Real Estate Foundations - L1

What does real property include that is often associated with owning a home?

• A bundle of rights

• A set of appliances

• A list of previous owners

• A collection of personal items

What is important to clarify when it comes to the sale of personal and real property?

• The color of the property

• The size of the property

• The category switch between personal and real property

• The age of the property

Which of the following is a unique characteristic of land ownership?

• Replicability

• Scarcity and modification

• Uniformity

• Portability

Which set of rights is associated with land ownership?

• Shareholder rights

• Riparian and littoral rights

• Intellectual property rights

• Mineral rights

What are accession and accretion examples of?

• Factors that affect the value of personal property

• Types of real estate investments

• Factors that only affect land

• Legal terms for transferring property

What does the term "real property" refer to?

• Any item which may be owned, including the rights associated with ownership

• Land from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership

• Personal property that is owned by and needed for a tenant’s business

• The act of converting real property into personal property

Which of the following best defines "chattel"?

• An unattached, moveable asset not considered real estate

• A nonnatural structure built on or affixed to land

• Plants or crops intended for harvest and treated as personal property

• A commonly used term for personal property in the world of real estate

What are "fructus industriales"?

• Trees, perennial plants, and uncultivated plants usually treated as real property

• Personal property that is owned by and needed for a tenant’s business

• Plants or crops intended for harvest and treated as personal property, a.k.a. emblements

• Any nonnatural structure built on or affixed to land

What is the difference between "real estate" and "real property"?

• Real estate refers to the land plus all improvements made by man or nature, while real property includes the bundle of legal rights of ownership

• Real property is the land plus all improvements made by man or nature, while real estate includes the bundle of legal rights of ownership

• Real estate and real property are terms for personal property in the world of real estate

• There is no difference; both terms are interchangeable

What is "severance" in the context of real estate?

• The act of converting real property into personal property

• The process of attaching personal property to the land, making it real property

• The legal rights of ownership associated with real property

• The improvements made by man or nature to the land