REAL PROPERTY & THE LAW UNIT 2
EXAM QUESTIONS AND ANSWERS
Laws Affecting Real Estate - Answer-Contract law, General property law, Agency
law, Real estate license law, Federal, state & local laws and regulations (e.g.
Consumer protection, environmental, tax, land use, and zoning.)
Common Law - Answer-In this type of legal system, the law is created and/or refined
by judges: a decision in the case currently pending depends on DECISIONS ON
PREVIOUS CASES and affects the law to be applied in future cases (I.e. Judge
Judy).
Statute Law - Answer-Written law set down by a legislature or other governing
authority such as the executive branch of government in response to a perceived
need to clarify the functioning government, improve civil order, answer a public need,
to codify existing law or for an individual or company to obtain special treatment.
General Property Law - Answer-Governed at state level.
Agency Law - Answer-Between two living individuals.
Federal Regulations - Answer-Deals mostly with civil rights and environmental
situation.
Personalty - Answer-Same as personal property.
Realty - Answer-Same as real estate.
Chattel - Answer-Same as personal property.
Land - Answer-The earth's surface extending downword to the center of the earth
and upward to infinity to include naturally attached objects such as trees and bodies
of water found on or under it.
Subsurface - Answer-The minerals and substances that lie far below the earth's
surface.
Airspace - Answer-The air above the earth, all the way to space.
Real Estate - Answer-Land plus all human-made improvements to the land that are
permanently attached to it.
Improvement - Answer-Any artificial thing attached on or below ground such as a
building, fence, water line, or sewer pipe as well as growing things that are made
part of the landscaping.
EXAM QUESTIONS AND ANSWERS
Laws Affecting Real Estate - Answer-Contract law, General property law, Agency
law, Real estate license law, Federal, state & local laws and regulations (e.g.
Consumer protection, environmental, tax, land use, and zoning.)
Common Law - Answer-In this type of legal system, the law is created and/or refined
by judges: a decision in the case currently pending depends on DECISIONS ON
PREVIOUS CASES and affects the law to be applied in future cases (I.e. Judge
Judy).
Statute Law - Answer-Written law set down by a legislature or other governing
authority such as the executive branch of government in response to a perceived
need to clarify the functioning government, improve civil order, answer a public need,
to codify existing law or for an individual or company to obtain special treatment.
General Property Law - Answer-Governed at state level.
Agency Law - Answer-Between two living individuals.
Federal Regulations - Answer-Deals mostly with civil rights and environmental
situation.
Personalty - Answer-Same as personal property.
Realty - Answer-Same as real estate.
Chattel - Answer-Same as personal property.
Land - Answer-The earth's surface extending downword to the center of the earth
and upward to infinity to include naturally attached objects such as trees and bodies
of water found on or under it.
Subsurface - Answer-The minerals and substances that lie far below the earth's
surface.
Airspace - Answer-The air above the earth, all the way to space.
Real Estate - Answer-Land plus all human-made improvements to the land that are
permanently attached to it.
Improvement - Answer-Any artificial thing attached on or below ground such as a
building, fence, water line, or sewer pipe as well as growing things that are made
part of the landscaping.
