POR I - Chap 2 Flashcards

POR I - Chap 2 Flashcards

True or False: In texas it is possible for an owner of real

property to sell or convey a tract of land while reserving to him/herself a rich vein of coal which lies just inches under the surface.True The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people real estate This indicates an interest being retained by the seller, such a a mineral right or an access easement reservation As a general rule, trade fixtures are considered to be _______ property. How are they treated upon completion of a lease?personal; they must be removed on or before the lease expires Name the two types of subsurface rights that Texas recognizes.(1) oil and gas rights(2) mineral rights The earth's surface extended down to the center of the earth upward to infinity and including things like trees and water land This is an article of personal property but has been so affixed to land or to a building that the law construes it to be part of the real estate fixture The way in which real estate is changed into personal property severance What would you examine in a sales contract in order to determine if a seller has retained a mineral interest in the land?A reservation Buildings erected on the land plus any infrastructure (streets, utilities, and sewer) and other man-made additions improvement The right to use the surface of the earth; does not always control the subsurface or air rights to the property surface rights Why is it important for a Texas real estate licensee to know whether a particular item is a fixture?So that a written agreement can be made to avoid a dispute The rights to use the air above the land, may also be sold or leased independently of the land air rights What would you examine in a sales contract in order to determine if a seller has retained a mineral interest in the land?Lateral severance Includes all property that does not fit the definition of real estate and has the unique characteristic of being movable - also referred to as personalty personal property The rights to the natural resources below the earths surface subsurface rights

The way personal property is converted to real estate whereas it become a permanent improvement on the land attachment Includes all property that does not fit the definition of real estate and has the unique characteristic of being movable - also referred to as personal property personalty Fruits of industry - includes annual plantings or crops of wheat, corn, vegetable, and fruit - also known as fructus industriales and are generally considered personal property emblements Ownership of land is comprised of and can be laterally severed into what?(1) Subsurface rights(2) Surface rights(3) Air rights An article owned by a tenant and attached to a rented space or building for use in conducting a businesss trade fixture This indicates a deficiency in the grantor's title, such as a mineral interest held by a previous property owner exception Fruits of industry - includes annual plantings or crops of wheat, corn, vegetable, and fruit - also known as emblements and are generally considered personal property fructus industriales An urban residence is more likely to contain fructus _______ than fructus ________.naturales; industriales The earth's surface extending downward to the center of the earth and upward into space, including all things permanently attached to it by nature or by people, as well as the interest, benefits, and rights inherent in the ownership of real estate real property

True or False: In texas it is possible for an owner of real

property to sell or convey a tract of land while reserving to him/herself the minerals under the surface.True Fruits of nature - includes trees, perennial shrubbery, and grasses that do not require annual cultivation - these are considered real estate fructus naturales How does a manufactured home become real estate? (1) If the owner has elected it to be real estate(2) If a certified copy of the "statement of ownership and location" has been filed in the real property records of the county in which it is located(3) If both the Texas Department Housing and Community Affairs - TDHCA - and the tax appraiser have been notified of the filing Includes the right to control the property within the framework of the law, the right of exclusion (to keep others from entering or occupying the property), the right of possession, the right if disposition (to be able to sell or otherwise convey the property), and the right of enjoyment (to use the property in any legal manner) bundle of legal rights Name the three legal tests of a fixture. (1) Intent(2) Adaptation to real estate(3) Mode and permanence of annexation(4) is it a trade fixture

Includes such tangibles as chairs, table, clothing, money, bonds, and bank accounts chattel How does real estate become personal property? By severence How does personal property become real estate? By attachment