CH. 2 Nature of Real Estate

In discussion the terms of a sale, a licensee makes reference to emblements. Emblements has to do with...

crops produced annually by labor and industry (The law of Emblements permits a tenant to re-enter to harvest crops grown by the tenant. Emblements are regarded as personal property even after a lease has expired)

The fact that no two parcels of land can occupy the same location gives land the characteristics of....

heterogeneity (implies that no two parcels of land are the same. No two may share the same location)

Man-made permanent additions to land are called....

improvements (improvements are valuable additions made to property that amount to more than repairs, closing costs labor and capital, and are intended to enhance the value of the property)

As distinguished from personal property, real property...

is considered permanent, fixed an immovable (Personal property can be mortgaged and is more easily transferred than real property. The tax rate for real property in relation to its value is low. )

The rights to the water and ownership of the land up to the high-water mark of land abutting or bordering navigable bodies of water are...

littoral rights (Littoral rights are those held by landowners adjacent or butting navigable water courses such as lakes, larger rivers, and seas, and includes the rights to the water's to edge at mean high-water mark.)

Personal Property is most easily distinguished from real property by its...

mobility Mobility is the distinguishing feature between real and personal property. Permanent annexation implies real property. Both real and personal property have ownership, and both lose value due to depreciation.

Riparian rights relate to the use and ownership of water in....

non-navigable rivers and streams (The owner of land which touches on a non-navigable watercourse enjoys riparian rights to use water. He/she may use it in reasonable manner, but prevent its natural flow nor pollute the water in such a way as to adversely affect others. Examples of the rights are swimming, fishing, boating and the right to the alluvium deposited by the water. The word "riparian" literally means "river bank")

Owners are building a new enclosed porch on a home. The lumber dealer with whom they are contracting has just unloaded a truckload of lumber in front of their house that will be used to build the porch. At this point, the lumbar is considered to be...

personal property (Any property not permanently attached to real estate is considered personal property)

Which of the following tests would be used to determine if an item of personal property property has become a fixture and thus, real property? 1. The adaptation of the item to the premises 2. An agreement between the parties involved 3. The intention of the parties 4. All of the above

All of the above (In addition to these tests, two other fixture tests are 1. methods of attachment and 2. the relationship of the parties. In the buyer/seller relationship, the issue is usually resolved in favor of the buyer.)

A parcel of real property may include...

Land and improvements, mineral rights, trees, houses, and septic tanks. Airspace, surface, and ground beneath the surface. (Real property is everything permanently attached to land. It includes everything from the center of the to infinity in the sky)

Which of the following is NOT one of the "Bundle of Rights"? 1. Right of possession 2. Right of disposition 3. Right of enjoyment 4. Right of unrestricted use

Right of unrestricted use (The first three common to the "Bundle of rights" theory)

Which of the following are ownership rights as contemplated in the "bundle of rights"?

To use, sell, or lease the property and to enter, give away, or do nothing with the property. (Taxation, eminent domain and escheat are means of involuntary alienation exercised by various levels of government)