Discuss examples of personal property that prospective

Real Estate Principles TX 36298 ch 2 Real Property Flashcards Trade Fixturesreal estate Do you know of a property on which lateral severance has occurred?Discuss examples of personal property that prospective purchasers might consider real property.subsurface rightsOwnership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.Written agreementavoids disputes; if an agreement concerning the object in question is not in writing, the courts will determine real versus personal property The earths surface, extending down word toward the center of the earth and upward infinitely into space personal property What are the requirements for converting manufactured housing from personal property to real property?If the owner of the land has elected to treat the home as real property and a certified copy of the statement of ownership and location for the home has been filed by the owner in the real property records of the county in which the home is it located and both the Texas department of housing and community affairs and the counties chief text appraiser have been notified of the filing an addition for an owner to treat the manufactured home as real property that home must be attached to the land owned by the owner of the manufactured home through a gate or a contract for deed or to land leased to the owner of the home under a long-term lease.Under what circumstances can a fixture be removed?Discuss the tests of a fixture.

• An improvement on land is any structure, usually

privately owned, erected on a site to enhance the value of property; for example, buildings, fences, and driveways. 2.An Improvement to land is usually a publicly owned structure, such as a curb, sidewalk, Street, or sewer.land In what ways are real estate agents involved in the sale of manufactured housing?air rights Explain the rights that convey with ownership of real property Bundle of rights The earths surface extending downward to the center of the earth and upward into space, including oh thanks permanently attached to it by nature or by people, as well as the interests, benefits, and rights inherent in real estate ownership.reservation Fruits of industry; annual planting of crops considered personal property.fructus naturales

And items of personal property that has been converted to real property by being permanently affixed to the realty.fructus industriales surface rightsOwnership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above ( air rights) or the minerals below the surface ( subsurface rights).Real PropertyReal Estate plus "bundle of legal rights"

Which term describes real property: fructus naturales or

fructus industriales List and describe the three (3) basic tests of a fixture.real propertyDistinguish among the concepts of land, real estate, and real property growing crops, such as grapes and corn, that are produced annually through labor and industry; deemed to be personal property.exception Items of personal property, chattel.real estate Legal tests of a fixturea) Intention of partiesb) Adaptation of article to specific real estatec) Mode and permanence of annexation severanceChanging an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.LandEarth's surface to the center of the earth and the airspace above the land, including the trees and water In Texas, when may a manufactured home (mobile home) be considered part of the real estate?Does a broker or salesperson have to obtain a special license to sell manufactured homes while acting as a consumer's broker or salesperson?The concept of land ownership that means ownership of all legal rights to the land - for example, possession, control within the law, and enjoyment -rather than ownership of the land.chattel

• Surface rights, including underground water2.

Subsurface rights, including oil & gas and other mineral rights3. Air rights Personal property versus real property FixturesAgreementLegal TestsIntentAdaptation to real estateMethod of annexation Trade fixturesTrade fixtures versus ordinary fixtures Bundle of RightsPossession, control, enjoyment, Exclusion, Disposition trade fixtureArticle installed by a tenant under the terms of a lease and removable by the tenant before the lease expires. These remain personal property and are not true fixtures.Real EstateLand plus permanent man-made additions The right to use the open space above a property, generally allowing the surface to be used for another purpose.attachement The act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor. 2. A process of

converting personal property to a real estate.bundle of legal rights personal property, such as furniture, domestic animals,emblements

Fruits of nature; trees and perennial shrubbery and grasses considered real estate.improvement As used in The conveyance of real estate, the exclusion of some part of the property conveyed, such as a mineral interest held by a previous owner; a deficiency in the grantors title; contrast with reservation.fixture Items, called chattels, that do not fit into the definition of real property; movable objects; Personality.personalty Give examples of personal property converted to real property?Give examples of real property converted to personal property?A portion of the earths surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached thereto, whether by nature or by person.real property

• Right to possess property2. Right to enjoy property

against all others3. Right to control property including right to exclude (even little children learn this very early-"Get off my property.")4. Right to make use of or dispose of property; cultivate; develop; dedicate; share; explore; lease; grant a license to use; mortgage or otherwise encumber; transfer by gift; transfer by will; exchange; sell Lateral severance What is added to land to make real estate? What is added to real estate to make real property?

• Fructus naturales2. Fructus industriales (emblements)3.

Oil/gas and other mineral interests4. An item of real estate may be changed to personal property by severance.5. An item of personal property may be changed to real estate by attachment.a) Construction materialsb) Appliances and equipmentc) Manufactured housing if (1) the owner has elected to treat the home as real property, (2) a certified copy of the "statement of ownership and location" for the home has been filed by the owner in the real property records of the county in which the home is located, and (3) both the Texas Department of Housing and Community Affairs and the county's chief tax appraiser have been notified of the filing(1) Owner may elect to treat it as real property if attached(a) to land owned by the owner of the manufactured home or(b) to land leased to the owner of the home under a long-term lease(2) Owner of manufactured home may obtain a homestead exemption whether the property is real or personal(3) No additional license required to sell manufactured housing if conducting negotiations for a consumer while acting as the consumer's broker (even if the home is not classified as real estate) Fixture What is the bundle of rights? What is included in these ownership rights?personal property (personalty, chattel, emblements)