Chapter 2 basics of real estate law

Question 1

Any man may additions to the land that are permanent

Answer 1

Improvements

Question 2

The ability to use extracted resources, such as stone, gravel and limestone

Answer 2

Surface rights

Question 3

What includes the rights to deed oil, gas, and other minerals?

Answer 3

Subsurface rights

Question 4

Things of temporary or movable nature

Answer 4

Personal property

Question 5

Annual crops that are considered personal property, even though they are attached to the land are

Answer 5

Emblements

Question 6

A body of law developed in England that is based on common sense

Answer 6

Common law

Question 7

The body of laws and regulations, and acted by federal and state legislatures

Answer 7

Statutory law

Question 8

The surface of the Earth, extending downward toward the center of the Earth and upper above surface to infinity, is also known as

Answer 8

Land

Question 9

What is real estate?

Answer 9

All that is encompassed in land, with the addition of all man-made additions to the land, such as roads, houses, and commercial buildings

Question 10

In Texas, the _________ estate is the dominant estate

Answer 10

Subsurface

Question 11

Any man-made addition to the land that is permanent is known as

Answer 11

An improvement

Question 12

Chattel is also known as

Answer 12

Personal property

Question 13

In order for personal property to be a company with the sale of a real property it needs to be accompanied with

Answer 13

A bill of sale

Question 14

When personal property is attached to the land, so that way it becomes real property it is called

Answer 14

A fixture

Question 15

The process of attaching a fixture

Answer 15

Annexation

Question 16

Another word for removing a fixture

Answer 16

Severance

Question 17

What three tests do courts apply to determine if something is a fixture or personal property

Answer 17

Intention of parties, method of attachment, adaption to the property

Question 18

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?

Answer 18

Manufactured home

Question 19

What type of home is built offsite in a factory and his built to comply with local building codes?

Answer 19

Modular homes

Question 20

Land has three physical characteristics what are they?

Answer 20

Indestructibility, immobility, non-homogeneity

Question 21

What are the four economic characteristics of land?

Answer 21

Scarcity, modification, fixity, and situs

Question 22

_______ comes from the theory of supply and demand

Answer 22

Scarcity

Question 23

Modification is

Answer 23

Man made changes to the land

Question 24

Land and additions to the land, such as buildings, take long periods to pay for themselves

Answer 24

Fixity

Question 25

Location, location, location

Answer 25

Situs

Question 26

In Texas what are the three ways that ownership can be held?

Answer 26

Estate in severalty, coownership, trust

Question 27

________ involves ownership of real estate buy one individual or entity

Answer 27

Estate in severalty

Question 28

A co-ownership

Answer 28

Involves ownership of real estate by two or more entities

Question 29

What is the most common co-ownership?

Answer 29

Tenancy in common

Question 30

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

Answer 30

True

Question 31

If tenants in common decide if they want to split their land, how can they do so

Answer 31

With a partition

Question 32

A poor man’s will is also known as

Answer 32

Joint tenancy

Question 33

In order to create a joint tenancy four unities are required

Answer 33

Time, title, interest, possession

Question 34

What is a Spanish law that considers marriage a partnership rather than a husband and wife becoming one?

Answer 34

Community property

Question 35

Property that is owned by a married person that is not considered community property is

Answer 35

Separate property

Question 36

An entity created for the benefit of another

Answer 36

Trust

Question 37

A business venture owned by one individual

Answer 37

Sole proprietorship

Question 38

A business entity that can be created by a simple, written or oral agreement

Answer 38

Partnership

Question 39

A group of individuals that join together for a single business venture

Answer 39

Joint venture

Question 40

Condominiums are established under laws referred to as

Answer 40

Horizontal property acts

Question 41

In a condominium

Answer 41

Each unit is a separate legal ownership, and each resident arranges his or her own financing

Question 42

Attached units that share one or more common walls with other units (party walls)

Answer 42

Townhomes

Question 43

True or false: owners within a cooperative do not own a specific unit

Answer 43

True

Question 44

Timeshares are often referred to

Answer 44

Interval, ownership

Question 45

The first federal fair housing law was

Answer 45

The civil rights act of 1866

Question 46

True or false: when advertising you can indicate a limitation or preference, based on race, color, national origin, religion, sex, familial, status, or handicap

Answer 46

False

Question 47

What is the best practice when advertising?

Answer 47

Describe the property as opposed to describing the occupant our owner

Question 48

The American with disabilities act requires

Answer 48

The removal of architectural and communication barriers

Question 49

Who are exempt from the ADA?

Answer 49

Single, family homes, private clubs, historic buildings, and religious organizations