Podcast
Questions and Answers
What do land improvements include?
What do land improvements include?
- Legal rights pertaining to land ownership
- Raw land without any modifications
- Natural features like trees and rivers
- Items that have been added or built to develop the land (correct)
Which of the following best describes appurtenances?
Which of the following best describes appurtenances?
- Only the rights to land surface without subsurface or airspace considerations
- Rights or interests that pertain to a piece of land and usually transfer with it (correct)
- The basic rights of land ownership without any additional privileges
- Legal documents outlining owners' responsibilities regarding their land
What does the 'bundle of rights' associated with real property include?
What does the 'bundle of rights' associated with real property include?
- All legal rights without limitations imposed by regulations
- The right to possess, use, encumber, and dispose of the land (correct)
- The owner's obligation to maintain the property
- Only the right to sell the property
What rights might a landowner retain when selling certain appurtenant rights?
What rights might a landowner retain when selling certain appurtenant rights?
What is included in the concept of real property beyond the land itself?
What is included in the concept of real property beyond the land itself?
What is included in the definition of real property?
What is included in the definition of real property?
Which of the following is NOT an example of appurtenant rights?
Which of the following is NOT an example of appurtenant rights?
What distinguishes fixtures from personal property?
What distinguishes fixtures from personal property?
Which method of land description is characterized by specific angles and distances?
Which method of land description is characterized by specific angles and distances?
What are natural attachments in real estate terminology?
What are natural attachments in real estate terminology?
What is a key factor in determining if an item is a fixture?
What is a key factor in determining if an item is a fixture?
Which type of property is typically defined as movable?
Which type of property is typically defined as movable?
In real estate, what could be an example of a man-made attachment?
In real estate, what could be an example of a man-made attachment?
Flashcards
What is real property?
What is real property?
Land, any attachments to the land, and anything incidental or appurtenant to the land.
Appurtenances
Appurtenances
Rights that are connected to and transfer with the ownership of land.
Air rights
Air rights
The right to use the airspace above a property.
Water rights
Water rights
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Solid mineral rights
Solid mineral rights
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Fixtures
Fixtures
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Metes and bounds
Metes and bounds
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Government survey
Government survey
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Subsurface rights
Subsurface rights
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Airspace rights
Airspace rights
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Improvements
Improvements
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Bundle of rights
Bundle of rights
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Study Notes
Real Property Overview
- Real property encompasses land, affixed items, and related rights (appurtenances)
- It differs from personal property (movable items)
- Appurtenances refer to the legal rights and privileges that accompany the ownership of a specific parcel of land, enhancing its value and utility.
Appurtenances
- Air rights: Rights to the air space above the land
- Water rights: Rights to use water resources
- Mineral rights: Rights to solid minerals, oil, and gas
- Support rights: Rights to prevent the land from being affected by neighboring land
Attachments
- Natural attachments: Naturally occurring features (e.g., trees, water)
- Man-made attachments (fixtures): Items attached to the property, which can be identified as either personal or real property depending on intention; factors include written agreement, method of attachment, adaptation, intention of the annexor, and party relationship
- Distinguishing fixtures from personal property is crucial for property transactions
Land Description
- Metes and bounds: System of land description using measurements
- Government survey: System uses lot/section numbers and coordinates
- Recorded map: Map of land subdivision
- Other methods exist (e.g., plats, surveys)
Real Property Components
- Land: Not just the surface, but everything above and below (airspace, subsurface, center of the earth)
- Improvements: Enhancements to the land (e.g., buildings, roads)
- Bundle of rights: rights of ownership
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