Interests in Real Estate Flashcards
If the interest holder is not private, such as a government entity, and does not have the right to possess, what type of interest is this called?
Public interest
Which type of estate is the most desirable in residential real estate?
Fee simple absolute
What is the highest form of ownership interest one can acquire in real estate?
Fee simple freehold estate
If the terms of a defeasible fee estate are violated, what is the status of the property?
The estate automatically reverts to the grantor or heirs
What are the two types of life estates?
- Conventional
- Legal
What is the difference between a dower and a curtesy in regards to life estate interests?
A DOWER is a wife’s life estate interest and a CURTESY is a husband’s life estate interest
Homestead is a form of what type of estate?
A legal life estate
What are leasehold tenants entitled to?
to possess and use the leased premises during the lease term in the manner prescribed in the lease
What is the purpose of the Texas Commission on Environmental Quality (TCEQ)?
To issue water rights
What act states that the land between the high and low tide lines is considered a public beach and structures may not be built on the easement?
Texas Open Beaches Act
What rights concern a property abutting moving water, such as streams and rivers?
Riparian rights
If an owner is butted against a stream that is non-navigable, what does the owner own?
The owner owns the land under the water to the exact center of the stream
What is the term given to underground geological formations that collect and attract water?
Aquifers
What is an encumbrance?
A claim against real property that limits the legal owner’s freehold interest
What is one requirement of terminating an easement?
A dominant property acquiring the servient property or vice versa
What are the two main types of encumbrances?
- Easements
- Liens
What is the definition of an easement in gross?
*Also known as a “personal easement”
the right of use to a single individual or entity rather than to the property itself
‘Open and notorious use’ refers to what?
That the owner knows, or is presumed to have known, of the use.
What is the term to describe when an unauthorized physical intrusion of one owner’s real property encroaches on that of another?
Encroachment
The plat’s covenants and conditions are types of what?
Deed restrictions
What definition best describes a specific lien?
A lien that attaches to a single item of real or personal property that does not affect other property owned by the debtor
What is a lien?
A creditor’s claim against real property as a security for the debt the property owner owes
What document detects or demonstrates the existence of an encroachment?
Survey
What are the four junior tax liens?
- Federal income tax lien
- State intangible tax lien
- State corporate income tax lien
- State corporation franchise tax lien
What is a vendor’s lien also known as?
A seller’s lien
What is a municipal utility lien?
A lien placed against property for failure to pay utility bills
What does a mechanic’s lien do?
It secures the costs of labor, materials, and supplies incurred in the repair or construction of real property improvements
