Difference between personal property and real property

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Using the Textbook Real Estate Principles 11th Edition or later (Jacobus), answer the following 11 questions:

Name 3 ways to legally describe a plat of land. This is the type of description you would see on a title policy or a deed.

Define real estate (definition found in text)

In a contract, sometimes personal property is included in the purchase price. What is the difference between personal property and real property?

If I were buying a property with riparian rights, what is a feature the property is likely to have. Exactly what are riparian rights?

Owning a parcel of land allows the owner many individual rights. However, government has certain rights in that same parcel. Name 4 government rights in land.

What is an encumbrance? Give 3 examples of an encumbrance.

Do you care how your neighbor uses his land? Do you wish there were restrictions on how he could use the land (what if he uses so much water for his vineyards, you don't have enough water for a long shower). What are zoning laws and what is the purpose of zoning laws?

Real estate markets are effected by government policies. What is monetary policy? How does it effect the real estate market? What is fiscal policy? How does it effect the real estate market? (interest deductions, depreciation deductions)

What are the 4 major market forces discussed in Homework assignment 1. Which one do you think has the biggest impact on the real estate market. Give an example of how it impacts the real estate market. (Portland, has an urban growth boundary to protect surrounding agricultural land)

When individuals buy real estate, they can take ownership title in different ways. Two of the ways are as joint tenants or as tenants in common. What is the major difference between the two ways of holding title? (what happens at death)

Real estate is purchased with a contract between a seller and a buyer. What are the 5 essential elements needed for a real estate contract to hold up in the courts (i.e. a legal real estate contract)?

Reference no: EM133653745

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