Principles I: Unit 2 Flashcards

Principles I: Unit 2 Flashcards

vertical leaseallows property owners to lease all 3 rights (mineral, surface, air) to different tenants fixtureItem of personal property converted to real estate by attaching it to the real estate with the intention that it become permanently a part thereof AWhen purchasing real estate from a seller,A. the buyer is actually buying the legal rights to the property that were previously held by the sellerB. the seller cannot legally retain any rights of ownershipC. the mineral rights remain with the original owner of the propertyD. the buyer must buy subsurface, air, and surface rights areal estate may be converted into personal property bya.severanceb. accessionc. a bill of saled. inference surface rightsthe rights to use the surface of the earth (includes underground water) CMiguel and Celia are adding an enclosed front porch to their home. The lumber dealer with whom they are contracting has just unloaded a truckload of lumber in front of their house that will be used to build the porch. At this point, the lumber is consideredA. a fixtureB. real propertyC.personal propertyD. real estate trade fixturesEx. Bowling alleys, store shelves, bars, and restaurant equipment lateral severanceSeparates subsurface, surface, and air rights right of controlregulate within he framework of law reservationindicating an interest being retained by the seller, such as a mineral right or an access easement personal property, fixtures___ ___ must be included in writing._____ must be excluded in writing subsurface rightsthe rights to the natural resources below the earth's surface real estate or real propertyland and anything permanently attached to it emblementsfructus industriales is also known as intent of the partiesDid the person who installed the item intend it to remain permanently on the property or to be removable in the future?the owner, tenantsTrade fixtures differ from other fixtures in the following 3

ways:1. Fixtures belong to___ ____ of the real estate, but

trade fixtures usually belong to, and are installed by ______ for their use BSuppose that halfway through the construction of the new front porch, work is delayed indefinitely because of

unforeseen difficulties. At this point, the lumber the dealer originally delivered would be consideredA. personal property if it has been used in the construction of the porchB. real estate if it has been used in the construction of the porchC. real property of the contractorD. real property of the dealer

land, deed, long term leasefor an owner to treat a manufactured home as real property, the home must be attacheda) To ______ owned by the owner of the manufactured home (through a ______ or a contract for deed) orb) To land leased to the owner of the home under a _____ ____ ___ chattelsItems of personal property, include such tangibles as chairs, tables, clothing, money, bonds, and bank accounts accession- Trade fixtures not removed become the real property of the landlord, acquiring property in this way is known as appurtenancescombo of rights, privileges, and improvements that are attached to an run(transfer) with the land right of exclusionto keep others from entering or using the property movablepersonal property has the unique characteristic of being _____ homestead tax exemptionOwners of manufactured homes are entitled to obtain a _____ ____ _____ regardless Fructus Industriales (Fruits of Industry) annual plantings or crops of wheat, corn, vegetables, and fruit that are considered personal property real estatefructus naturales are considered intent of the partiesgenerally considered the most important factor in a court's deciding whether an article is a fixture.mode and permanence of annexationHow permanent is the method of attachment? Can the item be removed without causing damage to the surrounding property? An item attached by permanent means, such as cement, nails, or bolts, becomes a fixture adaptation of an articleEx. A fireplace screen custom build for an oval fireplace is considered a fixture, a portion of real estate that should be included in the purchase of the home. A screen of standard size would not. A refrigerator is usually considered personal property, but if its front has been adapted to match the kitchen cabinetry, it becomes a fixture.exceptionindicating a deficiency in the grantor's title, such as a mineral interest held by a previous owner personal propertymovable items not attached to real estate; items severed from real estate fixturean article that was once 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 intent, adaptation to real estate, method of annexationlegal tests of a fixture adaptation of an articleHas it been customized for this home or is it a standard purchase item? Is the item being used as real property or personal property?BWhen the new front porch is completed, the lumber that the dealer originally delivered will be consideredA. personal propertyB. real estateC. chattelD. emblements

personal propertysometimes called personalty, is all property that does not fit the definition of real estate DA construction firm builds an office center over a railroad right-of-way. This mean thatA. the developer must purchase from the railroad all land under the office centerB.trains can no longer operate on the tracks under the building during business hours if the noise disturb the occupants of he office centerC. the construction firm has built the office center using the subsurface rights to the propertyD. the developer must purchase or lease some land and air rights to the property CJohn purchases a parcel of land and sells the rights to any oil, gas, and minerals located in the ground to an exploration company. This means that he owns all rights to this property EXCEPTA. air rightsB. surface rightsC.subsurface rightsD. water rights BReal estate is often referred to as a bundle of legal rights.Which is NOT among these rights?a. right of exclusionb.right to use the property for illegal purposesc. right of enjoymentd. right to sell or otherwise convey the property trade fixturespersonal property if removed on or before the expiration of a lease.BWhich BEST defines real property?A. land and the air above it and the subsurface below itB. land and all that there is above or below the surface, including all things permanently attached to it and legal rights associated with itC. land and the buildings permanently affixed to itD. land and all the legal rights associated with it real estate, bill of saleTitle of _____ _____ passes by a recordable document such as a deed or a will, WHEREAS title to personal property usually passes by a ____ __ ____ real property, statement of ownership, notified of the filingIn Texas, a manufactured home (ex. Mobile home) may be

considered real estate but only if:a) The owner of the home

has elected to treat the home as ____ _____b) A copy of the "____ ___ _____ " for the home has been filed by the owner in the real property records of the county in which the home is locatedc) Both the TX Department of Housing and Community Affairs (TDHCA) and the county's chief tax appraiser have been ____ __ ___ ____.Bthe term fructus naturales refers to which of the following?A. annual cropsB. real estateC. fruits of industryD. emblements severanceIt is possible to change an item of real estate to personal property by