Property Ownership

Question 1

Land

Answer 1

is the physical property and any natural objects on it—like trees and bodies of water, often referred to as a “lot”, “site” or “parcel”.

Question 2

Real estate

Answer 2

Land with permanent manmade improvements.

Question 3

Real Property

Answer 3

land and its improvements, but also the bundle of rights, powers, and privileges (“bundle of rights”) that are legally connected to ownership of that land.

Question 4

Tests of a fixture

Answer 4

M - Method of attachment, 
A - Adaptability, 
R - Relationship of the parties,
I - Intent, 
A - Agreement between the parties

Question 5

Appraisal district’s account number

Answer 5

Assessor’s parcel number in Texas, never used a legal description in a deed.

Question 6

Appurtenances

Answer 6

additional beneficial rights, interests associated with land ownership beyond just physical soil. Major appurtenant rights are: water, air, mineral rights, license and profit.

Question 7

Tangible rights

Answer 7

physical aspects of a property, such as: Land, Buildings, Forests, Farmland, Vineyards, Trees, plant life, floral gardens, Fixtures (such as fences, plumbing, etc.)

Question 8

Intangible rights

Answer 8

areas above and below land surface, access and privileges such as: Air rights, Water rights, Subsurface rights (mineral rights), Easements, Licenses, Profits, Leases, Mortgages.

Question 9

Categories of real property

Answer 9

Residential, Commercial, Industrial/Manufacturing property, Agricultural, Vacant land; special purpose properties include: Parks and recreational areas, Institutional properties.

Question 10

Categories of personal property

Answer 10

property that is tangible and moveable - “chattel”. Does not include rights to the land and transferred by bill of sale.

Question 11

Fixtures

Answer 11

items that have been permanently attached to real property. Can be personal property that has been “physically or constructively annexed” to a structure. M-A-R-I-A

Question 12

Land characteristics

Answer 12

Physical and Economic

Question 13

Land descriptions

Answer 13

Monuments, Metes and bounds, Rectangular Survey System (also U.S. Public Lands or Government Survey Systems), Lot and Block Survey System or Recorded Plat, APN

Question 14

Encumbrance

Answer 14

a non-possessory claim or lien on a parcel of real property.

Question 15

Easement

Answer 15

right granted for a specific use of the land of another created by: express grant, express reservation, easement by implication, easement by necessity, easement by prescription, party wall.

Question 16

Encroachment

Answer 16

a structure or fixture is built on another person’s property or land, and “encroaches” on their property

Question 17

Police power

Answer 17

Government entities ability to “control” the rights to the property for the public good by creating laws or guidelines

Question 18

Eminent domain

Answer 18

The government’s power to take private property for public use executed by a condemnation proceeding.

Question 19

Zoning laws

Answer 19

range from restrictions on size, height and use of land or structures to population density and income levels.

Question 20

Accessory use

Answer 20

“in-law” apartment or a home business, known as “home occupation”; must be “incidental and secondary” to the residential use.

Question 21

Zoning categories

Answer 21

As Of Right Zoning, Incentive Zoning, Cluster Zoning, Spot Zoning (illegal in Texas); Conditional/Special Use Permit.

Question 22

Moratorium

Answer 22

official delay in further development of property within the municipality.

Question 23

Use variance

Answer 23

grants permission to use land in a way currently prohibited by the existing zoning.

Question 24

Area variance

Answer 24

grants permission to use land in a way currently prohibited by the dimensional or physical requirements of the existing zoning.

Question 25

Certificate of Occupancy (CO)

Answer 25

the evidence that a building or renovation is in full compliance with all building codes, has passed inspections and declared fit for occupancy.

Question 26

Doctrine of Laches

Answer 26

assertion that another individual has “slept on its rights.” If restrictive covenants are not enforced in a timely fashion, the courts may terminate the restriction.

Question 27

Private controls- voluntary

Answer 27

use restrictions adopted by landowners or homeowner associations.

Question 28

Subdivision

Answer 28

form of private control. Division of contiguous land such as planned developments, condominiums, cooperatives and apartment projects.

Question 29

Common interest subdivision

Answer 29

ownership or lease of a lot, unit, or interest, with an undivided interest or membership interest in the common area.

Question 30

Condominium

Answer 30

a common undivided interest in a portion of real property together with a separate interest in a unit.

Question 31

Cooperative

Answer 31

a corporation formed to hold title to improved real property. Shareholders own stock in the corporation and receive a right of exclusive occupancy. Can only be transferred with the transfer of the stock ownership.

Question 32

Planned development

Answer 32

lots or parcels owned separately and lots or areas owned in common, reserved for the use of some or all of the individual lot owners.

Question 33

Municipal agencies

Answer 33

empowered by state and local legislatures to oversee and regulate issues pertaining to health, welfare and safety of residents.