Exam (elaborations)
Property ownership(questions well answered to pass)
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Property ownership(questions well answered to pass)
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Property ownershipland - correct answer ✔✔The earth's surface, extending downward to the center of the earth and
upward infinitely into space, including things permanently attached by nature, such as trees and water.
real estate - correct answer ✔✔Land, plus all things permanently attached to it naturally or artificially
Real Property - correct answer ✔✔Real estate, plus the interests, benefits, and rights included with real
estate ownership
Improvements - correct answer ✔✔Artificial attachments to land that include things such as fencing,
buildings, and walkways
ownership rights - correct answer ✔✔Enjoyment, disposition, possession, control, and exclusion; often
referred to as "bundle of rights"
Personal Property - correct answer ✔✔Everything owned that is not real property, aka chattel
Method of annexation - correct answer ✔✔This refers to whether the item is attached to the property
and how permanent the attachment is.
Adaptability for use - correct answer ✔✔Refers to how an item is adapted to the real property. If
removing an item would change or eliminate the use of the property, it's likely real property.
Relationship of the parties - correct answer ✔✔In general, the courts tend to favor a tenant's take on an
item over the landlord's and a buyer over a seller.
Intention in placing - correct answer ✔✔if an item was intended to be temporary, then it is less likely to
be considered real property
, fixture - correct answer ✔✔Anything permanently attached to land or improvements so as to become
real property
severance - correct answer ✔✔Changing an item of real estate to personal property by detaching it from
the land; for example, cutting down a tree.
Emblements - correct answer ✔✔Cultivated crops (considered personal property even though they're
attached to the soil)
Annexation - correct answer ✔✔Process of converting personal property into real property.
Trade Fixtures - correct answer ✔✔Personal property used in a business and can be removed by the
lessee when the lease terminates.
immobility - correct answer ✔✔The geographic location of land is fixed and can't be changed
Indestructibility - correct answer ✔✔Improvements may deteriorate over time, but not land itself.
Uniqueness/Nonhomogeneity - correct answer ✔✔One piece of land is never exactly like another.
Scarcity - correct answer ✔✔You can't make more land; what we have now is what we'll always have
Improvements - correct answer ✔✔A land's value can be positively or negatively affected by the
improvements made on it
Permanence of Investment - correct answer ✔✔Some improvements are long-term, stable investments
with stable returns over time.
Situs/location/area preference - correct answer ✔✔A property's value depends in large part on its
location.
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