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Questions and Answers
What is legally defined as rights or interest a person has in a thing owned?
What is legally defined as rights or interest a person has in a thing owned?
Which of the following types of property is considered immovable by law?
Which of the following types of property is considered immovable by law?
Who would have an estate in real property in a condominium?
Who would have an estate in real property in a condominium?
What best represents ownership rights and interest in a thing?
What best represents ownership rights and interest in a thing?
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What is included in the definition of real property?
What is included in the definition of real property?
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The right to possess, use, encumber, dispose of and to exclude best defines:
The right to possess, use, encumber, dispose of and to exclude best defines:
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Study Notes
Definition of Property
- Property is defined as a bundle of rights, including the right to possess, use, encumber, dispose of, and exclude.
- Legally, property is defined as the rights or interests a person has in a thing owned.
Types of Estates
- A life tenant has an estate in real property, specifically a life estate.
- Estates or fees represent ownership rights and interest.
Real Property
- Real property is best described as land, appurtenances, and fixtures.
- Real property is immovable by law when compared to personal property.
- Examples of real property include land and buildings, artificial items that are immovable by law, and easements that convey rights of way over adjoining land.
Comparison to Personal Property
- Real property, such as land and buildings, is distinguished from personal property in that it is immovable by law.
- Condominiums, unlike rented apartments, involve an estate in real property for the occupant of each unit.
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Description
Test your understanding of real property law concepts, including property rights, estates, and ownership interests.
