NJ REAL ESTATE - CH: 5 What is Real Estate? Review

Real property is often referred to as a BUNDLE OF RIGHTS. All of the following is included in the traditional bundle of rights EXCEPT the right

1. (Included) of exclusions *
2. (NOT INCLUDED) to use the property for private purposes, legal or otherwise
*3. (Included) of enjoyment 4. (Included) to sell or otherwise convey the property

Which of the following is NOT included in the definition of real estate

1.(Included) Minerals in the earth. 2. (Included) The air above the ground up to affinity. 3. (Included) Trees. 4. (**NOT INCLUDED) Chattels

A specific tract of land is known as

parcel

The owner of a large farm may lease to a gas drilling company of his

subsurface rights

Manufactured", permanent additions to land are called

improvements

One would have to look at a federal map to identify

**Navigable waterways

Molly Malloy owns land along the Passaic river. As a result, Molly may possess certain

Riparian rights

Which of the following items would NOT be a part of real estate?

1. Real estate - fences. 2. Real estate permanent buildings. 3. **NOT REAL ESTATE Farm equipment. 4. Real estate Growing trees

**Steve Jackson is a tenant in a small house under a one-year lease. Without consulting his landlord, Jackson installs awnings all over the building's front windows to keep the sun away from some delicate hanging plants. Which of the following is true

The awnings have become part of the real estate and cannot be removed.

When the salon moved in, the hairdresser installed three shampoo basins, four large mirrors, and a custom workstation counters. Just before the expiration of the lease, the hairdresser has the right to remove

All of the items mentioned

Fred and Cecelia Evans are building a new enclosed front porch on their new home. The lumber dealer with whom they are contracting has just unloaded a truckload of lumber to be used to build the porch of their house. At this point, the lumber is considere

A chattel

When the Everes' new front porch is completed, the lumber that the dealer originally delivered will be considered

real estate

Personal property differs from real property in its

mobility

A functioning furnace in the basement of a home would be considered

fixture

Courts apply four basic tests to determine whether an item is a fixture or personal property. These include all of the following EXCEPT

1. (Included) The way in which the item is attached to the real estate. 2. (Included) The intention of the person who attached the item. 3. (Included) The way in which the item has been adapted to the real estate 4.(**NOT INCLUDED) The opinion of the pers

After a railroad sells air rights for construction of a building over it's tracks, trains usually can

operate normally

Steve owns land on which oil is discovered by a drilling company. Based on these facts alone, which is true?

If Steve has not previously conveyed the mineral rights, he owns the oil.

A mobile home can be sold as real estate if it is

permanently attached to the land by a foundation

**The rights of the owner of property along with the ocean are known as

Littoral rights

Ownership rights to real estate do NOT include

1. (Included) buildings located on the property. 2. (Included) air space above the property. 3. (Included) minerals found under the property. 4. **(NOT INCLUDED) navigable rivers running through the property.