Exam (elaborations)
PA RE Fundamentals (1
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- Pennsylvania Real Estate Fundamentals
PA RE Fundamentals (1
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PA RE FundamentalsLand - ANS-Earth's surface extending downward to the center of the Earth (subsurface) and
upward into space (airspace), including permanent natural objects such as trees and water.
Real Estate - ANS-Land at, above and below the earth's surface, and all the things permanently
attached to it, whether natural or artificial (man-made).
Improvement - ANS-Any artificial thing attached to land, such as a building fence, streets,
utilities, etc.
Real Property - ANS-The interests, benefits, and rights that are automatically included in the
ownership of land and real estate. Real estate plus "bundle of legal rights." Includes the earth's
surface, subsurface, and airspace, including all things permanently attached by nature or
people, and all the legal rights innate to the ownership of a parcel of real estate.
Bundle of Legal Rights - ANS-Possession, control within the framework of the law, exclusion
and disposition.
Title - ANS-The right to or ownership of the land, including legal rights and evidence of that
ownership by a deed.
Appurtenance (Runs with the Land) - ANS-Right or privilege associated with the property,
although not necessarily a part of it. (Parking spaces, easements, water rights, etc.)
Surface Rights - ANS-Rights to use the surface of the earth.
Subsurface rights - ANS-Rights to the natural resources lying below the earth's surface. An
owner may transfer surface rights without transferring subsurface rights.
Mine Subsidence - ANS-The process of downward land shifts due to the collapse of
underground mine shafts and groundwater flows, usually resulting in sinkholes or troughs.
Air Rights - ANS-Rights to use the space above the earth.
Water Rights - ANS-Special common-law rights held by owners of land adjacent to rivers, lakes
or oceans and are restrictions on the rights of land ownership.
Personal Property, or Chattels - ANS-All moveable property that can be owned and does not fit
the definition of real property.
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