Real Estate Level 1 Overview

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Last updated 11:56 PM on 5/15/26
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11 Terms

1
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Lessee vs Lessor

Lessee is the tenant who holds the lease

Lessor is the owner of the property who rents it out to the lessee

2
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Land

Surface of earth and anything below or above it

3
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Real Estate

Land and any improvements

4
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Real Property

Real Estate and bundle of rights

5
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Deed

Legal agreement that transfers title

6
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Equity

Portion of a property’s total value owned outright by the title holder

7
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5 Ownership Rights (Bundle of Rights)

  1. Possession (do whatever on your property)

  2. Control (the right to alter/change/improve your property)

  3. Quiet Enjoyment (use your property for your own enjoyment)

  4. Exclusion (the right to tell anyone to get off your land)

  5. Disposition (the right to sell/lease/will your property to anyone)

8
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Which ownership right is known as “the right to use”?

Right of Possession

9
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Which ownership right is known as “the right to transfer”?

Right of Disposition

10
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How is real property transferred?

Deed

11
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How is personal property transferred?

Bill of sale