Principles of Real EstateQuestion 3 of 120
Which of the following best describes 'real property'?
a.Only the physical soil and minerals below the surface
b.Movable items owned by a person
c.Land and everything permanently attached to it, plus the bundle of legal rights
d.A lease that lasts less than one year
Explanation
Real property includes land, improvements permanently affixed to it, and the associated legal rights known as the bundle of rights. Personal property (chattel) is movable and not permanently attached. The distinction matters because different laws govern the sale of each.
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Related questions on this topic
- In a general agency relationship, which duty requires a real estate licensee to place the principal's interests above the licensee's own?
- Under Florida law, what is the default brokerage relationship presumed when a licensee deals with a member of the public?
- The 'bundle of rights' in real property ownership includes the right to do all of the following EXCEPT:
- An item that was once personal property but has become permanently attached to real estate is called a:
- Which government power allows the taking of private property for public use with just compensation?
- When a person dies without a will and without legal heirs, ownership of the property passes to the state through:
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