Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter 3
rights in real estate
| Question | Answer |
|---|---|
| what is a simple definition for real estate? | it is the air, water, land, and everything affixed to the land. |
| real estate in the U.S may be owned: | privately by individuals, private entities or publicly by government entities. |
| Private ownership rights in the U.S are not absolute. True or False | true |
| What can the government and other private parties do to ones property? | Government: impose taxes, restrictions and take private property away. Private parties: can exert their rights and interests on one's own property. Ex: Banks and neighbors |
| To understand real estate rights and interests, one must first recognize distinction between: | -land and real estate -real estate and property -real property and personal property |
| the legal concept of land encompasses: | -surface area of earth -everything beneath the surface of the earth, extending downward to its center -all natural things permanently attached to the earth -air above surface of earth extending outward to infinity |
| what does land include? | -minerals beneath earth's surface -water on or below earth's surface -air above the surface -plants attached to or in the ground |
| What is a parcel/tract of land? | a portion of land delineated by boundaries |
| what are the 3 physical characteristics of land? | immobility, indestructibility, and heterogeneity |
| how is land immobile? | a parcel of land can't be moved from one site to another. Geographical location of land is fixed and cannot be changed. |
| how is land indestructible? | land is permanent, would have to remove a segment of the planet down to the core to destroy it. |
| how is land non-heterogenous? | no two parcels of land are exactly the same. Ex: location |
| What does the legal concept of real estate encompass? | -land -all man-made structures that are "permanently" attached to the land. |
| apart from land, what else does real estate include? | fences, streets, buildings, wells, sewers, sidewalks, etc. |
| Man-made structures attached to land are called? | improvements Ex: fences, streets, wells, sidewalks. |
| what does the phrase "permanently attached" refer to? | one's intention in attaching the item |
| what is property? | something that is owned by someone. And a set of rights to the item enjoyed by the owners. (bundle of rights) |
| what are the bundles of rights? | possess, encumber, use, exclude, transfer |
| what rights come with owning property? | right to possess (use as laws allows) right to transfer ownership (sell, rent, donate, or assign) right to encumber (mortgaging as collateral) right to exclude others from use |
| What are the two classifications of property? | real property and personal property |
| what is real property? | ownership of real estate and the bundle of rights associated with owning the real estate |
| what is personal property (chattels/personalty)? | ownership of anything which is not real estate, and the rights associated with owning the personal property item. |
| what is tangible property? what are some examples? | physical, visible, and material. (something you can touch) real property: all types are tangible personal property: boat, car, jewelry. |
| what is intangible property? What are some examples in personal property? | abstract, has no physical existence yet it has evidence of one's ownership. Ex: stock, certificate, contract, etc |
| all real estate is tangible property. True or False | True |
| The bundle of real property rights also applies separately to_______? | the individual components of real estate |
| what are the individual components of real estate? | the air, the surface, and the subsurface (can also be possess, encumber, use, exclude, transfer) |
| what is a good example of the transfer of a portion of one's bundle of rights? | leasing, because the landlord can possess, encumber, use, exclude, transfer ownership. while the tenant can only do a few. |
| what do surface rights apply to? | the real estate contained within the surface boundaries of the parcel. ex: ground, natural things attached to ground, and all improvements. |
| what do air rights apply to? | the space above the surface boundaries of the parcel, extends to infinity. modified to allow aircraft to fly over property. |
| what do subsurface rights apply to? | land beneath the surface of the real estate parcel. Extending from surface boundaries downward to center of earth. ex: right to extract minerals, gas, and subsurface water. |
| what are water rights? | concern rights to own and use water found in bodies of water. Determines where parcel boundaries can be fixed. |
| what water rights does an owner of a property that contains or adjoins a body of water enjoy? | whether the: -state controls the water -water is moving -water is navigable |
| what is the Doctrine of prior Appropriation? | legal position that requires property owners to obtain permits for use of water. |
| If a state does not operate under the Doctrine of prior appropriation. what does it operate under? | under the 2 common law doctrines of: -littoral rights -riparian rights |
| what are littoral rights? | concern properties abutting bodies of water that are NOT moving. Navigable non-moving body of water is public property but can be used by the owner of the property. |
| what are riparian rights? | concern properties abutting moving water. navigable or not determines if the owner owns the land beneath the steam to its midpoint. Ex: streams and rivers if non navigable- owner owns it |
| like littoral rights, riparian rights attach to the property. True or False | True |
| How can you identify if a property is personal or real? | if the item is permanently attached to the land or structure attached to the land ex: tree (real property) |
| what is a fixture? | a personal property item that has been converted to real property by attachment to real estate. Ex: chandeliers, toilet, water pumps, etc. |
| If you can't identify if a property is real or personal through attachment criterion. One can apply? | Intention, adaptation, functionality, relationship of parties, and sale or lease contract provisions. |
| what are trade/chattel fixtures? | items of a tenant's personal property that the tenant has temporarily affixed to a landlords real property in order to conduct business. Ex: a grocer's food freezers |
| what types of plants are considered real property? | plants and crops that grow naturally without requiring labor/ machinery. |
| What are emblements? And what type of property are they? | plants and crops that require human intervention and labor. are considered personal property. |
| what is factory-built housing? | dwelling units constructed off-site and transported to and assembled on a building site. Ex: Mobile home and manufactured housing Can be considered real or personal property depending on whether it is permanently affixed to the ground. |
| What is conversion? | The classification of an item of property as real or personal is not necessarily fixed. The classification may be changed by the process of conversion |
| what is severance? | the conversion of real property to personal property ny detaching it from the real estate. Ex: cutting down a tree |
| what is affixing/attachment? | act of converting personal property to real property by attaching it to the real estate Ex: constructing a boat dock from wood planks. |
| what are examples of real property? | land, fixtures, and conversion by attachments/affixing |
| what are examples of personal property? | trade fixtures, emblements, and conversion by severance |
| Although the constitution guarantees private ownership of real estate_________? | laws and regulations at every level of government qualify and limit individual real property ownership and the bundle of rights associated with it. |
| What are the 6 aspects of real property interests that government entities regulate? | -the bundle of rights -legal description -financing -insurance -inheritance -taxation |
| the federal government is primarily concerned with what when regulating real property rights? | broad standards of real property usage, natural disaster, land description, and discrimination. |
| Give an example of a federal agency that promotes and regulates home ownership: | the Federal Housing Administration |
| what does The Environmental Protection Agency do? | establishes protective usage restrictions and guidelines for dealing with hazardous materials and other environmental concerns |
| what does the Federal Fair Housing Act of 1968 do? | prohibit discrimination in housing based on race, religion, color, or national origin |
| what level of government is the primary regulatory entity of the real estate business and how? | the State government because it establishes real estate license laws, and qualification Most importantly exert regional influence in the usage and environmental control of real estate within the state. Ex: flood zones, waste disposal, drainage control |
| what level of government focuses on land use control, control of improvements, and taxation? | County and local government regulation, control how all property within the jurisdiction may be developed, improved, demolished, and managed. |
| what is judicial regulation? | The judicial system exerts an influence on real estate ownership and use through decisions based on case law and common law |
| what is case law? | consists of decisions based on judicial precedent |
| what is common law? | the collective body of law deriving from custom and generally accepted practice in society. |
Created by:
AA412614
Popular Real Estate sets