Real Estate Class Chapter One

Front 1

Land is defined as?

Back 1

the earth's surface extending downward to the center of the earth and upward into space, including permanent natural objests such as trees and water.

Front 2

Land includes not only the surface of the earth but also.. what else?

Back 2

the underlying soil. It refers to things that are naturally attached to the land, such as boulders and plants. Mineral and substances that lie far below the surface. Also includes that air above.

Front 3

Real Estate is define as?

Back 3

Land at, above, and below the earth surface and all things permanently attached to it, whether natural or artificial.

Front 4

Improvement is?

Back 4

Any artificial thing attached to land such as a building or fence, or improvements such as streets, utilities and sewers. Anything built by man like a structure or house.

Front 5

Real property includes?

Back 5

both land and real estate. Defined as the interests, benefits, and rights that are automatically included in the ownership of the land and real estate.

Front 6

Property

Back 6

refers to anything that can be owned.

Front 7

Real property includes?

Back 7

the earth's surface, subsurface and airspace, including all things permanently attached to it by nature of people and the legal rights innate to the ownership of a parcel of real estate.

Front 8

Bundle of rights are?

Back 8

ownership rights of real property.

Front 9

Bundle of legal rights contains five points. What are they

Back 9

Right of 1) Possession, 2)Control, 3) Enjoyment, 4) exclusion, 5) disposition.

Front 10

Right of possession is?

Back 10

the right to ownersphip

Front 11

Right of control is?

Back 11

the right to control the property within the framework of the law.

Front 12

Right of enjoyment is?

Back 12

the right to use the property in a legal manner.

Front 13

Right of exclusion is?

Back 13

the right to keep other from entering or using the property.

Front 14

Right of disposition is?

Back 14

to sell, will, transfer, or otherwise dispose of or encumber the property.

Front 15

Land

Back 15

Earth's surface to the center of the earth and the airspace above the land, including the trees and water.

Front 16

Real Estate

Back 16

Land plus permanent human-made additions. improvements, access and utilities.

Front 17

Real property

Back 17

Real estate plus "bundle of legal rights.

Front 18

McDeep?

Back 18

Money, control, disposition, enjoyment, exclusion, possession.

Front 19

Title has two meanings they are

Back 19

1)the right to or ownership of the land including the owners bundle of legal rights.

2) evidence of that ownership by a deed.

Front 20

Title refers to?

Back 20

Ownership of real property not to a printed document.

Front 21

Deed is ?

Back 21

the document by which the owner transfers title to the real property.

Front 22

Appurtenance

Back 22

(runs with the land) is a right or privilege associated with the property, although not necessarily a part of it. Example: parking spaces in multiunit building, easements, water rights and other improvements.

Front 23

appurtenance is connected to the property, and ownership of the appurtenance normally transfers to the new owner with the property is sold.

Back 23

appurtenance is connected to the property, and ownership of the appurtenance normally transfers to the new owner with the property is sold.

Front 24

Surface rights are ?

Back 24

Rights to use the surface of the earth.

Front 25

Subsurface rights are ?

Back 25

rights to the natural resources lying below the earths surface. An owner may transfer surface rights without transferring the subsurface rights.

Front 26

Can surface rights be transferred and still keep subsurface rights?

Back 26

Yes.

Front 27

Can four parties have an interest in one real estate property?

Back 27

Yes. 1) original owner for coal, 2) Oil Comp. for oil and gas, 3) first buyer to the house stable and pasture, 4) second own the rights to the remaining real estate.

Front 28

Mine subsidence is ?

Back 28

The process of downward land shifts due to the collapse of underground mine shafts and groundwater flows, usually resulting in sinkholes or troughs. Damage to structures may be functional, structural or cosmetic.

Front 29

Mine subsidence damage can be what types?

Back 29

Functional, Structural or Cosmetic.

Front 30

Is a coal mining notice required in PA

Back 30

Yes!

Front 31

Air rights are?

Back 31

the rights to use the space above the earth, may be sold or leased independently, provided the right have not been preempted by law.

Front 32

Are air rights important to consider when buying?

Back 32

Yes! these are important part of real estate, particularly in cases where air rights must be purchased to construct large office buildings.

Front 33

Solar rights are being closely examined by courts. Why?

Back 33

A new tall building that blocks sunlight to a smaller existing building may be held to be interfering with the small building's right to sunlight. Esp if the smaller building is solar powered.

Front 34

Water rights are ?

Back 34

special common law rights helf by owner of land adjacent to rivers, lakes or oceans and are restrictions on the rights of land ownership.

Front 35

Property may be classified as either?

Back 35

real or personal

Front 36

Personal property is?

Back 36

all property that can be owned and does not fit the definition of real property.

Front 37

The important distinction of personal property is what?

Back 37

That is is moveable.

Front 38

Personal property is also referred to as what?

Back 38

Chattels. These include tangibles such as chairs, tables, clothing, money, bonds, and bank accounts. Movable personal property.

Front 39

Factory built housing is defined as?

Back 39

dwellings that are built off-site and trucked to a building lot where they are installed or assembled.

Front 40

Factory built housing is often called what?

Back 40

Mobile home

Front 41

Factory built housing was known as what prior to 1976?

Back 41

Mobile home

Front 42

Manufactured housing

Back 42

built at the factory under strict US Department of Housing and Urban Development (HUD) specifications.

Front 43

5 HUD specifications for manufactured housing

Back 43

Non-removeable steel shassis

At least 8ft wide and 40ft long

At least 320 sq feet of living space

Capable of being lived in with or without a permanent foundation.

Contains a red label indicating that the home had been built in compliance with HUD standards.

Front 44

Real estate or Real Property is

Back 44

Land and anything permanently attached to it.

Front 45

Personal Property is

Back 45

Moveable items not attached to real estate; items severed from the real estate (chattles)

Front 46

Fixture are

Back 46

Item of personal property converted to real estate by attaching it to the real estate with the intention that it becomes permanently a part thereof; may not be removed by the tenant.

Front 47

Trade fixtures are

Back 47

Items of personal property attached to the real estate that is owned by a tenant and is used in a business; legally removable by tenant.

Front 48

Trees are real estate they are permanently attached to the land until cut down then it becomes personal property. A word for this is

Back 48

Severance

Front 49

Crops. Annual cultivated crops of fruits, vegetables and grain are known as emblements or fructus industriales and are generally considered personal property.

Back 49

Crops. Annual cultivated crops of fruits, vegetables and grain are known as emblements or fructus industriales and are generally considered personal property.

Front 50

Can a farmer who sells his farm come back and harvest his crop when it is ready?

Back 50

Yes! The former owner is entitled to harvest the crops that is a result from his labor.

Front 51

Perennial crops (like orchards or vineyards) are or are not personal property and so conveyed with the land?

Back 51

They are not.

Front 52

Severance is

Back 52

when an item of real property can become personal property.

Front 53

When an item of real property becomes personal property is called

Back 53

Severance.

Front 54

Annexation is ?

Back 54

when personal property is changed into real property. Example cement, stones and sand are used to make concrete to construct a sidewalk.

Front 55

Real property is conveyed by a ?

Back 55

Deed

Front 56

Personal property is conveyed by a ?

Back 56

Bill of sale or receipt.

Front 57

Fixture is?

Back 57

personal property that had been so affixed to the land or a building that, by law it becomes part of the real property. Examples kitchen cabinets, light fixtures, plumbing.

Front 58

Question of intent is used to what?

Back 58

determine whether and item is a fixture (real property) or personal property.

Front 59

In determining intent courts use three basic test.

Back 59

Method of annexation (how permanent is it)

Adaptation to real estate (is it being used as real property or personal property)

Agreement (have parties agreed to it's intent)

Front 60

Method of annexation is what?

Back 60

How permanent is the method of attachment? Can the item be removed without causing damage?

Front 61

Adaptation to real estate is what?

Back 61

Is the item being used as real property or personal property. Example; a refrigerator is usually considered personal property. However, if it had been adapted to match the kitchen cabinetry it becomes a fixture.

Front 62

Agreement

Back 62

Have the parties agreed to treat and item as real or personal property?

Front 63

Trade Fixtures are?

Back 63

an article owned by a tenant and attached to a rented space or building used in conducting a business. Examples; bowling allies, store shelves, barroom and restaurant equp. Chicken coops and tool sheds.

Front 64

Trade fixtures differ from fixtures generally in these ways?

Back 64

Fixtures belong to the owner of the real estate, but trade fixtures are usually owned and installed by a tenant for the tenant's use.

Fixtures are considered permanent but trade fixtures are removable.

Front 65

real property that are included in a sale or mortgage.

Back 65

Fixtures

Front 66

Considered personal property and are not included in the dale or mortgage or real estate except by special agreement/

Back 66

Trade Fixtures

Front 67

There are how many Economic Characteristic of land?

Back 67

Four

Front 68

What are the four Economic Characteristics of Land?

Back 68

Scarcity, Improvements, Permanence of investment and location or area preference.

Front 69

Scarcity, Improvements, Permanence of Investment and Location or considered what type of characteristic?

Back 69

Economic

Front 70

Situs is?

Back 70

To place

Front 71

What are the three physical characteristics of real estate?

Back 71

Immobility, indestructibility, and uniqueness.

Front 72

Nonhomogeneity is what?

Back 72

the concept that no two parcels of property are exactly the same or in the same location.