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Principles Of Real Estate 1 - Texas > Chapter 3 interest in real estate > Flashcards

Chapter 3 interest in real estate Flashcards

1
Q

What estate is considered the best type of ownership?

A

Freehold

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2
Q

An estate created by law

A

Statutory estate

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3
Q

An Estate categorized by time

A

Leasehold

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4
Q

Land, privately owned by individuals is considered apart of the

A

Allodial system

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5
Q

The right of the government to regulate and control the way land is used

A

Police power

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6
Q

What are the four rights the government has in land?

A
  1. police power 2. Eminent domain 3. Taxation. 4. Escheat
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7
Q

What is the most common example of police power?

A

Zoning

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8
Q

The amount of space required between the lot line in the building line is called

A

A setback

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9
Q

An area of land separating one land-use from another, such as residential from commercial is

A

A buffer zone

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10
Q

The right of the government to take private land for public use

A

Eminent domain

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11
Q

The actual action of the government taking the land is called

A

Condemnation

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12
Q

The right the government retains to tax real property

A

Taxation

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13
Q

“Ad valorem taxes” are also

A

Property taxes

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14
Q

What creates the highest priority lien against real property?

A

Property taxes

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15
Q

Escheat means

A

If a person dies intestate (without a will) and without airs, the government will take title to his real property under the right of escheat this also applies if a property is abandoned, the government does not want any land to be an unowned

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16
Q

The interest for nature of the interest of a person has in real property

A

An estate

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17
Q

What are the four categories of estates?

A

Freehold estates, leasehold estate, statutory estates, equitable estates 

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18
Q

When an individual owns real property, he is said to have a _______ type of estate in that property?

A

Freehold

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19
Q

Fee simple absolute or fee simple is considered

A

The best type of ownership

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20
Q

True or false: fee simple ownership is always in estate of inheritance

A

True

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21
Q

What is the difference between a life Estate and a life tenant?

A

A life estate is ownership for the duration of someone’s life, and the owner is called the life tenant

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22
Q

What are the four categories in leasehold estate?

A

Estate for years, periodic estate, estate at will, Tenancy at sufferance

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23
Q

Any lease with a specific starting, and ending date is called

A

Estate for years

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24
Q

True or false: leasehold, estate, survives death, or the sale of the property

A

True

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25
Q

Leases that automatically renews themselves for example month to month leases, or week to week leases are called

A

Periodic estates

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26
Q

What type of a state is considered a very loose agreement?

A

Estate at will

27
Q

When a lease expires, and the tenant remains on the premises, what is created?

A

Tenancy at sufferance

28
Q

True or false: a holdover tenant no longer has any right to remain on the property because they are not paying rent, and the landlord no longer excepts their presents however, at the time the landlord accepts rent from the holdover tenant, then a holdover tenacy is created or periodic estate.

A

True

29
Q

When the landlord pays all the expenses of the property, it is called what type of lease?

A

Gross lease meaning tenant pays flat rate

30
Q

Tenants under a net lease pay:

A

Rent plus a portion of the property expenses, such as taxes, maintenance or utilities

31
Q

Estates that are created by statue or a law

A

Statutory Estates

32
Q

What are the two most familiar statutory laws in Texas?

A

Property and Homestead

33
Q

What are the two primary purposes of Homestead laws?

A

Prevent the forced sale of the home by creditors, and provide a surviving spouse with shelter

34
Q

The homestead law prevents the forces sale of the homestead for all payment of debts with five exceptions:

A

Nonpayment of property, taxes, a mortgage lien , a mechanics and materialman’s lien, a property owners, association, fees, or dues, and a home equity loan

35
Q

A rule Homestead is limited to how many acres for a family unit and how many acres for an individual?

A

200 acres for a family unit and 100 acres for individual

36
Q

What are the most common equitable Estates?

A

Liens and easements

37
Q

What is a lien?

A

A claim against a property to secure payment for a debt

38
Q

Another word for lien is

A

Encumbrance

39
Q

What gives a buyer the right to purchase a property within a preset period At a preset price?

A

Option

40
Q

An easement

A

Gives one the right to use or pass over another’s property for a specific use

41
Q

What are the two categories of easements?

A

Easement in gross easement in appurtenant

42
Q

Easements can be created by

A

Grants, reservations, implied grants, prescription, necessity, condemnation

43
Q

The continuous use of the land over some time without the owners permission, can establish right to use the land

A

Prescription

44
Q

The unauthorized intrusion of another property into an enjoining property is called

A

Encroachment

45
Q

Another word for prescription is

A

Limitation

46
Q

Easements can be terminated by

A

Mergers, release, abandonment, and death

47
Q

When two properties become one and an easement terminates, it is called

A

A merger

48
Q

A claim, lien, charge, or a liability attached to an binding real property is called

A

An encumbrance

49
Q

Legally to remove an encumbrance you need

A

A release

50
Q

What is a lien?

A

A right given by law to certain creditors to have debts paid out of the property of a defaulting Debtor , usually there a court sale

51
Q

What is the most common example of a lien?

A

Mechanics and material men’s (M & M) liens

52
Q

What are the two different types of liens?

A

Specific and general

53
Q

True or false the lead paint disclosure is required for all properties built before 1978

A

True

54
Q

What is asbestos used for?

A

Insulate pipes, chimneys and roofs, problems, arise, and its removal because of the dust can be extremely hazardous

55
Q

What are green fields?

A

Parcels of land that have never been developed

56
Q

What are grey fields?

A

Parcels of land, capable of redevelopment

57
Q

What are Brownfields?

A

Sites known or suspected to be hazardous that are usually occupied by industrial manufacturers or chemical plants

58
Q

What is the most common private controls of land-use ?

A

(CC&Rs) covenants, conditions, and restrictions

59
Q

The right or privilege or improvement that belongs to and passes with land, but it’s not necessarily a part of the land

A

Appurtenance

60
Q

What water right gives the owner the right to use water from a river or stream on or next to the property?

A

Riparian rights

61
Q

Litoral rights given owner of the right to

A

Use water from a lake ocean or sea next to the property

62
Q

If a land owner sues the government in order to force it to buy his or her land, this is called

A

Inverse condemnation

63
Q

Releases can terminate

A

Easements

64
Q

In order to be valid, a lease must have

A

Competent parties, consideration, and Legal purpose

Principles Of Real Estate 1 - Texas (7 decks)

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