Real Estate Fundamentals Final Exam

Land vs Real Estate - answer-land- raw land (including trees, rocks, fossils, etc) real estate- land + fixtures and improvements Real Property - answer-land and anything attached to it + owner's rights Air Rights - answer-the rights in real property to reasonable use of the air above owned land Mineral Rights - answer-owner's rights to receive a portion of the profits from minerals found on their property joint tenancy - answer-sharing of real property life estate - answer-a property that grants land ownership for the lifetime of a specified person easement - answer-granting someone the right to use a portion of one's land encumber - answer-to place a lien o n a property until a debt is paid nuissance law - answer-if one obstructs another's right to quiet enjoyment and stuff only will win in a lawsuit if the nuisance comes to YOU; not if you go to the nuissance Restrictive Covenants - answer-A statement written into a property deed that restricts the use of the land in some way; also can restrict aesthetic changes to exterior of house (usually in planned communities) Bundle of Rights (5) - answer-Right of ... 1. Possession (owner exclusively owns property and could share if they want) 2. Disposition (owner has the right to sell/transfer property) 3. Use (owner can use the property in any legal manner) 4. Encumber (owner can place a lien on the property (i.e. get a mortgage)) 5. Quiet Enjoyment (owner is entitled to peace and quiet) Personal Property - answer-not real estate; chattel; moveable property Appurtenance - answer-another name for fixture (i.e. things attached to the land or improvements made to the land) Fixture or personal property test - answer-MARIA Method of attachment (can it be easily moved) Adaptability (is the item custom made for a specific place) Relationship of the parties (if buyer/seller disagree, the court with favor the buyer mostly) Intent of seller (did the original owner intend for an item to be permanent?) Agreement (a written contract between buyer/seller that states what is/isn't a fixture) UCC-1 statement - answer-used for liens on personal property Trade Fixtures - answer-Personal property used in a business and can be removed by the lessee when the lease terminates. Emblements - answer-Refers to crops which require annual planting Comprehensive/Master Plan - answer-helps localities establish and enforce rules that dictate how development occurs establishes a framework for the legal resolution-- a document that regulates the use of real property by defining certain limits on land use Temporary housing - answer-nursing homes, student dorms, frat houses, etc.