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9 Cards in this Set

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What is a Bundle of Rights?
A concept or theory of ownership that holds that the entire set of legal rights are included with the ownership of land including the rights to possess, use, encumber, dispose and exclude.
Who are others that may have rights in real property?
Uncle Sam, utility easements.
What is Real Estate?
Real Estate = Land+Appurtenances.
What is an Appurtenance?
Something which passes with the transfer of property but is not necessarily an actual part of it like an easements, rights-of-way, water rights and property improvements which includes all of the rights, privileges unless a contrary intention was stated.Something belonging to, adjunct, appended or annexed to property such as the common elements of a condominium unit which pass with the land when transferred.
What is an example of a natural appurtenance?
Trees, Rivers, Streams
What is a man made appurtenance?
Well
What is Mineral Rights appurtenance?
oil
Which of the following statements best describes the effect on mineral rights when the land is sold?
A. They always pass with the sale of the land.
B. Mineral rights cant be sold separately from the land.
C. If it is capable of being depreciated for tax purposes.
D. If it will be used for more than 5 years.
Which of the following items would not be an appurtenance?
A. Right
B. Privilege
C. Improvement
D. Revrsion