PA Real Estate Vocab| Exam Questions with Correct Answers 100% Verified By Experts|
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Land The earth's surface extending downward to the center of the earth and upward into
space, including permanent natural objects such as trees and water.
Real Estate land at, above, and below the earth's surface, and all things permanently
attached to it, whether natural or artificial.
Improvement any artificial thing attached to land, such as a building or fence, or
improvements such as streets, utilities and sewers.
Real Property Includes both land and real estate. The interests, benefits, and rights that are
automatically included in the ownership of the land and real estate.
Bundle of Legal Rights -right of possession
-right to control the property within the framework of the law
-right of enjoyment(to use the property in any legal manner)
-right of exclusion(to keep others from entering or using the property)
-right of disposition(to sell, will, transfer, or otherwise dispose of or encumber the property)
Title Relates to Real Property. Two meanings
1)the right to ownership of the land, including the owner's bundle of legal rights
2)evidence of the ownership by a deed
Appurtenance (runs with land) is a right or privilege associated with the property, although
not necessarily a part of it. Example: Parking spaces in multiunit buildings, easements, water
rights
Surface rights the rights to use the surface of the earth
,Subsurface rights are the rights to the natural resources lying below the earths surface. An
owner may transfer surface rights without transferring the subsurface rights
Mine Subsidence is the process of downward land shifts due to the collapse of underground
mine shafts and ground water flows, usually resulting in sinkholes or troughs
Air rights the rights to use the space above the earth, may be sold or leased independently,
provided the rights have not been preempted by law.
Water rights are special common-law rights held by owners of land adjacent to rivers, lakes,
or oceans and are restriction on the rights of land ownership.
Personal Property Sometimes called personalty, is all property that can be owned and does
not fit the definition of real property. Personal property is moveable.
Chattels Include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts
Factory-built housing is defined as dwellings that are built off-site and trucked to a building
lot where they are installed or assembled. Examples:modular, panelized,precut, mobile homes
manufactured housing is built at the factory under the following US Dept. of Housing and
Urban Development (HUD) specifications:
-Non-removable steel chassis
-at least 8 feet wide and 40 feet long
-At least 320 Square feet of living space
-Capable of being lived in with our without a permanent foundation
-Contains a red label indicating that the home has been built in compliance with HUD
, Emblements Annual cultivated crops of fruit, vegetables and grain are Emblements which
are generally considered personal property.
Severance An item of real property can become personal property. Example: An apple
becomes personal property once it is picked from a tree
Annexation Changing personal property into real property. If landowner buys cement,
stones, and sand and then mixes them into concrete and constructs a sidewalk, the owner has
converted personal property into real property.
Fixture Is personal property that has been so affixed to the land or a building that, by law, it
becomes part of the real property. Examples: radiators, kitchen cabinets, light fixtures, and
plumbing
Trade Fixtures An article owned by a tenant and attached to a rented spaces or building or
used in conducting a business. Trade fixtures are considered personal property and can be
removed by the tenant. Examples: bowling alleys, store shelves, restaurant equipment, chicken
coops, tool shed
Accession Acquiring property from a trade fixture.Trade fixtures that are not removed
become the real property of the landlord.
Four economic characteristics of Real Estate Scarcity
Improvements
Permanence of Investment
Location or area preference
Area Preference/ Situs Refers not only to geography but also to peoples's preference for a
specific area. Based on several factors, such as convenience, reputation, history
Latest Update Guaranteed Success
Land The earth's surface extending downward to the center of the earth and upward into
space, including permanent natural objects such as trees and water.
Real Estate land at, above, and below the earth's surface, and all things permanently
attached to it, whether natural or artificial.
Improvement any artificial thing attached to land, such as a building or fence, or
improvements such as streets, utilities and sewers.
Real Property Includes both land and real estate. The interests, benefits, and rights that are
automatically included in the ownership of the land and real estate.
Bundle of Legal Rights -right of possession
-right to control the property within the framework of the law
-right of enjoyment(to use the property in any legal manner)
-right of exclusion(to keep others from entering or using the property)
-right of disposition(to sell, will, transfer, or otherwise dispose of or encumber the property)
Title Relates to Real Property. Two meanings
1)the right to ownership of the land, including the owner's bundle of legal rights
2)evidence of the ownership by a deed
Appurtenance (runs with land) is a right or privilege associated with the property, although
not necessarily a part of it. Example: Parking spaces in multiunit buildings, easements, water
rights
Surface rights the rights to use the surface of the earth
,Subsurface rights are the rights to the natural resources lying below the earths surface. An
owner may transfer surface rights without transferring the subsurface rights
Mine Subsidence is the process of downward land shifts due to the collapse of underground
mine shafts and ground water flows, usually resulting in sinkholes or troughs
Air rights the rights to use the space above the earth, may be sold or leased independently,
provided the rights have not been preempted by law.
Water rights are special common-law rights held by owners of land adjacent to rivers, lakes,
or oceans and are restriction on the rights of land ownership.
Personal Property Sometimes called personalty, is all property that can be owned and does
not fit the definition of real property. Personal property is moveable.
Chattels Include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts
Factory-built housing is defined as dwellings that are built off-site and trucked to a building
lot where they are installed or assembled. Examples:modular, panelized,precut, mobile homes
manufactured housing is built at the factory under the following US Dept. of Housing and
Urban Development (HUD) specifications:
-Non-removable steel chassis
-at least 8 feet wide and 40 feet long
-At least 320 Square feet of living space
-Capable of being lived in with our without a permanent foundation
-Contains a red label indicating that the home has been built in compliance with HUD
, Emblements Annual cultivated crops of fruit, vegetables and grain are Emblements which
are generally considered personal property.
Severance An item of real property can become personal property. Example: An apple
becomes personal property once it is picked from a tree
Annexation Changing personal property into real property. If landowner buys cement,
stones, and sand and then mixes them into concrete and constructs a sidewalk, the owner has
converted personal property into real property.
Fixture Is personal property that has been so affixed to the land or a building that, by law, it
becomes part of the real property. Examples: radiators, kitchen cabinets, light fixtures, and
plumbing
Trade Fixtures An article owned by a tenant and attached to a rented spaces or building or
used in conducting a business. Trade fixtures are considered personal property and can be
removed by the tenant. Examples: bowling alleys, store shelves, restaurant equipment, chicken
coops, tool shed
Accession Acquiring property from a trade fixture.Trade fixtures that are not removed
become the real property of the landlord.
Four economic characteristics of Real Estate Scarcity
Improvements
Permanence of Investment
Location or area preference
Area Preference/ Situs Refers not only to geography but also to peoples's preference for a
specific area. Based on several factors, such as convenience, reputation, history
