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RealEstateU Ch 3 Exam Questions and Complete Solutions Graded A+
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RealEstateU Ch 3 Exam Questions and Complete Solutions Graded A+
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RealEstateU Ch 3Exam Questions
and Complete
Solutions Graded
A+
Denning [Date] [Course title]
,Real Estate / Real Property - Answer: Land, and generally whatever is erected upon or affixed thereto.
Real property is immobile (location specific) and illiquid
Real property is influenced by supply, demand, and scarcity
Bundle of Rights - Answer: The premise that the ownership of real estate consists of the ownership of
various rights associated with it. These rights include the right to use and/or occupy, the right to sell in
whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.
*stronger than the contract rights
Fee Simple Estate - Answer: Absolute ownership of real property; a person has this type of estate where
the person is entitled to the entire property with unconditional power of disposition during the person's
life and descending to the person's heirs or distributees.
**Includes all of the bundle of rights
Air Rights - Answer: Rights in real property to use the space above the surface of the land.
-buildable sq footage
-views
-cell towers
-etc.
Riparian Rights (River) = Flowing Water - Answer: The right of a property owner whose land borders a
natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the
property. Riparian literally means "riverbank".
ex: the right to use a river adjacent to the property
, Littoral Rights (Lake) = Stagnant Water - Answer: The right of a property owner whose land borders on a
body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the
property borders on.
ex: The right to access a lake adjacent to the property
Chattel - Answer: Personal property, such as household goods.
The owner of a Fee Simple may: - Answer: 1.Pledge the property as security for a debt (mortgage)
2.Convey the property to another
3.Convey a leasehold to another party
4.Grant an easement
5.Grant a license/permission to conduct some activity on the land
Full Bundle of Rights include: - Answer: 1.The right to quiet enjoyment
2.The right to dispose of the property by gift
3.The right to sell the property by deed, or by will
4.The right to control the use of the property (only within the legal limits)
Subsurface rights: - Answer: -minerals
-oil/natural gas
-aquifers
-etc.
Land rights - Answer: -subsurface rights
-air rights
-riparian rights (water rights)
-littoral rights
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