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Aceable Agent - Level 1 - Property Ownership - Chapters 1-4 exam 2023 with 100% correct answers

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What is land? - correct answer -Land refers to more than just a tract of earth. Land not only includes the natural resources on the surface of the land, but the minerals below the surface and the air above the surface. The official definition is: The surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards towards infinity. When a person acquires land, they acquire all that is above and below as well. What is real estate? - correct answer -Real estate is the land PLUS all improvements made by man or nature. Examples of said improvements include buildings, sheds, fences, sewers, etc. Real estate is also referred to as realty. What constitutes an improvement? - correct answer -An improvement is any non-natural structure built on or affixed to land. Buildings fences, decks, and roads are all examples of improvements. Improvements must be permanently attached to land, and are therefore considered real estate. What is land without improvements? - correct answer -Exactly that; just land. For example,

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