Exam (elaborations)
Real Estate Chapter 2-Property Ownership and Interests questions with answers
- Course
- Institution
Real Estate Chapter 2-Property Ownership and Interests questions with answers
[Show more]
Content preview
Real Estate Chapter 2-PropertyOwnership and Interests
Real Estate vs. Real Property - correct answer ✔✔Real Estate is the land an all improvements made both
on and to the land, whether found in nature or place there.
Real Property is real estate plus all legal rights, power, and privileges inherent in ownership of real
estate.
Bundle of Rights - correct answer ✔✔the rights of an owner of a freehold estate to possession,
enjoyment, control, and disposition of real property.
Real Property - correct answer ✔✔Consists of land and everything permanently attached to land, as well
as the rights of ownership. Ownership in land includes not only the face of the earth but also the area
below the surface to the center of the earth and the area above the surface theoretically to outer space.
Landowner owns all the structures on the land as well as other improvements ON the land, which
include such things as buildings, swimming pools, flagpoles, fences, and other structures. Improvements
TO the land refer to clearing the land, building roads, placing utilities, etc.
Deed - correct answer ✔✔Ownership of real property is transferred and evidenced by this document.
Conveys real property only and cannot convey personal property.
Personalty or Chattel - correct answer ✔✔Personal Property, tangible property, readily movable. "your
stuff", household furniture, cars, tractors, mobile homes, jewelry, and so on. Also includes growing crops
that are harvested annually.
Bill of Sale - correct answer ✔✔Ownership of personal property is transferred and evidenced by this
document.
Land and Minerals - correct answer ✔✔Land is defined as the earth's surface extending downward to
the center of the earth and upward to infinity, including things permanently attached by nature. Land
includes dirt and soil, as well ans boulders and growing things such as trees and bushes. Land also
includes minerals located below the surface, oil, gold, silver, and bauxite. The right to mine minerals in
land is evidenced by ownership of subsurface rights.
, Forest Tress, native shrubs, and wild berries are considered real estate.
Emblements - correct answer ✔✔Crops such as corn, wheat, melons, soybeans, and other garden
vegetables that are planted annually not spontaneously, but by labor and industry are called
emblements. Also include tenant's rights to reenter the property and harvest the crops after termination
of the tenancy. Emblements do not pass to a buyer of real estate by deed, they are considered personal
property.
Fixtures - correct answer ✔✔An improvement both ON and TO the land. The object that becomes a
fixture, and thus part of the real estate, was at one time a piece of personal property. Lumber to build a
structure is personal property or chattel when it is delivered to the building site. By attachment and the
intent of the builder, however the lumber becomes a building on the land and thus real estate. other
examples include: light fixtures, showers, bathtubs, toilets, windows, bricks, clotheslines, wood stoves,
window shades and so on.
Determining Factors for Fixtures - correct answer ✔✔1. How permanent is the attachment?
2. What was the intent of the person installing the item?
3. If it is removed, can the item be used elsewhere?
Trade Fixtures - correct answer ✔✔Items of personal property that a business operator installs in a
building space (whether owner or rented) are presumed to remain personal property. Ex: built in shelves
for displaying merchandise.
Although they are attached to the property, these fixtures remain the personal property of the business
operator and may be removed at the end of the lease period or at the time of the sale.
Rental agreements may allow the landlord to retain these items. If the rental agreement does not have
this provision, trade fixtures remain the property of the installing tenant. Upon removal of a trade
fixture, the tenant hast he responsibility to restore the property to its original condition.
involve: capping plumbing, repairing walls, filling holes, and so on.
Leasehold Improvements - correct answer ✔✔Physically identical to a trade fixture, but the difference
lies in who installed the item. If the landlord installed it, it remains with the building and is a leasehold
improvement. If the tenant installed it, it is a trade fixture and removable.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now