Unit 1 - Property Ownership
Land - correct answer ✔✔Earth surface from the center core of the earth upwards to the heavens above
Includes: Natural attachments (trees, water, minerals, resources that lie beneath the surface)
Surface Rights - correct answer ✔✔Soil & Land
Subsurface Rights - correct answer ✔✔Oil & gas beneath the surface
Air Rights - correct answer ✔✔Right to build a structure above your land (vertical rights)
Real Estate - correct answer ✔✔Includes land at, above, or below Earth's surface (as well as any
improvements made on land)
Improvements - correct answer ✔✔Anything man made affixed to the land with the intent of being
permanent
Real Property - correct answer ✔✔Land improvements, and the interest, benefits, and rights inherent in
the ownership.
Tangible property with the intangible property rights.
Bundle of Legal Rights - correct answer ✔✔*Right of Possession
*Right of Control
*Right of Enjoyment
*Right of Exclusion
*Right of Disposition
Land - correct answer ✔✔Earth surface from the center core of the earth upwards to the heavens above
Includes: Natural attachments (trees, water, minerals, resources that lie beneath the surface)
Surface Rights - correct answer ✔✔Soil & Land
Subsurface Rights - correct answer ✔✔Oil & gas beneath the surface
Air Rights - correct answer ✔✔Right to build a structure above your land (vertical rights)
Real Estate - correct answer ✔✔Includes land at, above, or below Earth's surface (as well as any
improvements made on land)
Improvements - correct answer ✔✔Anything man made affixed to the land with the intent of being
permanent
Real Property - correct answer ✔✔Land improvements, and the interest, benefits, and rights inherent in
the ownership.
Tangible property with the intangible property rights.
Bundle of Legal Rights - correct answer ✔✔*Right of Possession
*Right of Control
*Right of Enjoyment
*Right of Exclusion
*Right of Disposition
