chapter 2

"Real estate" includes such things as

• fences, sidewalks, and piers on a parcel of land

• mobile homes temporarily parked on a parcel of land

• timber that has been cut and is lying on a parcel of land

• business equipment an owner

An " improvement" is

• a modification of land to make it more useful

• a modification of a structure to enhance its value

• a structure intended as a permanent attachment

• a parcel of land that has been prepared for development

the physical limits of land are

• the surface of the earth and infinite space above the earth surface

• the center of the earth and infinite space above the earth

• the surface of the earth and all water and minerals on or below the surface to the center of the earth

• the surface of the earth and the air rights above the surface to the point defined by local zoning

The "bundle of rights " refers to a set of rights

• enjoyed by the owner of a property

• that is inseparable from a parcel of real estate

• guaranteed to citizens by the declaration of independence

• specified in a deed or land contract

by definition, personal property

• includes real property

• is any property that is not real property

• is any property owned by an individual

• is real property that is not attached to real

The right to encumber a property means that the owner can

• build fences and road blocks

• use the property as collateral for debt

• lease the property

• assign the bundle of rights to another

A property owner has the right to transfer water rights

• if the owner has not previously separated the bundle of rights

• only to the owner of an adjoining property

• only if there are water rights attached to the property

• without constraint

A lease is an example of a(n)

• transfer of a portion of the bundle of rights

• encroachment on the bundle of rights

• transfer of the complete bundle of rights

• transfer of surface rights

which of the following is included in surface rights

• air rights

• subsurface rights

• water rights

• mineral rights

the right to build a structure on top of an existing structure is an example of

• the right to encumber

• surface rights

• the right to improve

• air rights