Chapter 2 basics of real estate law Flashcards
Any man may additions to the land that are permanent
Improvements
The ability to use extracted resources, such as stone, gravel and limestone
Surface rights
What includes the rights to deed oil, gas, and other minerals?
Subsurface rights
Things of temporary or movable nature
Personal property
Annual crops that are considered personal property, even though they are attached to the land are
Emblements
A body of law developed in England that is based on common sense
Common law
The body of laws and regulations, and acted by federal and state legislatures
Statutory law
The surface of the Earth, extending downward toward the center of the Earth and upper above surface to infinity, is also known as
Land
What is real estate?
All that is encompassed in land, with the addition of all man-made additions to the land, such as roads, houses, and commercial buildings
In Texas, the _________ estate is the dominant estate
Subsurface
Any man-made addition to the land that is permanent is known as
An improvement
Chattel is also known as
Personal property
In order for personal property to be a company with the sale of a real property it needs to be accompanied with
A bill of sale
When personal property is attached to the land, so that way it becomes real property it is called
A fixture
The process of attaching a fixture
Annexation
Another word for removing a fixture
Severance
What three tests do courts apply to determine if something is a fixture or personal property
Intention of parties, method of attachment, adaption to the property
What home is built in a factory according to a federal building code and is built on a frame that includes axles and towing components?
Manufactured home
What type of home is built offsite in a factory and his built to comply with local building codes?
Modular homes
Land has three physical characteristics what are they?
Indestructibility, immobility, non-homogeneity
What are the four economic characteristics of land?
Scarcity, modification, fixity, and situs
_______ comes from the theory of supply and demand
Scarcity
Modification is
Man made changes to the land
Land and additions to the land, such as buildings, take long periods to pay for themselves
Fixity
Location, location, location
Situs
In Texas what are the three ways that ownership can be held?
Estate in severalty, coownership, trust
________ involves ownership of real estate buy one individual or entity
Estate in severalty
A co-ownership
Involves ownership of real estate by two or more entities
What is the most common co-ownership?
Tenancy in common
True or false : If only one signature is required on a deed conveying, full ownership of the property to another, the seller owns the Estate in severalty
True
If tenants in common decide if they want to split their land, how can they do so
With a partition
A poor man’s will is also known as
Joint tenancy
In order to create a joint tenancy four unities are required
Time, title, interest, possession
What is a Spanish law that considers marriage a partnership rather than a husband and wife becoming one?
Community property
Property that is owned by a married person that is not considered community property is
Separate property
An entity created for the benefit of another
Trust
A business venture owned by one individual
Sole proprietorship
A business entity that can be created by a simple, written or oral agreement
Partnership
A group of individuals that join together for a single business venture
Joint venture
Condominiums are established under laws referred to as
Horizontal property acts
In a condominium
Each unit is a separate legal ownership, and each resident arranges his or her own financing
Attached units that share one or more common walls with other units (party walls)
Townhomes
True or false: owners within a cooperative do not own a specific unit
True
Timeshares are often referred to
Interval, ownership
The first federal fair housing law was
The civil rights act of 1866
True or false: when advertising you can indicate a limitation or preference, based on race, color, national origin, religion, sex, familial, status, or handicap
False
What is the best practice when advertising?
Describe the property as opposed to describing the occupant our owner
The American with disabilities act requires
The removal of architectural and communication barriers
Who are exempt from the ADA?
Single, family homes, private clubs, historic buildings, and religious organizations
