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WorksheetsReal Estate Foundations - L1
Total questions: 27
Worksheet time: 14mins
What does real property include that is often associated with owning a home?
A bundle of rights
A set of appliances
A list of previous owners
A collection of personal items
What is important to clarify when it comes to the sale of personal and real property?
The color of the property
The size of the property
The category switch between personal and real property
The age of the property
Which of the following is a unique characteristic of land ownership?
Replicability
Scarcity and modification
Uniformity
Portability
Which set of rights is associated with land ownership?
Shareholder rights
Riparian and littoral rights
Intellectual property rights
Mineral rights
What are accession and accretion examples of?
Factors that affect the value of personal property
Types of real estate investments
Factors that only affect land
Legal terms for transferring property
What does the term "real property" refer to?
Any item which may be owned, including the rights associated with ownership
Land from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership
Personal property that is owned by and needed for a tenant’s business
The act of converting real property into personal property
Which of the following best defines "chattel"?
An unattached, moveable asset not considered real estate
A nonnatural structure built on or affixed to land
Plants or crops intended for harvest and treated as personal property
A commonly used term for personal property in the world of real estate
What are "fructus industriales"?
Trees, perennial plants, and uncultivated plants usually treated as real property
Personal property that is owned by and needed for a tenant’s business
Plants or crops intended for harvest and treated as personal property, a.k.a. emblements
Any nonnatural structure built on or affixed to land
What is the difference between "real estate" and "real property"?
Real estate refers to the land plus all improvements made by man or nature, while real property includes the bundle of legal rights of ownership
Real property is the land plus all improvements made by man or nature, while real estate includes the bundle of legal rights of ownership
Real estate and real property are terms for personal property in the world of real estate
There is no difference; both terms are interchangeable
What is "severance" in the context of real estate?
The act of converting real property into personal property
The process of attaching personal property to the land, making it real property
The legal rights of ownership associated with real property
The improvements made by man or nature to the land
What does the term "accretion" refer to in the context of land?
The right to all that one's own property produces
The economic significance of a property's location
The process that results in the gradual increase in land area through deposits of soil by natural forces
The sudden loss of land by flood or when a stream or river changes course
What is "accession" in relation to property ownership?
The gradual loss of land over time
The right to all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned
The relative difficulty of converting an asset to cash without loss of value
The rights to access the surface area of a parcel of real property
What does "erosion" describe?
A gradual increase in land area when water gradually withdraws
The economic characteristic that informs the economic principle of supply and demand
The process that results in the gradual increase in land area through deposits of soil by natural forces
The gradual loss of land over time
What is "reliction"?
The sudden loss of land by flood or when a stream or river changes course
The gradual loss of land over time
A gradual increase in land area when water gradually withdraws
The right to use the air space above the surface of land
What is "avulsion"?
The economic significance of a property's location
The process that results in the gradual increase in land area through deposits of soil by natural forces
The gradual loss of land over time
The sudden loss of land by flood or when a stream or river changes course
What does "scarcity" refer to in economic terms?
The relative difficulty of converting an asset to cash without loss of value
The rights to access the surface area of a parcel of real property
The economic characteristic that informs the economic principle of supply and demand
The right to all that one's own property produces
What does "situs" mean in the context of real estate?
The right to use the air space above the surface of land
The economic significance of a property's location
The process that results in the gradual increase in land area through deposits of soil by natural forces
The rights to access the surface area of a parcel of real property
What is "fixity" in real estate?
The right to use the air space above the surface of land
The economic significance of a property's location
The fact that real estate exists in a fixed location and cannot be moved
The relative difficulty of converting an asset to cash without loss of value
What does "illiquidity" mean in the context of assets?
The right to all that one's own property produces
The economic significance of a property's location
The rights to access the surface area of a parcel of real property
The relative difficulty of converting an asset to cash without loss of value
What are "surface rights"?
The rights to access the surface area of a parcel of real property
The right to all that one's own property produces
The right to use the air space above the surface of land
The economic significance of a property's location
What are "subsurface rights" also known as?
(a)
What does "air space" refer to in real estate?
The right to use the air space above the surface of land
The rights to access the surface area of a parcel of real property
The right to all that one's own property produces
The economic significance of a property's location
What are "air rights"?
The right to use the air space above the surface of land
The rights to access the surface area of a parcel of real property
The right to all that one's own property produces
The economic significance of a property's location
What are littoral rights?
Rights that allow a property owner to use flowing water on their property
Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
The legal doctrine which grants states the power to control and regulate all water resources within their borders
The right of a property owner on a waterfront to access and use that water
What do water rights entail?
The right of a property owner on a waterfront to access and use that water
Rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
The legal doctrine which grants states the power to control and regulate all water resources within their borders
What are riparian rights?
The legal doctrine which grants states the power to control and regulate all water resources within their borders
The right of a property owner on a waterfront to access and use that water
Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
Rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
What is the doctrine of prior appropriation?
The right of a property owner on a waterfront to access and use that water
Rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
The legal doctrine which grants states the power to control and regulate all water resources within their borders
Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
