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WorksheetsReal Estate Part I
Total questions: 37
Worksheet time: 19mins
What is an Allodial System
rights someone has in something, and they are often defined as bundle of legal rights
a legal system that recognizes full property ownership rights of individuals
all components in the definition of land plus artificial things permanently attached
includes rights to the ground below the surface of the earth
What are Property Rights?
the rights someone has in something, and they are often defined as a "bundle of legal rights"
refers to the surface of the earth but also the area below it to the center of the earth and above it to infinity
includes all the components in the definition of land plus artificial things permanently attached
a legal system that recognizes full property ownership rights of individuals
Which one is NOT part of the Bundle of Legal Rights?
Control
Exclusion
Enjoyment
Improvements
What is land?
includes all the components in the definition of land plus artificial things permanently attached
includes everything in the definition of real estate and also the legal interests, rights, and privileges associated with the ownership of real estate
the right to occupy the property
refers not only to the surface of the earth but also to the area below it to the center of the earth, and above it to infinity, and to all natural things permanently attached
What is Real estate
legal interests, rights, and privileges associated with the ownership of real estate; includes the bundle or rights
includes all the components in the definition of land plus artificial things (placed by humans) permanently attached (buildings, garages, fences)
the surface of the earth, the area below the center of the earth, and above it to infinity, and all natural things permanently attached; minerals below the surface, planted vegetation, and the space above the surface
an owner’s rights to use the surface, the subsurface, and the air above the land
What is Real Property?
land that is unimproved
the surface of the earth, the area below the center of the earth, and above it to infinity, and all natural things permanently attached; minerals below the surface, planted vegetation, and the space above the surface
any type of land development; includes buildings, streets, fences, and sewers
includes everything in the definition of real estate and also the legal interests, rights, and privileges associated with the ownership of real estate; includes the bundle or rights
What is considered an Improvement?
includes any property that is not real property; it is movable, whereas real property is immobile
includes physical things that can be seen and touched
any type of land development; includes buildings, streets, fences, and sewers
cannot be seen or touched, it is represented by some type of document, such as a stock certificate
What are subsurface rights?
rights to the ground below the surface of the earth
rights to the air above the land
improvements
rights and privileges associated with the ownership of real estate
Is it possible for one person to own the air rights and another person to own the remaining rights to the same parcel of land?
True
False
Trees and shrubs found naturally growing on the property would be considered improvements.
False
True
Land that is unimproved also might be called raw land.
True
False
Laws recognized by the courts based on custom and usage is common law.
True
False
Rights a property owner has in anything below the surface is subsurface rights.
True
False
Additions to the property that are created artificially rather than by nature are improvements.
False
True
Rights a property owner has in anything above the surface is common law.
True
False
A legal system that recognizes private ownership of land is property rights.
True
False
A bundle of legal rights
property rights
common law
allodial system
air rights
What goes with the purchaser
personal property
real and personal property
all property that is real (unless provisions in the contract specify differently)
all property that is real property
Personal Property
also called chattel property
also called property or personalty
property that is not real property; movable
immobile property
Tangible Property
cannot be seen or touched, it is represented by some type of document, such as a stock certificate.
changing real property to personal property
includes physical things that can be seen and touched
includes any property that is not real property; it is movable, whereas real property is immobile
Intangible property
cannot be seen or touched, it is represented by some type of document, such as a stock certificate.
includes any property that is not real property; it is movable, whereas real property is immobile
includes physical things that can be seen and touched
includes everything in the definition of real estate and also the legal interests, rights, and privileges associated with the ownership of real estate; includes the bundle or rights
Severance
changing real property to personal property
refers to the degree, quantity, nature, and extent of interest (ownership rights) a person can have in real estate
growing plants and trees that do not require cultivation are classified as real property
changing personal property to real property
Attachment
changing real property to personal property
subject to a condition to determine when it will begin or when it will end
changing personal property to real property
cultivated annual crops
Fruits of Nature
refers to the degree, quantity, nature, and extent of interest (ownership rights) a person can have in real estate
cultivated annual crops
growing plants and trees that do not require cultivation are classified as real property
changing personal property to real property
Fructus naturales
fruits of nature
fructus industriales
fruits of industry
Emblements are Fruits of Industry
True
False
An item securely bolted to the wall is
a method of attachment
improvements
severance
The item is specifically listed in the lease agreement
fruits of nature
fruits of industry
written agreement of the parties
Another name for personal property is chattel property?
True
False
The primary characteristic of personal property is mobility.
True
False
A trade fixture is considered real property.
True
False
Objects can be converted from personal property to real property, but not from real property to personal property.
True
False
An item that was once personal property but has been attached to the real estate and has become real property.
Emblements or fruits of industry
Trade Fixtures
Attachment
Fixture
Annual crops on the property that are cultivated by the owner
Emblements or fruits of industry
trade fixtures
attachment
severance
The process of changing real property to personal property
Trade fixtures
Attachment
Fixture
Severance
A type of fixture that remains personal property and can be removed by the tenant
Fruits of Industry
Trade fixture
Fixture
Severance
The process of changing personal property to real property.
Attachment
Fixture
Severance
Emblements
