SC Real Estate - Chapter 1 || with Right Answers.
Real Estate correct answers 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 answers - 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 answers - Immobility
- Indestructibility
- Heterogeneity
Improvements correct answers Man-made structures attached to the land
Bundle of Rights correct answers The rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
Real Property correct answers 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 answers 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 answers Physical, visible, and material.
Intangible Property (Incorporeal) correct answers Abstract, having no physical existence in itself,
other than as evidence of one's ownership interest.
Fixtures correct answers 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 answers 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 answers 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 answers 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 answers 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 answers Plants and crops requiring human intervention and labor.
Severance correct answers 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 answers 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 answers right to use it in certain ways, such as mining, cultivating,
landscaping, razing, and building on the property.
Right to Transfer correct answers right to sell, bequeath, lease, donate, or assign ownership
interests.
Right to Encumber correct answers right to mortgage the property as collateral for debt.
Right to Exclude correct answers gives the property owner the legal right to keep others off the
property and to prosecute trespassers.
Appurtenances correct answers apply to those things that can be transferred along with the land
upon its sale, such as air rights, surface rights, and subsurface rights.
Surface Rights correct answers apply to the real estate contained within the surface boundaries of
the parcel.
Littoral Rights correct answers concern properties abutting bodies of water that are not moving,
such as lakes and seas
Riparian Rights correct answers concern properties abutting moving water, such as streams and
rivers.
Accession correct answers is the gain or loss of property through forces of nature, labor, or the
addition of new materials.
Real Estate correct answers 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 answers - 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 answers - Immobility
- Indestructibility
- Heterogeneity
Improvements correct answers Man-made structures attached to the land
Bundle of Rights correct answers The rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
Real Property correct answers 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 answers 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 answers Physical, visible, and material.
Intangible Property (Incorporeal) correct answers Abstract, having no physical existence in itself,
other than as evidence of one's ownership interest.
Fixtures correct answers 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 answers 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 answers 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 answers 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 answers 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 answers Plants and crops requiring human intervention and labor.
Severance correct answers 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 answers 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 answers right to use it in certain ways, such as mining, cultivating,
landscaping, razing, and building on the property.
Right to Transfer correct answers right to sell, bequeath, lease, donate, or assign ownership
interests.
Right to Encumber correct answers right to mortgage the property as collateral for debt.
Right to Exclude correct answers gives the property owner the legal right to keep others off the
property and to prosecute trespassers.
Appurtenances correct answers apply to those things that can be transferred along with the land
upon its sale, such as air rights, surface rights, and subsurface rights.
Surface Rights correct answers apply to the real estate contained within the surface boundaries of
the parcel.
Littoral Rights correct answers concern properties abutting bodies of water that are not moving,
such as lakes and seas
Riparian Rights correct answers concern properties abutting moving water, such as streams and
rivers.
Accession correct answers is the gain or loss of property through forces of nature, labor, or the
addition of new materials.
