Questions and Answers
What does 'affixed' refer to in property terms?
What is annexation in property terms?
What is an appurtenance?
Something that comes with real property
Define 'bundle of rights'.
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What is chattel?
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What is an easement?
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Define emblements.
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What qualifies as a fixture?
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Define hypothecation.
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What is meant by improvement in real property?
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What is a legal description?
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What constitutes personal property?
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What does 'personalty' mean?
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What is 'real estate'?
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Define real property.
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What is meant by severance?
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What does 'situs' refer to?
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What rights are included in the bundle of rights?
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Identify the economic characteristics of real property.
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What are the physical characteristics of real property?
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What can be said about appurtenant property?
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What are the legal tests of a fixture?
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Annexation is the process by which what happens?
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What occurs during severance?
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What is the Lot and Block method?
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What is the Government Survey System?
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What is the oldest method of land description in the United States?
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Study Notes
Property Rights Terminology
- Affixed: Pertains to mineral, water, or surface rights; resources tied to property.
- Annexation: Transition of personal property to real property; often involves water or mineral rights; evaluated through tests like adaptability and method of annexation.
- Appurtenance: Additional items that come with real property, such as a well or an easement.
- Bundle of Rights: Comprehensive set of rights associated with real property; includes possession, use, quiet enjoyment, exclusion, and disposition.
Property Classification
- Chattel: Another term for personal property.
- Easement: Legal right to use or access another's property.
- Emblements: Harvestable crops or items that can be severed from the property.
- Fixture: Permanently affixed items that become part of the real property.
Legal and Economic Concepts
- Hypothecation: Practice of using property as collateral for securing a loan.
- Improvement: Any construction or addition made to the property.
- Legal Description: Formal method of describing real property, utilizing metes and bounds, rectangular survey, or lot and block methods.
Types of Property
- Personal Property: Movable items not permanently attached to land; also known as chattel or personalty.
- Real Property: Land, its improvements, and any permanent attachments; referred to as real estate.
Property Processes
- Severance: Process where a part of real property is removed and turns into personal property.
- Situs: Another term for location; critical in real estate context.
- Legal Tests of Fixture: Includes how an item is annexed, its adaptability, and the relationship between the parties involved.
Property Description Methods
- Lot and Block Method: Subdivision method for describing land.
- Government Survey System: Also known as the rectangular survey system.
- Metes and Bounds: The oldest method for land description in the U.S.
Characteristics of Real Property
- Economic Characteristics: Factors like scarcity, location, and improvements that affect value.
- Physical Characteristics: Attributes such as immobility, indestructibility, and uniqueness that define real property.
Additional Definitions
- Appurtenant: Items that are tied to or attached to the land.
- Annexation: The legal process through which personal property transforms into real property.
- Severance: The action that changes an item from real property to personal property.
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Description
Test your knowledge on essential property rights terminology with this quiz. Learn about concepts like annexation, appurtenances, and the bundle of rights. Perfect for real estate students or anyone interested in property law.
