Real Estate NYC Level 1 Chapter 1 Review with 100% correct answers already graded A+ 2024

Land Land is the surface of the earth, including ALL permanently attached natural features, extending downwards to the center of the earth and upward to infinity Real Estate Simply known as the land plus improvements. Real Property Simply known as Real Estate + Bundle of Rights ( Land + improvements + Bundle of Rights) What are the bundle of rights? right of exclusion, right of possession, right of quiet enjoyment, right of disposition, and right of control Appurtenances These are another set of rights that can be transferred with property but can be sold separately 1. Surface Rights 2. Subsurface Rights 3. Air Rights 4. Water Rights Surface Rights The property owner's rights to what is on the surface of the land including natural elements (ex: trees, crops, additional structures and improvements) Subsurface Rights / Mineral Rights The right to everything below the surface of the property such as mineral, oil or natural gas deposits. Can sometime be referred to as mineral rights Air Rights The right to the airspace above the property Water Rights Rights to water near the property. There are two types. Riparian rights (Water Rights) The right to govern the use of flowing water ex: rivers, and streams that flow through the property. Littoral Rights (Water Rights) The right to govern lakefront or oceanfront property and usually allow the property owner to use their water bordering their property Forces of Nature Actions of nature that affect the assessment of your land Accession (Force of Nature) Access or the right to all that one's own property produces, including that which is added naturally or by human action. Ex: Squirrel plants a tomato tree Accretion (Force of Nature) The process results in a gradual increase in land due to soil deposits by the action of water. Erosion (Force of Nature) The gradual loss of land over time Reliction (Force of Nature) The gradual increase of land over time due to water gradually withdrawing Avulsion (Force of Nature The SUDDEN loss of land due to flooding or river changing course Land's Physical Characteristics Immobile, indestructible, nonhomogeneous (unique not the same) Chattel commonly used term for personal property in real estate Fixture An object that was once personal property but is now firmly attached to the land in such a way that is considered to be real property. ( Also known as an attachment )