIGHTSFeedback:Land is a

portion of the earth's surface including its subsurface and the air above the surface while real estate is the land plus any improvements. Real property additionally includes the bundle of rights such as the right to disposition or possession. Fructose industrialis, otherwise known as crops and chattel, are personal property.What is the CORRECT definition of a fixture?A personal item that is not attached permanently to a home.A personal item attached by a tenant for temporary use.Permanently attached personal items that need repair.Personal property permanently attached to real property.

PERSONAL PROPERTY PERMANENTLY ATTACHED TO

REAL PROPERTY.Feedback:A fixture is an item of

personal property that has been converted to real property by permanently attaching it to an improvement or building.For example, lumber is personal property and then used to build a deck on the building. The deck or wood is now real property as it is permanently attached to the structure.Plants that are cultivated and harvested are considered personal property and referred to as _____.EmblementsTrade fixturesFructus naturalesReal property

EMBLEMENTSFeedback:The difference between

determining if vegetation is personal or real property is based on the requirement to cultivate or harvest crops.These are known as emblements or fructus industrialis and are considered personal property.What term identifies an economic preference for a certain location?FixityDurabilitySitusUniqueness

SITUSFeedback:Situs is an economic preference for a

particular location and not a geographic one. Durability or indestructibility and the uniqueness or non-homogeneity are physical characteristics of land.Which term refers to the investment permanence of land?FixityDurabilitySitusUniqueness

FIXITYFeedback:Fixity refers to the permanence of the

investment while durability refers to the indestructible characteristic of the land. Situs refers to the locational preference and the uniqueness or non-homogeneity refers to the physical characteristic that no two parcels of land are

the same; they cannot occupy the same location.How may real property be turned into personal property?AffixationFixtureVariationSeverance

SEVERANCEFeedback:Real property can become

personal property by removing it or severing it from the real property. An example of this might be removing an

attached deck; the wood is now personal property.Personal property can become real property by attaching it.