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Questions and Answers
What does the term 'real property' encompass?
What does the term 'real property' encompass?
Real property includes real estate, improvements, and the bundle of rights associated with ownership.
Define the right of exclusion in relation to property ownership.
Define the right of exclusion in relation to property ownership.
The right of exclusion allows the owner to prevent others, including trespassers, from entering or using their land.
How is equity defined in the context of real estate?
How is equity defined in the context of real estate?
Equity is the value of a property that the owner holds outright, calculated as the market value minus outstanding debts.
What is meant by the right of disposition?
What is meant by the right of disposition?
Explain the difference between tangible and intangible property.
Explain the difference between tangible and intangible property.
What is the significance of the right of control for property owners?
What is the significance of the right of control for property owners?
What constitutes 'improvements' on a piece of land?
What constitutes 'improvements' on a piece of land?
What is the package deal in property rights?
What is the package deal in property rights?
Flashcards
Land
Land
The surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity.
Real Estate
Real Estate
Land plus any improvements made to it.
Improvement
Improvement
Any non-natural structure built on or affixed to land.
Real Property
Real Property
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Bundle of Rights
Bundle of Rights
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Equity
Equity
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Property
Property
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Tangible Property
Tangible Property
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Study Notes
Land, Real Estate, and Real Property
- Land: The surface of the earth, including permanently attached natural features, extending downward to the center and upward to infinity.
- Real Estate: Land plus improvements.
- Improvements: Non-natural structures built on or attached to land (e.g., buildings, fences, decks, roads). Picnic tables not considered improvements.
- Real Property: Real estate plus the bundle of rights associated with owning it.
Bundle of Rights
- Exclusion: The owner's right to prevent others from entering their property.
- Possession: The right to occupy and use the property.
- Disposition: The right to sell, lease, or transfer the property.
- Quiet Enjoyment: The right to legally use the property without interference.
- Control: The right to alter or improve the property.
- Encumber: The right to place a lien on the property as collateral, such as for debt.
Other Key Concepts
- Property: Any item owned, including the associated rights. Tangible (physical) or intangible (non-physical like stocks, patents).
- Asset: Real estate is an item of value that can increase in worth.
- Equity: The difference between the property's value and the amount owed.
- Legal Title: Complete legal ownership and associated rights.
- Federal, State, and Local Regulation: Each has a role in regulating real estate and related issues.
Common Law
- Common Law: Rules and procedures established by court decisions, contrasted with explicit laws passed by legislatures. This is a way of understanding rules in real estate.
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