Barney Fletcher Section 1 Exam Questions and Answers

Barney Fletcher Section 1 Exam Questions and Answers What makes real estate real property? - Ans ️️ The Bundle of Rights What does the Bundle of Rights include? - Ans ️️ 1. Right to possess the property 2. Right to control the property within legal limits 3. Right to enjoy the property and use it in any legal matter 4. Right to exclude others from entering or using the property 5. Right to encumber the property, as with a mortgage 6. Right to dispose of the property by Salem will, or other transfer What is Real Estate? - Ans ️️ Physical land and permanent, man-made improvements on the land. What is Real Property? - Ans ️️ Real property is real estate that includes your bundle of rights. Surface Rights - Ans ️️ Legal right to control, occupy, and use the surface area of a parcel of real estate (the land), including building of improvements (real property), and the growing of crops. Air Rights - Ans ️️ Legal right to control, occupy, and use airspace above a parcel of real estate. Air rights may be sold or leased. Air rights expand indefinitely.