REAL PROPERTY

Which of the following professional activities is a real estate broker or agent most likely to be directly involved in?

• Holding real estate as an investment

• Regulating use of real estate

• Transferring real estate ownership

• Destroying existing improvements

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

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

By definition, personal property

• Includes real property

• Is any property that I not real property

• Is any property owned by an individual

• Is real property the is not attached to real estate

The rights to possess and use a property are

• Inviolable

• Infinite and Unlimited

• Limited by what the law allows

• Dependent on the type of property involved

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

The physical limits of land are

• The surface of the earth and infinite space above the 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 in the center of the earth

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

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 to land

• A parcel of land that has been prepared for development

"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 or tenant has placed on a parcel of land

In addition to specifying who must obtain a real estate license and requirements for obtaining one, license laws also define

• How licensees must handle escrow deposits, funds, and fees

• The minimum commission split a broker can give a salesperson

• How many salespeople in a broker's office can have active licenses at a given time

• How many brokers may cooperate in a single transaction