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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?
- Estate in real property
- Bundle of rights
- Possessory interest
- Property (correct)
Which of the following types of property is considered immovable by law?
Which of the following types of property is considered immovable by law?
- Intellectual property
- Personal property
- Movable property
- Real property (correct)
Who would have an estate in real property in a condominium?
Who would have an estate in real property in a condominium?
- Owner/occupant (correct)
- Property manager
- Renter
- Landlord
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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