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18 Cards in this Set

  • Front
  • Back
WHAT IS LAND?
EARTHS SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY, INCLUDING PERMANENT NATURAL OBJECTS SUCH AS TREES AND WATER.

SUBSURFACE AND AIRSPACE
WHAT IS REAL ESTATE?
LAND AT, ABOVE, AND BELOW THE EARTHS SURFACE, PLUS ALL THINGS PERMANENTLY ATTACHED TO IT.
WHAT IS AN IMPROVEMENT?
ANY ARTIFICIAL THING ATTACHED TO THE LAND, SUCH AS A BUILDING OR FENCE. REFERS TO ANY ADDITION TO THE LAND
WHAT IS REAL PROPERTY?
INTERESTS BENIFEITS AND RIGHTS THAT ARE AUTOMATICALLY INCLUDED IN THE OWNERSHIP OF LAND AND REAL ESTATE.
WHAT IS A BUNDLE OF LEGAL RIGHTS?
OWNERSHIP OF REAL PROPERTY. THESE RIGHTS INCLUDE:
POSSESION
CONTROL
ENJOYMENT
EXCLUSION
DISPOSISTION
WHAT IS THE DIFFERENCE BETWEEN TITLE AND DEED?
TITLE REFERS TO OWNERSHIP OF REAL PROPERTY NOT TO A PRINTED DOCUMENT. DEED REFERS TO THE DOCUMENT BY WHICH THE OWNER TRANSFERS TITLE TO THE REAL PROPERTY.
WHAT ARE SURFACE AND SUBSURFACE RIGHTS?
RIGHT TO USE THE SURFACE OF THE EARTH. SUBSURFACE RIGHTS ALLOW YOU TO USE THE NATURAL RESOURCES BELOW THE SURFACE.
WHAT ARE AIR RIGHTS?
RIGHTS OF AIRSPACE OVER A PROPERTY.
WHAT IS PERSONAL PROPERTY?
ALSO CALLED PERSONALTY, ALL PROPERTY THAT IS NOT REAL PROPERTY. ALSO REFERED TO AS CHATTELS, PERSONABLE PROPERTY IS MOVEABLE.
WHAT IS AN EMBLEMENT?
ANNUAL PLANTINGS OR CROPS, FRUCTUS INDUSTRIALES, GENERALLY CONSIDERED PERSONAL PROPERTY, IF ITS GROWING IT WILL BE TRANSFERRED AS REAL PROPERTY UNLESS OTHER PROVISIONS ARE MADE,
WHAT IS FRUCTUS NATURALES?
PLANTS THAT DO NOT REQUIRE CULTIVATION SUCH AS TREES AND SHRUBBERY. FRUCTUS INDUSTRIALES ARE FRUITS OF INDUSTRY.
WHAT IS ANNEXATION?
CONVERTING PERSONAL PROPERTY IN TO REAL PROPERTY
WHAT IS A FIXTURE?
PERSONAL PROPERTY THAT HAS BEEN SO AFFIXED TO LAND OR A BUILDING THAT, BY LAW, IT BECOMES PART OF THE REAL PROPERTY.
WHAT ARE THE LEGAL TESTS OF A FIXTURE?
METHOD OF ANNEXATION
ADAPTATION TO REAL ESTATE
AGREEMENT
WHAT IS A TRADE FIXTURE?
ARTICLE OWNED BY A TENANT AND ATTACHED TO A RENTAL SPACE OR BUILDING OR USED IN CONDUCTING A BUSINESS.
WHAT ARE THE TWO BROAD CATEGORIES OF REAL PROPERTY?
ECONOMIC AND PHYSICAL CHARACTERISTICS
WHAT ARE THE SEVEN BASIC CHARACTERISTICS OF REAL PROPERTY?
SCARCITY, IMPROVMENTS, PRESENCE OF INVESTMENTS, LOCATION OR AREA OF PREFERENCE, THE THREE PHYSICAL CHARACTEISTICS ARE IMMOBILITY, INDESTRUCTIBILITY, UNIQUENESS
WHAT LAWS AFFECT REAL ESTATE?
CONTRACT LAW, GENERAL PROPERTY LAW, AGENCY LAW, REAL ESTATE LICENSE LAW, FEDERAL REGULATIONS, FEDERAL STATE AND LOCAL TAX LAWS, FEDERAL STATE AND LOCAL ENVIRONMENTAL REGULATIONS