Real Estate Unit 2
Terms in this set (10)
What five economic characteristics affect the value of land in the marketplace?
Utility or usefulness
What are the three physical characteristics of land?
Immobile or permanent
Non-homogeneous or unique
Explain the differences between the legal concepts of land real estate.
Land encompasses the surface of the earth, whatever is below the surface, whatever is above extending into space, and everything natural thing that is permanently attached to the earth. Real estate includes all this plus all man-made things permanently attached to the earth.
Define special purpose real estate and give an example.
Property that has a unique use to the persons who own and use it, such as churches, hospitals, schools and government buildings.
Name the five major rights included in the bundle of rights to real estate.
Define the "right to use" and describe its limitations.
The right to use a property refers to the right to use it in certain ways, such as mining, cultivating, landscaping and building on the property. The right is subject to the limitations of local zoning and the legality of the use. One's right to use may not infringe on the on the rights of the others to use and enjoy their property.
What is the difference between littoral rights and riparian rights?
Littoral rights concern properties that border bodies of water that are not moving.
Riparian rights concern properties that border moving water such as streams and rivers.
What is the distinction between real and personal property?
Real property is permanently attached to the land or to structures attached to the land whereas personal property is not.
What are the legal tests that determine if an item is a fixture?
Method of annexation (attachment)
Existence of an agreement
What is an emblement and is it real or personal property?
Plants or crops that require human intervention and labor are emblements and are personal property.
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