8-2 Real Estate

What does real estate law govern?

• Only the buying and selling of property

• Ownership, use, and transfer of real property

• Construction of new buildings

• Taxation of real estate

Which of the following is NOT a type of real estate?

• Digital

• Commercial

• Industrial

• Residential

What is the highest level of property ownership?

• Leasehold estate

• Joint tenancy

• Fee simple

• Tenancy in common

What is joint tenancy?

• Ownership by a single individual

• Ownership by a government entity

• Ownership by a corporation

• Ownership by two or more individuals with equal shares and right of survivorship

What is eminent domain?

• The right to inherit property

• The right to sell property

• The government's power to take private property for public use with compensation

• The right to lease property

What do surface rights grant?

• Ownership of minerals beneath the land

• Ownership of water rights

• Ownership and use of the land's surface

• Ownership of airspace above the land

What is an easement?

• A type of property tax

• A lawful claim to possess property

• A right to use a portion of another's property for a specific purpose

• A violation of property rights

What is a lien?

• A government regulation

• A right to use another's property

• A type of joint ownership

• A lawful claim to possess or sell property until a debt is paid

What does landlord-tenant law govern?

• The sale of real estate

• The construction of new buildings

• The rental relationship between property owners and renters

• The taxation of rental income

What is tenancy by the entirety?

• A form of ownership by a corporation

• A form of ownership by a single individual

• A form of joint ownership available only to married couples

• A form of joint ownership available to any two individuals