Mastering Real Estate Principals - Unit
2: Real Estate Concepts Exam
Questions and Answers Air Rights - Answer-Property rights to the space above the surface of the earth Allodial System - Answer-Legal system that recognizes full property ownership rights of individuals Attachment - Answer-Changing an item of personal property to real estate by attaching it Common Law - Answer-Body of law developed through court decisions based on customs and usage Control - Answer-Property right to use property the way the owner wants within the limits of the law Disposition - Answer-Property right to sell or give the property to someone else Enjoyment - Answer-Property owner's right to possess the property without interference Exclusion - Answer-Property right to keep other people from using Fixture - Answer-An item that was once personal property that has been attached to land or building so that it is now real property.
Test: Agreement of Parties, Intention of Parties, Method of Attachment
Fruits of Industry (Fructus Industriales or Emblements) - Answer-Cultivated annual crops which are considered personal property Fruits of Nature (Fructus Naturales) - Answer-Naturally growing plants and trees that do not require cultivation Intangible Property - Answer-Physical things that cannot be seen or touched.Represented by documents such as stock certificates.Land - Answer-Surface of the earth, below the earth to the center, above the earth, and natural things permanently attached Personal Property (Chattel Property or Personality) - Answer-Any property that is not real property. It's principal characteristic is movable.Possession - Answer-Property right to occupy the property
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