Virginia Real Estate Principles - Unit 2: Real Property and the Law Part 2
This deck covers key concepts from Virginia Real Estate Principles, focusing on real property, legal rights, and real estate regulations.
The new owner of a condominium received the right to use a parking space in the multi-unit building. This right is an example of
an appurtenance.
An appurtenance is a right or privilege associated with the property, although not necessarily a part of it; typical appurtenances include parking spaces in multiunit buildings, easements, water rights, and other improvements.
Key Terms
The new owner of a condominium received the right to use a parking space in the multi-unit building. This right is an example of
an appurtenance.
An appurtenance is a right or privilege associated with the property, although not necessarily a part of it; typical appurtenan...
Another term for personal property is
chattels.
Fixtures, fructus naturales, and realty are all real property.
The owners of littoral rights enjoy
unrestricted use of available waters.
Littoral rights belong to owners of land that borders commercially navigable lakes, seas, and oceans, and ...
Which of the following is a physical characteristic of land?
Indestructibility
The ability to make improvements, preference for the area, and relative scarcity of similar property are all economic matters....
A property owner wants to use water from a river that runs through the property to irrigate a potato field. To do so, the owner is required by state law to submit an application to the Department of Water Resources describing in detail the plan for beneficial use of the water. If the department approves the owner’s application, it will issue a permit allowing a limited amount of river water to be diverted onto the property. Based on these facts, it can be assumed that this property owner’s state relies on which rule of law?
Doctrine of prior appropriation
Many states whose water is in relatively short supply have passed statutes authorizi...
The need for regulation of the activities of real estate brokers and salespeople has long been recognized because
their work involves other people’s real estate and money.
The need for regulation of the activities of real estate b...
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| Term | Definition |
|---|---|
The new owner of a condominium received the right to use a parking space in the multi-unit building. This right is an example of | an appurtenance. |
Another term for personal property is | chattels. |
The owners of littoral rights enjoy | unrestricted use of available waters. |
Which of the following is a physical characteristic of land? | Indestructibility |
A property owner wants to use water from a river that runs through the property to irrigate a potato field. To do so, the owner is required by state law to submit an application to the Department of Water Resources describing in detail the plan for beneficial use of the water. If the department approves the owner’s application, it will issue a permit allowing a limited amount of river water to be diverted onto the property. Based on these facts, it can be assumed that this property owner’s state relies on which rule of law? | Doctrine of prior appropriation Many states whose water is in relatively short supply have passed statutes authorizing a system of prior appropriation in which owners downstream do not necessarily have to wait for “what’s left” after those upstream have drawn their fill. Priority—who is allowed to appropriate water first—is established, instead, by the date of approved filing and continued conformity with any rules and limitations on use imposed by the jurisdiction. |
The need for regulation of the activities of real estate brokers and salespeople has long been recognized because | their work involves other people’s real estate and money. The need for regulation of the activities of real estate brokers and salespeople has long been recognized because their work involves other people’s real estate and money. |
Real estate brokers and sales associates may NOT act as attorneys unless they | are also licensed attorneys representing clients in that capacity. Real estate brokers and sales associates may not act as attorneys unless they are also licensed attorneys representing clients in that capacity. |
The phrase bundle of legal rights is properly included in | the definition of real property. Purchasing real property means buying rights of ownership, or a bundle of legal rights. |
A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following? | Subsurface rights Sub means under or beneath. Subsurface then, is below the surface—the place where most minerals are found. |
Manufactured housing is the term used for a factory-built home as of | 1976. With the passage of The National Manufactured Housing Construction and Safety Standards Act of 1976,manufactured homes became federally regulated. |
A landowner sells his property but retains the rights to any oil and gas found beneath the property. These rights are called | subsurface rights. They are the rights to natural resources below the earth’s surface. An owner may transfer surface rights without transferring subsurface rights. |
Which of the following is considered an improvement? | Sewer It is infrastructure added to the land. An improvement is anything that is added as a fixture to the land. |
A property owner's land is located along the banks of a river. This owner's water rights are called | riparian rights. Riparian rights are common law rights granted owners of land along the course of a river. |
All of the following are economic characteristics of land EXCEPT | uniqueness. Uniqueness is a physical characteristic of real estate, along with immobility and indestructibility. |
The characteristics of real property fall into which two broad categories? | Economic and physical Real property possesses seven basic characteristics that define its nature and affect its use. These characteristics fall into two broad categories: economic and physical. |
The area preference or situs (place) of a property is commonly referred to as | “location, location, location.” Area preference or situs (place) of property is commonly referred to as “location, location, location.” This economic characteristic refers not only to geography but also to people’s preference for a specific area. Area preference is based on several factors, such as convenience, reputation, and history. |
A right or privilege tied to real property, although not necessarily part of the property, is called | an appurtenance An appurtenance is a right or privilege association with the property, although not necessarily a part of it. An emblement or trade fixture is a tangible item on the property. The deed is a document that transfers title. |
A truckload of lumber that a homeowner purchased has been left in the driveway for use in building a porch. The lumber is considered | personal property. The lumber will become realty if and when it is later affixed in the course of construction. Until then, it is personal property—a chattel—of the landowner. |
Method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is | a fixture or personal property. The overall test in determining whether an item is a fixture (real property) is the intention of the person installing it, how uniquely adapted the item is to the property in which it is installed, how item was installed and the damage its removal would cause, the relationship of the parties, and what the parties have agreed to. |
A rural property owner acquired ownership of land that was deposited by a river running through her property by | accretion. Increases in land adjacent to a body of water resulting from the deposit of soil by the water’s action is known as accretion, and the owner is entitled to that land. |
Many states determine the order of water rights to which users of the water hold recorded beneficial use permits. This allocation of water rights is controlled by | the doctrine of prior appropriation. The doctrine of prior appropriation usually applies in states where water is scarce. The landowner receives a permit to a specified amount of water, and priority of water rights is usually determined by the oldest recorded permit date. |
In the legal tests to determine whether an item is a fixture, the permanence of its installation is considered under | the method of annexation. The permanence of an item’s installation is considered in determining whether the item can be removed without causing damage to the surrounding property or whether any damage caused by its removal can be repaired easily. |
The most important economic characteristic of land is | location. Location is sometimes called area preference or situs. |
Which of the following describes the act by which real property can be converted into personal property? | Severance When we sever something, we cut it loose. Severing (felling) a tree from its roots converts it from realty—real(proper)ty—to personalty—personal(proper)ty. The process is called severance. |
The purpose of real estate license laws is to protect the public in real estate transactions from fraud, dishonesty, and | incompetence. The purpose of real estate license laws is to protect the public from fraud, dishonesty, and incompetence in real estate transactions. |