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Texas National Exam Test Prep > Real Property Vs Personal Property > Flashcards

Real Property Vs Personal Property Flashcards

1
Q

What is Real Property?

A

Real property consists of land, improvements attached to the land, benefits, rights, and ownership interests that go with the land.

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2
Q

What term is used to describe rights, privileges, or improvements that belong to and pass with the land?

A

Appurtenance

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3
Q

What are improvements?

A

man’s additions to the land, such as buildings and landscaping

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4
Q

True or False: Accessories are also considered part of real property.

A

True

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5
Q

What are some examples of Accessories?

A

stoves, pool equipment, window a/c units, remote control devices, keys and etc.

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6
Q

If an item is attached in such a way that it has become real property it is considered a

A

Fixture

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7
Q

Fixtures are also described as

A

an Improvement

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8
Q

The process of attaching a fixture is called ?

A

Annexation

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9
Q

What is the process of real property becoming personal property?

A

Severance

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10
Q

What are the 3 tests to determine if something is a fixture?

A
  1. Method of attachment
  2. Adaptation to the property
  3. Intention of the Parties attaching the fixture
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11
Q

If a property is being leased what happens to the fixtures that are installed by tenants?

A

They are usually considered to have become part of the real property, and Severance only occurs with the agreement of the parties at the end of the lease.

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12
Q

What is personal property?

A

a right or interest in something temporary, or of a movable nature

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13
Q

Personal property is also known as ?

A

Chattel or Personalty

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14
Q

How is ownership of personal property going to be transferred?

A

By bill of Sale

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15
Q

When personal property is included in a real estate sale what will be included with the contract?

A

addendum and/ or a bill of sale will be used

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16
Q

What are Trade Fixtures ?

A

fixtures installed by a tenant in order to carry out a business, and MAY be removed from leased property before the termination of the lease.

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17
Q

What happens if a tenant does not remove their trade fixtures before the termination of a lease?

A

they become real property and pass to the landlord

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18
Q

In the sale of Commercial or Investment properties and there are trade fixtures present what should happen to ensure it is included in the sale?

A

They should be verified to protect the interests of both buyers and sellers

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19
Q

Crops that are cultivated annually are called ?

A

Emblements

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20
Q

Who owns the emblements in the process of selling real property?

A

The farmer who cultivated them

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21
Q

True or false: Ownership of emblements Can be transferred with a bill of sale

A

True

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22
Q

What are the 3 physical characteristics of Land?

A
  1. Nonhomogenity
  2. Immobility
  3. Indestructibility
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23
Q

What are the 4 Economic Characteristics of Land?

A
  1. Scarcity
  2. Modification
  3. Fixity
  4. Situs
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24
Q

How are Legal Descriptions of land created?

A

It is created and determined by a surveyor

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25
Q

What is a necessary part of a contract in order for that document to be enforceable when conveying land?

A

Legal Description

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26
Q

What is the definition of Legal Description?

A

a description of such certainty and accuracy that one can go to the ground and identify the land

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27
Q

What type of survey uses Terminal Points and Angles and always has a point of beginning?

A

Metes & Bounds

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28
Q

What is the oldest method of land description?

A

Metes & Bounds

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29
Q

What are some examples of monuments that a surveyor might use in metes and bounds?

A

man-made - like an iron pipe, or natural - like a stand of timber, an old oak tree, etc.

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30
Q

What legal description uses subdivision descriptions, and are derived from a recorded map called a Plat

A

Lot and Block

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31
Q

What is the most common description used in residential listing agreements?

A

lot & block

32
Q

The Government Survey System is also known as?

A

Rectangular Survey System

33
Q

What type of legal description takes into consideration baselines, meridians, townships, and sections?

A

Government Survey Sytem

34
Q

How many sections are in 1 township

A

36 sections

35
Q

1 section equals

A

640 acres or 1 square mile

36
Q

How many square feet are in 1 acre ?

A

43560 square feet

37
Q

How many linear feet is in 1 mile?

A

5280 feet

38
Q

What are the 4 rights the government have to control the use of land?

A
  1. Police Power
  2. Eminent Domain
  3. Taxation
  4. Escheat
39
Q

What is Police Power?

A

the power to regulate and control the use of property for the health, safety, and general welfare of the public.

40
Q

What is the most common example of Police Power?

A

Zoning

41
Q

If someones property violates zoning they may request a

A

Variance

42
Q

The space between the lot line and building line is called ?

A

Setback

43
Q

What is an area of land separating one land use from another? For example residential from commercial.

A

Buffer Zone

44
Q

The right of the government to take private property for public use through the action of condemnation is called ?

A

Eminent Domain

45
Q

When an individual forces the government to buy his or her property it is called?

A

inverse condemnation

46
Q

What is the Highest priority lien on real property ?

A

Property Taxes

47
Q

Property taxes are also known as?

A

Ad Valorem Taxes

48
Q

When are property taxes paid At foreclosure ?

A

Paid First

49
Q

What is the purpose of Escheat?

A

to ensure that no land remains unowned

50
Q

What is the Legal term of Abandonment?

A

an act of surrendering or forfeiting rights or property

51
Q

What are the most common private controls of land use?

A

CC&Rs or commonly referred to as Deed Restrictions or Deed Covenants.

52
Q

HOAs and POAs apply to what property types?

A

condominium complexes and subdivisions

53
Q

Why are deed restrictions created ?

A

to control land use, development, and methods, and materials for construction

54
Q

Where are Deed Restrictions found and who are they enforced by?

A

Declaration of Restrictions and are imposed by the grantor

55
Q

In Civil court What can be issued in the event of a deed restriction violation?

A

An Injunction to enforce the restrictions

56
Q

True or false: Deed restrictions are permanent and do NOT expire

A

True

57
Q

What is a limit on a property or a limit on a property’s owner’s rights?

A

An Encumbrance

58
Q

What are 3 forms of an encumbrance?

A

Reservations, Encroachments, and Easements

59
Q

When a grantor witholds title to a part of the land and it is described in the deed it is called?

A

Reservation

60
Q

Two common examples of a reservation

A

an Easement or Mineral Rights

61
Q

When a structure or improvement overlaps or trespasses onto another’s property it is called?

A

Encroachments

62
Q

True or False: Encroachments Dont have to be disclosed

A

False; Encroachements MUST be disclosed

63
Q

How do we determine an encroachment?

A

During a Survey

64
Q

What allows for limited use or enjoyment of another’s land?

A

Easement

65
Q

“use without possession” is also considered

A

an Easement

66
Q

What are the six ways in which easements can be created?

A
  1. Express or Implied Grants- part of a sale
  2. Agreements- separate from a sale
  3. Limitation or Prescription- constant use without permission
  4. Reservation- seller keeps an easement
  5. Necessity- Granted by the courts
  6. Condemnation- Eminent Domain
67
Q

What are the three ways through which easements can be terminated?

A

1.Merger- Acquiring the adjacent property
2.Release- document used to terminate
3.Abandonment- action that terminates

68
Q

If a property has a road across one parcel, of land the owner who crosses over the other’s land is what type of estate?

A

Dominant Estate

69
Q

The dominant estate __________ from the easement, while the servient estate is ________.

A

Benefits, Encumbered

70
Q

An easment in gross is also known as an

A

Utility Easement

71
Q

When referring to an Easement in Gross it belongs to ?

A

A person or corporation

72
Q

True or False: In an Utility Easement No matter who owns the land, the easement still belongs to the utility company

A

True

73
Q

What is a license?

A

Permission to do a particular act upon the land or property of another

74
Q

Adverse Possession is also known as

A

Squatter’s Rights

75
Q

In order for adverse posession to be considered occupancy must be …

A

hostile, visible or open

76
Q
A

Texas National Exam Test Prep (5 decks)

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