Ch.2 Real And Personal Property Flashcards
Real VS Personal Property
- Built in bookshelves
- The stovetop
- Plumbing fixtures
- A tree that has been cut down
- Potted plants
- A dishwasher
- A couch
- R
- R
- R
- P
- P
- R
- P
Real VS Personal Property
- Vegetables in garden
- Kitchen utensils
- A shed in the backyard
- A boat
- The dining room chandelier
- Roses in the garden
- An attached garden
- R
- P
- R
- P
- R
- R
- R
If trade fixtures are not removed prior to lease expiration, they become the property of the landlord through the process of _________
Accession
Any man-made addition to the land that is permanent and is considered to become part of the land is known as an __________
Improvement
Annual crops produced with labor fall into a special category known as ________
Emblements
Prior ___________ is a theory of water law based on the idea that “first in time is first in right”.
Appropriation
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)
Manufactured home
________ rights extend above the surface without limitation
Air
The method of ____________ refers to how the item was attached to the property.
Attachment
The vast majority of homes built in the U.S. are _________ built.
Site
________ homes are primarily built off site in a factory
Modular
Manufactured home dealers and salespeople in Texas are licensed by the ___________
TDHCA
A _________ wavier could be used if there is no present lease in place and the seller owns the Mineral Estate.
Surface
Real _______ is a broader term that goes beyond the physical real estate and includes the rights that a person has in the land
Property
__________ are generally considered to be items of personal property that are not all included in a sale of real estate.
Refrigerators
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.
Estate
Rights that are associated with the ownership of real property are often referred to as the owners?
Bundle of rights
Surface, subsurface and air rights are said to be
Severable
Rights that include ownership of oil, gas and other minerals are ___________
Subsurface rights
Rights that are conveyed in a cell tower lease include___________
Surface and air
Any man made addition to the land that is permanent is known as an ______________
Improvement
Things that are of a temporary or movable nature are known as ___________ property.
Personal
Factory built housing that is built to local building codes include _________
Modular homes
Land is defined as
The surface of the earth extending downward to the center of the earth and upward above the surface to infinity
“Bundle of rights” is considered severable which means
That different Individuals can own different rights of the same piece of land
The owner of surface rights has the ability to
Improve the surface, and to use resources extracted from or near the surface
Subsurface rights include the rights to
Oil, gas and other minerals
A royalist right is the right to
Collect a royalty for production of oil or gas in a production unit
An executive right is the right to
Execute a contract or lease for the exploration of oil or gas
Ownership of a property gives the owner the right to ____________.
However the surface owner has no right to ___________
Refuse any oil or gas exploration
Riparian rights
The rights that an owner has to use water from a river or a stream on or next to a property
Littoral rights
The rights to use water from a lake, ocean or sea on or next to property
In Texas, most surface water is owned by the ______
State
Accretion
Addition to the land by the action of water
Alluvion
The soil add to the land by the accretion
Avulsion
Water washes away the land from one property and deposits it on another
Reliction
Water recess and dry land appears
Personal property
Things of a temporary or movable nature
Fixture
Personal property that has become attached to the land in such a way as to become real property
Annexation
The process of attaching personal property so that it becomes real property
Three tests courts apply to determine if something is a fixture or personal property
- Intention of the parties
- Method of attachment
- Adaptation
Trade fixtures
Items necessary for an individual to carry out his or her trade
The concept of emblements ensures
Will be allowed to harvest the annual crop, even if she loses possession of the property
