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REAL ESTATE PRINCIPLES

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real estate is often defined as a bundle of rights that include the legal "right of ownership" that is included in an owner's bundle of rights

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Terms in this set (150)

real estate is often defined as a bundle of rights that include the legal "right of ownership" that is included in an owner's bundle of rights

-the right of possession
-the right to physically control the property
-the right to dispose of the property

real property includes

-the land itself
-that which is permanently attached or affixed to the land
-anything which is incidental or appurtenant to the land

the right of an owner of land that borders on a river or other flowing stream to reasonable use of the water is known as the owner's

Riparian rights

all of the following would be classified as real property except

-an easement
-stock in a mutual water company
-a lease
-a wall that is embedded in the land

A LEASE

an item of personal property that is attached to, or incorporated into, the land in such a manner as to become a part of the real property is known as

all of the following are general tests that the courts use to determine whether a specific item is a fixture and has become a permanent part of the real property except the

cost and size of the item

the term "bill of sale" is most commonly associated with

personal property

which of the following methods can be used to legally describe real property

-metes and bounds
-sections and townships
-lots, blocks, and tracts

which of the following is true regarding a township

-a township is a square piece of land that measures 6 miles by 6 miles
-a township contains 36 square miles

which of the following is a true statement about a section

-there are 36 sections in a township
-a section is one mile square

the most complete form of land ownership, which carries with it the maximum bundle of rights, is known as

a fee simple estate

an estate that is based on the length of the life of one or more persons is known as

the type of leasehold estate that entitles a tenant to the exclusive use and possession of a property for a fixed period of time is

an estate for years

which of the following implied warranties (promises) does a granto make when executing a grant deed

-the grantor has not already conveyed title to the property to any other person
-the property is free of any encumbrances other than those already disclosed to grantee

all of the following are required for a deed to be valid except

-granting clause
-an acknowledgement
-signature of the grantor
-property must be adequately described

AN ACKNOWLEDGEMENT