Property Rights Terminology Quiz
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Questions and Answers

What does 'affixed' refer to in property terms?

  • A legal description
  • A type of personal property
  • Resources that go with the property (correct)
  • The process of annexation

    • What is annexation in property terms?

  • The process by which personal property becomes real property (correct)
  • Removal of property from real estate
  • The addition of personal property
  • A type of easement

    • What is an appurtenance?

    Something that comes with real property

    Define 'bundle of rights'.

    <p>Rights of possession, use, quiet enjoyment, exclusion, and disposition.</p> Signup and view all the answers

    What is chattel?

    <p>Another name for personal property</p> Signup and view all the answers

    What is an easement?

    <p>The right to use or access another property</p> Signup and view all the answers

    Define emblements.

    <p>Something that can be severed or removed from the property.</p> Signup and view all the answers

    What qualifies as a fixture?

    <p>Anything that is actually fastened to the real property.</p> Signup and view all the answers

    Define hypothecation.

    <p>The ability to pledge property as collateral for a loan.</p> Signup and view all the answers

    What is meant by improvement in real property?

    <p>Anything that has been built on the property.</p> Signup and view all the answers

    What is a legal description?

    <p>The way real property is described.</p> Signup and view all the answers

    What constitutes personal property?

    <p>Anything that is not attached or made part of the structure itself.</p> Signup and view all the answers

    What does 'personalty' mean?

    <p>Another name for personal property.</p> Signup and view all the answers

    What is 'real estate'?

    <p>Another term for real property.</p> Signup and view all the answers

    Define real property.

    <p>Land, improvements, and permanent attachments.</p> Signup and view all the answers

    What is meant by severance?

    <p>Removing a part of real property that then becomes personal property.</p> Signup and view all the answers

    What does 'situs' refer to?

    <p>Another name for location.</p> Signup and view all the answers

    What rights are included in the bundle of rights?

    <p>Right of possession, use, quiet enjoyment, exclusion, and disposition.</p> Signup and view all the answers

    Identify the economic characteristics of real property.

    <p>Scarcity, improvements, and location (situs).</p> Signup and view all the answers

    What are the physical characteristics of real property?

    <p>Immobility, indestructibility, uniqueness.</p> Signup and view all the answers

    What can be said about appurtenant property?

    <p>It is attached to the land.</p> Signup and view all the answers

    What are the legal tests of a fixture?

    <p>Method of annexation, adaptability, relationship of the parties.</p> Signup and view all the answers

    Annexation is the process by which what happens?

    <p>Personal property becomes real property.</p> Signup and view all the answers

    What occurs during severance?

    <p>An item of real property becomes personal property.</p> Signup and view all the answers

    What is the Lot and Block method?

    <p>Another name for the subdivision method of land description.</p> Signup and view all the answers

    What is the Government Survey System?

    <p>Another name for the Rectangular Survey System.</p> Signup and view all the answers

    What is the oldest method of land description in the United States?

    <p>Metes and Bounds method.</p> Signup and view all the answers

    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.
    • 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.

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