SC Real Estate - Chapter 1 Questions and Answers

SC Real Estate - Chapter 1 Questions and Answers Real Estate - Correct Answer ️️ -Air, water, land, and everything affixed to the land. May be owned privately by individuals and private entities, or publicly by government entities. Land - Correct Answer ️️ -- Surface area of the earth - Everything beneath the surface of the earth extending downward to its center - All natural things permanently attached to the earth - The air above the surface of the earth extending outward to infinity Land has three unique physical characteristics: - Correct Answer ️️ -- Immobility - Indestructibility - Heterogeneity Improvements - Correct Answer ️️ -Man-made structures attached to the land Bundle of Rights - Correct Answer ️️ -The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. Real Property - Correct Answer ️️ -Ownership of real estate and the bundle of rights associated with owning the real estate. Real property can be rental or residential. Personal Property - Correct Answer ️️ -Ownership of anything that is not real estate, and the rights associated with owning the personal property item. These items can also be called chattels or personalty. - Moveable - Destructible - Homogenous Tangible Property (Corporeal) - Correct Answer ️️ -Physical, visible, and material. Intangible Property (Incorporeal) - Correct Answer ️️ -Abstract, having no physical existence in itself, other than as evidence of one's ownership interest. Fixtures - Correct Answer ️️ -A personal property item that has been converted to real property by attachment to real estate. Typical examples are: chandeliers, toilets, water pumps, septic tanks, and window shutters Adaptation - Correct Answer ️️ -If an item is uniquely adapted to the property, or the property is custom-designed to accommodate the item, it may be deemed real property whether the item is easily removable or not. House keys, a garbage compactor, and a removable door screen are examples. Functionality - Correct Answer ️️ -If an item is vital to the operation of the building, it may be deemed a fixture, even though perhaps easily removable. Window-unit air conditioners and detachable solar panels are possible examples. Trade Fixtures - Correct Answer ️️ -Items of a tenant's personal property that the tenant has temporarily affixed to a landlord's real property in order to conduct business. Sale or lease contract provisions - Correct Answer ️️ -In a sale or lease transaction, the listing of an item in the contract as a personal property item, or a fixture, overrides all other considerations. Unless otherwise stated as exceptions, all fixtures are included in the sale. For example, if a sale contract stipulates that the carpeting is not included in the sale, it becomes a personal property item. Emblements - Correct Answer ️️ -Plants and crops requiring human intervention and labor. Severance - Correct Answer ️️ -Is the conversion of real property to personal property by detaching it from the real estate; such as by cutting down a tree, detaching a door from a shed, or removing an antenna from a roof. Affixing - Correct Answer ️️ -Or attachment, is the act of converting personal property to real property by attaching it to the real estate; such as by assembling a pile of bricks into a barbecue pit or constructing a boat dock from wood planks. Right to Use - Correct Answer ️️ -right to use it in certain ways, such a