RLE 83 Final Prep Ch1

The best definition of real property is

• anything affixed to the land.

• all that is immovable and the bundle of rights.

• chattels.

• a possessory interest.

Trade fixtures are

• usually unattached.

• hereditaments.

• personal property.

• real property.

The highest bundle of rights a person may enjoy under our allodial system is a(n)

• determinate estate.

• equitable estate.

• a fee simple absolute estate.

• estate for years.

Economic characteristics of land include

• nonhomogeneity.

• indestructibility.

• definable boundaries.

• fixity of improvements.

Fixity of real estate refers to its

• indestructibility.

• appreciation.

• location.

• uniqueness

Leverage involves using a small amount of money to

• make a partial payment on a mortgage loan.

• purchase a share in a large pool of real estate securities.

• make minimal improvements to a property.

• secure a large loan for the purchase of property.

The right of possession remaining with the borrower best describes

• collateral.

• leverage.

• hypothecation.

• disintermediation.

Property is defined as

• everything.

• anything that can be controlled and owned.

• movable tangible items.

• land and that which passes with the land.

Hereditaments refer to

• less than fee simple interests.

• intangible rights.

• things capable of being inherited.

• personal property interests.

An economic characteristic of real estate is its

• fixity.

• definition.

• scarcity.

• Indestructibility.