1. Real Property ANS >> The interest, benefits and rights inherent in the ownership
of real estate.
2. Surface Rights ANS >> Ownership rights in a parcel of real estate that are limited
to the surface of the property and do not include the air above it (air rights) or the
minerals below the surface (subsurface rights). Can be annexed to the land and
may be sold or leased to others.
3. Subsurface Rights ANS >> Real estate ownership rights to the water, minerals,
gas, oil and so forth that lie beneath the surface of the property.
4. Air Rights ANS >> The right to use the open space above a property, generally
allowing the surface to be used for another purpose.
5. Emblements ANS >> Growing crops, such as grapes and corn, which are
produced annually through labor and industry; also called "fructus industrials".
Cultivated crops= personal property.
6. Improvement ANS >> Any man-made addition to real property, such as
buildings, fences, driveways, sidewalks, streets or sewers. Can affect both the
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, improved parcel and surrounding parcels, either favorably or unfavorably.
7. Bundle of Rights ANS >> Property is not only property owned, but a set of rights
to the item enjoyed by the owner which are to ANS >> Possess, Use, Transfer,
Encumber, and Exclude.
8. Possess ANS >> Foremost of the rights in the bundle of rights.
9. Use ANS >> Refers to the right to use it in certain ways, subject to the limitations
if local zoning and legality of use. In addition, it may not infringe on the rights of
others to use and enjoy their property. Right to use limited by public and private
restrictions.
10. Transfer ANS >> The right to sell, bequeath, lease, donate, or assign ownership
inter- ests. Includes "lesser" interests.
11. Encumber ANS >> The right to mortgage the property as collateral for debt.
12. Exclude ANS >> The right to keep others OFF the property and to
prosecute tres- passers.
13. Personal Property ANS >> All that is not Real Property, Mostly moveable.
Includes ANS >> Cultivated crops & Trade Fixtures.
14. Fixtures ANS >> Personal Property converted to real property by attachment.
15. Trade Fixtures ANS >> Personal Property temporarily attached to real estate to
con- duct business. Examples- items to be removed at some point, grocery store
refrig- erators, retail fixtures, and restaurant equipment.
16. Characteristics of Real Property ANS >> Economic & Physical
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, 17. Economic Characteristics of Real Property ANS >> scarcity, improvements,
perma- nence of investment, location (S-I-P-L).
18. Scarcity ANS >> Although the total supply of land is not in short supply, land of a
quality or location may be limited.
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of real estate.
2. Surface Rights ANS >> Ownership rights in a parcel of real estate that are limited
to the surface of the property and do not include the air above it (air rights) or the
minerals below the surface (subsurface rights). Can be annexed to the land and
may be sold or leased to others.
3. Subsurface Rights ANS >> Real estate ownership rights to the water, minerals,
gas, oil and so forth that lie beneath the surface of the property.
4. Air Rights ANS >> The right to use the open space above a property, generally
allowing the surface to be used for another purpose.
5. Emblements ANS >> Growing crops, such as grapes and corn, which are
produced annually through labor and industry; also called "fructus industrials".
Cultivated crops= personal property.
6. Improvement ANS >> Any man-made addition to real property, such as
buildings, fences, driveways, sidewalks, streets or sewers. Can affect both the
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, improved parcel and surrounding parcels, either favorably or unfavorably.
7. Bundle of Rights ANS >> Property is not only property owned, but a set of rights
to the item enjoyed by the owner which are to ANS >> Possess, Use, Transfer,
Encumber, and Exclude.
8. Possess ANS >> Foremost of the rights in the bundle of rights.
9. Use ANS >> Refers to the right to use it in certain ways, subject to the limitations
if local zoning and legality of use. In addition, it may not infringe on the rights of
others to use and enjoy their property. Right to use limited by public and private
restrictions.
10. Transfer ANS >> The right to sell, bequeath, lease, donate, or assign ownership
inter- ests. Includes "lesser" interests.
11. Encumber ANS >> The right to mortgage the property as collateral for debt.
12. Exclude ANS >> The right to keep others OFF the property and to
prosecute tres- passers.
13. Personal Property ANS >> All that is not Real Property, Mostly moveable.
Includes ANS >> Cultivated crops & Trade Fixtures.
14. Fixtures ANS >> Personal Property converted to real property by attachment.
15. Trade Fixtures ANS >> Personal Property temporarily attached to real estate to
con- duct business. Examples- items to be removed at some point, grocery store
refrig- erators, retail fixtures, and restaurant equipment.
16. Characteristics of Real Property ANS >> Economic & Physical
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, 17. Economic Characteristics of Real Property ANS >> scarcity, improvements,
perma- nence of investment, location (S-I-P-L).
18. Scarcity ANS >> Although the total supply of land is not in short supply, land of a
quality or location may be limited.
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