Real estate" includes such things as
fences, sidewalks, and piers on a parcel of land.
By definition, personal property
is any property that is not real property.
The right to build a structure on top of an existing structure is an example of
Air rights
The right to encumber a property means that the owner can
use the property as collateral for debt.
Who owns the land under a navigable river?
The State
If littoral rights attach to a property, the property extends to
the high water mark of the body of water.
Which of the following is true of littoral rights?
They transfer with the property when the property is sold
If a property abuts a navigable river, where is the boundary of the property?
At the water's edge
Littoral rights concern which of the following bodies of water?
Navigable lakes, seas, and oceans
An "improvement" is
a structure intended as a permanent attachment to land.
The rights to possess and use a property are
limited by what the law allows
Even though it is attached to a structure, an item may be considered personal property rather than real property if
the owner originally intended to remove it after a period of time
A property owner has the right to transfer water rights
only if there are water rights attached to the property.
What is a "fixture"?
An item of personal property that has been converted to real property
If a property has riparian rights, the owner has the right to
Use the water in a way that does not infringe on another's riparian rights
Water rights include the right to
own and use a body of water on the surface of the earth
The level of government that is primary regulator of the real estate business is
the state
Which of the following is included in surface rights?
Water rights
A lease is an example of a(n)
transfer of a portion of the bundle of rights.
The physical limits of land are
the center of the earth and infinite space above the earth.
Riparian rights concern which of the following bodies of water?
Streams and rivers.
What guarantees the right of private ownership of real estate in the United States?
The Constitution
Which of the following is the best definition of real estate?
Land and everything permanently attached to it
Which of the following is included in the legal concept of land?
The surface of the earth and all natural things permanently attached to the earth
What are the three unique physical characteristics of land?
Immobile, indestructible, heterogeneous
The primary distinction between the legal concepts of land and real estate is that
land does not include man-made structures
The primary distinction between the legal concepts of real estate and real property is that
real property includes ownership of a bundle of rights
Which of the following is included in the bundle of rights inherent in ownership?
To transfer
Which of the following is an example of intangible property?
Stock
The right to use real property is limited by
the right of others to use and enjoy their property.
Surface rights, air rights and subsurface rights are
separable
Which of the following terms refers to the rights of a property that abuts a stream or river?
Riparian
What part of a non-navigable waterway does the owner of an abutting property own?
To the middle of the waterway
What is the "Doctrine of Prior Appropriation?
A doctrine that gives the state control of water use and the water supply
Which of the following is considered real property?
A tree growing on a parcel of land
The overriding test of whether an item is a fixture or personal property is
its definition as one or the other in a sale or lease contract.
What is an emblement?
A plant or crop that is considered personal property
An item can be converted from real to personal property and vice versa by means of which processes?
Affixing and severance
The major sources of real estate law are legislation at federal, state and local level, and
court decisions
What is the primary thrust of federal involvement in real estate law?
Broad regulation of usage
Which level of government controls zoning laws?
County and local
A grocer temporarily installs special fruit and vegetable coolers in a leased grocery store in order to prevent spoilage. The coolers would be considered which of the following?
Trade fixtures that are personal property
Under the doctrine of littoral rights, an owner claims ownership of all of the land underlying a lake where there are three other abutting property owners. Which of the following is true?
The owner's claim is invalid, because the state owns the underlying land