Chapter 2: Rights in Real Estate

What guarantees the right of private ownership of real estate in the United States?

• Common Law

• Local Statues

• The Napoleonic Code

• The Constitution

Answer explanation

Page 25

The constitution guarantees private ownership of real estate, law, and regulations at every level ...

Which of the following is the best definition of real estate?

• Land and personal property

• Unimproved Land

• Land and everything permanently attached to it

• An ownership interest in land and improvements

Answer explanation

Pg 17

The legal concept of real estate encompasses:

- Land

- All man-made structures that are permanently attached to the land.

Which of the following is included in the legal concept of land?

• The surface of the earth and all natural things permanently attached to the earth

• Only the surface of the earth that is delineated by boundaries

• The surface of earth except for lakes and str

• Everything above, on and below the surface of the earth

Answer explanation

Pg. 16

Legal concept of land encompasses

- surface of earth

- everything beneath the surface of the earth

-all natural things permanently attached to the earth

- the air above the surface of the earth extending outward to infinity

What are three unique characteristics of land?

• Fixed, unchangeable, homogeneous

• Immodible, indestructible, heterogeneous

• Three-dimensional, buildable, marketable

• Natural, measureable, inorganic

Answer explanation

Pg. 17

Land has 3 unique physical characteristics: immobility, indestructibility, heterogeneity

The primary distinction between legal concepts of land and real estate is that

• real estate includes air above the surface and minerals below the surface.

• real estate is indestructible

• land has no defined boundries

• land does not include man-made structures

Answer explanation

Pg. 18

The primary distinction between the legal concepts of real estate and real property is that

• real property includes ownership of a bundle of rights

• real property includes improvements

• real property is physical, not abstract

• real estate can be owned

Answer explanation

Pg. 19

Real property is the ownership of real estate and the bundle of rights associated with owning that real estate.

Which of the following is included in the bundle of rights inherent in ownership?

• To inherit

• To tax

• To transfer

• To vote

Answer explanation

Pg. 18

The owner has the right to transfer ownership of the item (sell, rent, donate, assign, or bequeath).

Which of the following is an example of intangible property?

• Real Estate

• Personal Property

• Artwork

• Stock

Answer explanation

Pg. 19

Tangible property is physical, visible and material.

Intangible property is abstract, having no physical existence in itself, other than as evidence of one's ownership interest.

The right to use real property is limited by

• the right of others to use and enjoy their property

• the police

• taxation and subordination

• Title 12 of the U.S. Civil Code

Answer explanation

Pg. 19

One's right to use may not infringe on the rights of others to use and enjoy their property.

Surface rights, air rights, and subsurface rights are

• inviolable

• unrelat

• separable

• not transferable

Answer explanation

Pg. 20

The bundle of real property rights also applies separately to the individual components of real estate; the air, the surface, and subsurface. An owner can, transfer subsurface rights without transferring air rights. Similarly, an owner can rent air space without encumbering surface or subsurface rights.