6. 7. 8. 9. - - 10. 11. - 12. 12 13. 14. 15. - - - - - - - 16.- 17._ 18. 19. 22 20. - pters 1-4 Real Estate consists of a parcel or tract of land and any physical improvements, if any. Real property consists of the benefits and rights inherent in the ownership of real estate. The bundle of rights includes the right to sell/occupy/lease/mortgage a property and right to create a life estate. It conveys the rights than makes real estate valuable. Real estate market activity is influenced by three sectors of the market economy including the user market, the financial or capital market and the government sector. Two characteristics of real estate assets that distinguish them from others include homogeneity and mobility. A fixture is an object that was formerly personal property but has become real property. Trade fixtures are typically installed by the tenant and is considered real property. Fee simple absolute is the most complete in the bundle of rights and has the most value. An easement is the right to use land for a specific and limited purpose. A mortgage is an interest in property as secured for a debt. A deed can convey a wide variety of permanent real property interests. Title insurance protects a grantee (or mortgage lender) against legal costs of defending the title and against loss of the property in the case of an unsuccessful defense. In the government rectangular survey system, townships consist of six-mile squares. A quitclaim deed includes the full set of legal promises a grantor can make. Adverse possession, can occur when its use hostile to owner's interest. Externalities are things that property owners can control. Land control does not include building codes or zoning. Comprehensive plans are a guide to a communities future growth and development. The Clean Air Act and CERCLA are examples of federal environmental control laws. Eminent domain is the right of government to acquire private property, without the