Substantive Law Study Support

1.                            What is the definition of real property?
“Real property” refers to land and anything permanently attached to land.

2.                            What is the Statute of Frauds?
A statute that requires certain types of transactions, such as those involving the transfer of real property interest to be in writing before they will be enforceable.

3.            What are some of the primary differences between real and personal property?
Real property consists of land and anything permanently attached to land; it is immobile and has a fixed point on the globe. Personal property is mobile and is not permanently attached to real estate.

4.                            What are some of the aspects of real property law that make it unique?
Land is fixed and immobile, unlike personal property which is, by its very nature, mobile and impermanent.

5.                            List and explain some of the physical characteristics of land.
Real property has several distinctive characteristics that separate it from personal property. For instance, land occupies a specific point on the globe. Unlike personal property, land is fixed and immovable. It always remains where it is and cannot be relocated.

6.                            Describe the economic characteristics of real property.
Land generally appreciates in value over time and offers tax benefits to homeowners.

7.                            What makes real estate such an attractive investment?
Land usually appreciates in value and homeowners can often borrow against their equity.

8.                            Explain equity.
Equity is the difference between what a homeowner owes on his or her property and what the land is worth.

9.                            What is the real estate market?
The real estate market refers to the diverse buyers and sellers who are acquire and dispose of property.

10.                          What is unimproved land?
Unimproved land refers to land that has no structures located on it.

11.                          List and explain the various classifications of real property.
Land can be classified as residential, commercial, industrial, rural, farmland or government-owned land.

12.                         What are the elements that make a residence qualify as an apartment?
A residence qualifies as an apartment when it has five or more living units.

13.                          What is the difference between a condominium and a townhouse?
A condominium owner has rights to the interior of his or her unit, but the exterior. A townhouse owner, on the other hand, has rights to both the interior and exterior of the structure.

14.                         When does a mobile home or manufactured home qualify as real property?
Mobile homes or manufactured homes qualify as real property when they are permanently affixed to land.

15.                         What is the difference between residential and commercial property?
Residential property is designed for human habitation, while commercial property is designed for business transactions.

16.                         How much land does the government own?
Various federal and state governments own approximately one third of all land located in the continental United States.

17.                         Why are ethical rules important for real estate practitioners?
Ethical rules are important to ensure fair and equitable procedures and to protect the rights of clients.

18.                          Explain how cloud computing impacts legal services.
Cloud-based computing allows lawyers and other legal professionals the ability to handle cases in a wide variety of settings by permitting them to access necessary information on a case on laptops and other devices.