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Principles of Real Estate 1 > Ch.2 Real And Personal Property > Flashcards

Ch.2 Real And Personal Property Flashcards

1
Q

Real VS Personal Property

  1. Built in bookshelves
  2. The stovetop
  3. Plumbing fixtures
  4. A tree that has been cut down
  5. Potted plants
  6. A dishwasher
  7. A couch
A
  1. R
  2. R
  3. R
  4. P
  5. P
  6. R
  7. P
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2
Q

Real VS Personal Property

  1. Vegetables in garden
  2. Kitchen utensils
  3. A shed in the backyard
  4. A boat
  5. The dining room chandelier
  6. Roses in the garden
  7. An attached garden
A
  1. R
  2. P
  3. R
  4. P
  5. R
  6. R
  7. R
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3
Q

If trade fixtures are not removed prior to lease expiration, they become the property of the landlord through the process of _________

A

Accession

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4
Q

Any man-made addition to the land that is permanent and is considered to become part of the land is known as an __________

A

Improvement

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5
Q

Annual crops produced with labor fall into a special category known as ________

A

Emblements

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6
Q

Prior ___________ is a theory of water law based on the idea that “first in time is first in right”.

A

Appropriation

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7
Q

A ___________ is a home that is built in a factory according im to a federal building code administered by the U.S. Department of Housing and Urban Development (HUD)

A

Manufactured home

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8
Q

________ rights extend above the surface without limitation

A

Air

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9
Q

The method of ____________ refers to how the item was attached to the property.

A

Attachment

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10
Q

The vast majority of homes built in the U.S. are _________ built.

A

Site

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11
Q

________ homes are primarily built off site in a factory

A

Modular

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12
Q

Manufactured home dealers and salespeople in Texas are licensed by the ___________

A

TDHCA

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13
Q

A _________ wavier could be used if there is no present lease in place and the seller owns the Mineral Estate.

A

Surface

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14
Q

Real _______ is a broader term that goes beyond the physical real estate and includes the rights that a person has in the land

A

Property

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15
Q

__________ are generally considered to be items of personal property that are not all included in a sale of real estate.

A

Refrigerators

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16
Q

Real _________ includes all that is compasses in land, with the addition of all manmade additions to the land (improvements) such as roads, houses and commercial buildings.

A

Estate

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17
Q

Rights that are associated with the ownership of real property are often referred to as the owners?

A

Bundle of rights

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18
Q

Surface, subsurface and air rights are said to be

A

Severable

19
Q

Rights that include ownership of oil, gas and other minerals are ___________

A

Subsurface rights

20
Q

Rights that are conveyed in a cell tower lease include___________

A

Surface and air

21
Q

Any man made addition to the land that is permanent is known as an ______________

A

Improvement

22
Q

Things that are of a temporary or movable nature are known as ___________ property.

A

Personal

23
Q

Factory built housing that is built to local building codes include _________

A

Modular homes

24
Q

Land is defined as

A

The surface of the earth extending downward to the center of the earth and upward above the surface to infinity

25
Q

“Bundle of rights” is considered severable which means

A

That different Individuals can own different rights of the same piece of land

26
Q

The owner of surface rights has the ability to

A

Improve the surface, and to use resources extracted from or near the surface

27
Q

Subsurface rights include the rights to

A

Oil, gas and other minerals

28
Q

A royalist right is the right to

A

Collect a royalty for production of oil or gas in a production unit

29
Q

An executive right is the right to

A

Execute a contract or lease for the exploration of oil or gas

30
Q

Ownership of a property gives the owner the right to ____________.

However the surface owner has no right to ___________

A

Refuse any oil or gas exploration

31
Q

Riparian rights

A

The rights that an owner has to use water from a river or a stream on or next to a property

32
Q

Littoral rights

A

The rights to use water from a lake, ocean or sea on or next to property

33
Q

In Texas, most surface water is owned by the ______

A

State

34
Q

Accretion

A

Addition to the land by the action of water

35
Q

Alluvion

A

The soil add to the land by the accretion

36
Q

Avulsion

A

Water washes away the land from one property and deposits it on another

37
Q

Reliction

A

Water recess and dry land appears

38
Q

Personal property

A

Things of a temporary or movable nature

39
Q

Fixture

A

Personal property that has become attached to the land in such a way as to become real property

40
Q

Annexation

A

The process of attaching personal property so that it becomes real property

41
Q

Three tests courts apply to determine if something is a fixture or personal property

A
  1. Intention of the parties
  2. Method of attachment
  3. Adaptation
42
Q

Trade fixtures

A

Items necessary for an individual to carry out his or her trade

43
Q

The concept of emblements ensures

A

Will be allowed to harvest the annual crop, even if she loses possession of the property

Principles of Real Estate 1 (7 decks)

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