Real Estate Chapter 1 Flashcards


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1

Land

Raw Land. Does not include any man made structures on the surface or below.

2

When you own land, you own __________

Heaven to Hell, meaning you own from straight up to the sky to down to the center of the earth.

3

Real Estate

Land plus any man made improvements such as a house, building, fence etc.

4

Fixutres

Rural areas that include separate garages, barns, outhouses, smokehouses, silo, chicken coup, or anything a person installs on their land.

5

Appurtenances

Same as fixtures. They are included when real estate is bought or sold.

6

Air Rights

the rights to the reasonable use of the airspace above the surface of the land.

7

Moveable Property

A mobile home, trailer, or wagon. Moveable property can also be Chattel.

8

The first rule of real estate

You can only convey the rights that you know when involved in a real estate transaction.

9

Bundle of Rights

All of the legal rights and privilege's included to ownership of property including rights to use, posess, encumber, and disposition.

10

The right to posession

The owner is the title holder. No one else can posess your real estate. When you buy it, it is yours. (the right to occupy your property)

11

What is the first exception for the government being able to violate the right to posession?

A criminal act conviction

12

What is the second exception for the government being able to violate the right to posession?

If someone has a civil judgment against them or has their real estate seized to pay a debt. Either way, there must be a court order.

13

The right of quiet enjoyment

No one can disturb you on your real estate. (Excessive noise, toxic waste, outside disturbances)

14

The right to control

the right to legally use the property by the owner how they see fit

15

the right of disposition

the right to sell or give the property away to someone else. Ex. (leaving a house to someone when you die)

16

the right to exclusion

the right to keep others from using the property

17

Joint Tenancy

the ownership of an estate or property jointly by two or more parties.

18

When it comes to air rights, you do not have the right to _______

a pretty view, someone can always build another building blocking your view.

19

Which right can be limited due to laws in some localities?

The right to control, owners primarily can do whatever they want to their land and property.

20

Mineral Rights

A land owners right to receive a portion of the profits of any minerals that are extracted from the land.

21

Real Property

Land, things affixed to land, appurtenances, plus the bundle of rights.

22

Subsurface rights

the rights to the area below the earths surface, such as oil and mineral rights.

23

Chattel

Goods or every species of property moveable or immovable which are not real property.