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Texas Principles Real Estate I > Ch.2 - Real Property > Flashcards

Ch.2 - Real Property Flashcards

1
Q

Land

What does it include?

A

This includes…

  • the surface area of the earth and everything beneath the surface of the earth extending downward to its center.
  • All natural things permanently attached to the earth
  • The air above the surface of the earth extending outward to infinity

(surface + all natural things attached to it + subsurface + air above the surface)

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2
Q

What are the land characteristics?

A
  • immobile
  • Indestructible
  • Non-Homogeneous
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3
Q

Parcel or tract

A

A portion of land delineated by boundaries

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4
Q

Real estate

What does it include?

A

This can include land and all man-made structures that are “permanently” attached to the land.

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5
Q

Improvements

A

Man-made structures attached to the land

Ex. Sheds

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6
Q

Property can be tangible or intangible and property can be blank or blank?

A

Personal and Real

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7
Q

Real Property

A

The item that someone owns, plus the associated rights of ownership

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8
Q

Personal property

A

Anything which is not real estate and the rights that come with owning the personal property items

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9
Q

What are the five differentiation criteria between real and personal property?

A
  1. Intention
  2. Adaptation
  3. Functionality
  4. Relationship of parties
  5. Contract provisions
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10
Q

Tangible property

A

Property that is physical, visible, and material

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11
Q

Intangible property

A

Property that is abstract, having no physical existence in itself, other than as evidence of one’s ownership interest

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11
Q

Fixtures

A

Real property that people convert from personal property by attaching it to real estate

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12
Q

Trade fixtures

A

Personal property items temporarily attached to real estate in order to conduct business; these items Are designed to be removed at some point

*temporarily attached

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12
Q

What is another word for trade fixtures?

A

Chattel fixtures-

Personal property that are expected to be removed from real estate at some point

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15
Q

Emblements

What type of property is it?

A

Plants or crops require in human intervention for planting and harvesting.

  • These are considered to be part of personal property
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16
Q

Chattels or Personalty is another word for?

A

Items of Personal property

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17
Q

Conversion

A

The act transforming real to personal property through severance or personal to real property through affixing

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18
Q

What does severance mean in conversion?

A

The act of transforming real to personal property

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19
Q

What does the word affixing mean in conversion?

A

The act of transforming personal to real property

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19
Q

Littoral Rights

A

Rights that concern properties next to bodies of water that are not moving, such as lakes and seas

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20
Q

Riparian Rights

A

Rights that concern properties next to moving water such as streams and rivers

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20
Q

How are Riparian Rights determined?

A

The owner’s (blank) are determined by whether the water is navigable or not navigate.

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21
Q

Five bundles of legal rights

What are they?

A
  • The right of possession
  • The right of disposition
  • The right of control
  • The right of exclusion
  • The right of enjoyment
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22
Q

Right of possession

A

One of the five bundles of legal rights

  • this is the right to use the property in certain ways Such as mining, cultivating, landscaping, razing, and building on the property
  • The right is subject to limitations of local zoning and legality of the use
24
Q

Right of possession

What is it’s limitation?

A

The right is subject to limitations of local zoning and legality of the use

26
Q

Right of disposition

A

One of the five bundles of legal rights

  • this includes the right to sell, bequeath, Lease, donate, or assign ownership interest
27
Q

Right to control

A

One of the five bundle of legal rights

  • The title holder can use the property in anyway that is not illegal
27
Q

What is another word for the bundle of rights?

A

The rights of ownership.

There are 5

28
Q

Right of exclusion

A

One of the five bundles of legal rights

  • This allows the title holder to limit who may enter the property, keep off the property, and prosecute trespassers

Limits:

  • Easement may be in place permitting access to utility lines may override this right
  • A warrant authorizing a search of the property trumps the right of exclusion
28
Q

Limitations of right of exclusion

A
  • Easement may be in place permitting access to utility lines may override this right
  • A warrant authorizing a search of the property trumps the right of exclusion
29
Q

Right of enjoyment

A

One of the five bundle of legal rights

  • There’s a search the title holders right to participate in any activities they find pleasurable and legal while on the property
29
Q

Surface rights

A

This right applies to the real estate that is within the surface boundaries of the parcel (A portion of land do you delineated by boundaries).

  • includes The ground, all natural things affixed to the ground, all improvements
  • also include water rights
31
Q

Intention

A

Once original intention can override the test of movability in determining whether an item as a fixture or not.

  • fixture- Real property that people convert from personal property by attaching it to real estate)
32
Q

Types of situations in Intentions

What is deemed personal/real property and what isn’t?

A

Types of cases for this word

If someone attaches it to real property With the intention to remove it after period of time it could be deemed as personal property.

If a person intended an article to be a fixture even though the item is easily removable the article may be deemed a fixture

34
Q

Severance

What are some examples?

A

The conversion of real property to personal property by detaching it from the real estate.

  • Ex. Cutting down a tree, detaching a door from the shed or removing an antenna from a roof
36
Q

Affixing

What are some examples?

A

Affixing, or attachment, is an active converting personal property to real property by attaching it to the real estate

  • Ex. Assembling a pile of bricks into a barbecue pit for constructing a boat dock from wood planks
37
Q

Air rights are usually what in Texas?

A

In Texas, air rights are usually given for a fee, and are not usually bought or sold

38
Q

Case Law

A

Decisions based on judicial precedent

39
Q

Common law

A

The collective body of law deriving from custom and generally accepted practice in society

42
Q

Real property rights

A

Any of the bundle of rights, can be laterally severed into the air space, surface, and subsurface rights.

43
Q

Federal Regulation of Real Property Interest

A
  • Grants overall rights of ownership

- Controls fraud usage standards, discrimination

44
Q

State Regulation of Real Property Interest

A
  • primary regulatory entities of the real estate business

- Establish his real estate license laws and qualifications and sets regional usage standards

45
Q

Local Regulation of Real Property Interests

A
  • Levies real estate taxes

- Control specific usage

46
Q

Judicial Regulation of Real Property Interest

A

Applies case law and common law to disputes

*type/level of regulation

47
Q

Right to transfer interest is another word for?

A

Right of Disposition

48
Q

Right to encumber

A

The right to mortgage the property as collateral for debt

49
Q

Who does not have to have a special license to sell a manufactured home?

A

A real estate broker

  • does not need to have what to do what?
50
Q

What do we call the rights associated with owning a parcel of real estate?

A

Real property rights

51
Q

What is it called when a tenant enjoys the right to possess and use an owners building over a period of time?

A

Ordinary lease

52
Q

What is the foremost property right?

A

Right of possession

53
Q

What rate applies to extracting mineral and gas deposits and subsurface water from the water table?

A

Subsurface rights

54
Q

Air rights apply to what space?

A

The space above the surface boundaries of the parcel, which imaginary vertical lines that extend to infinity define

55
Q

Fair housing laws are designed to do what in regards to discrimination?

A

Prohibit discrimination

56
Q

How is a trade fixture different from fixture?

A

A trade fixture has been temporarily affixed to a landlord’s real property in order to conduct business. A tenant may detach or remove before or upon, surrender of the leased premises

57
Q

Growing plants maybe either real or personal property. How are they differentiated?

A

Plants and crops that naturally grow and does not need anyone’s labor is considered real property while those that require human intervention and labor are called emblements and are considered part of personal property.

58
Q

Which government entity is a primary regulatory entity of the real estate business?

A

State government

*is primary regulatory entity of the

59
Q

How do you surface rights apply?

A

To the real estate contained within the surface boundaries of the parcel

60
Q

If a land owner has sold to an oil company his or her rights to any oil or gas found in the land, who is the owner of all other minerals found on the land?

A

The landowner

Texas Principles Real Estate I (7 decks)

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