texas real estate final test- Pearson Vue Flashcards

texas real estate final test- Pearson Vue Flashcards freehold- lifestyle estatedesigned to protect family survivorshomestead: rights to ones principle estatelaws protect homestead from creditors survivorshipon death, interests and rights pass to other joint tenants joint tenancyequal undivided interest jointly ownedsurvivor shiprequires

• unities to create-time, title, interest, possession

trusteerenders fiduciary duties to trust-or and beneficiary Easement- Appurtenantattaches to the estateby necessity, to landlocked owners cooperativesownership of shares in owning corporation, plus lease in a unitcooperation has sole, undivided ownership lien type- general/specificagainst any and all assets/ against car and house littoral rightsseas and lakes leasehold- periodiclease term renews automatically upon acceptance of lease freehold- fee simple estatenot limited by ones lifetimeabsolute- hights form of ownershipdefeasible- reverts to previous owner per conditions community propertyjoint property ownership by spouses as opposed to separate property tenancy by entiretieshusband and wife own equal undivided intrests easement- in grossdoes not attach to structure condominiumsown unit of airspaceplus undivided interest in common areas community property(marriage) lien priority- superior liensreal estate tax lienspecial assessment lienfed estate tax lienstate inheritance tax lien mortgage lien foreclosureliquidation of collateral property by judicial, non-judicial, or strict forclosure deed in lieu of forclosuredefaulted borrower deeds property to lender to avoid forclosure LANDSurface, all things attached to it, subsurface, and above the surface equitable titlean interest that gives a lien holder or buyer the right to legally acquire a property if certain contractual duties are not upheld Tenacity in severaltysole ownership separate- community propertyacquire before marriageacquire by gift or inheritanceacquire with separate property fundsincome derived from separate properties Bundle of rightsPosses, Use, Transfer, Exclude, Encumber strict forclosurecourt ordered sale; legal transfer of title directly to lender without public sale

industructible-landland can not be destroyed Leasehold- estate for yearsspecific-stated duration in lease freehold- conventional life estatelimited to liftime of life tenant or named partyPur autre vie- limited to lifetime of another, passes to remainderman or previous owner creationPITTpossessioninteresttimetitle riparian rightsrivers and streams beneficiaryreceives ownership benefits personal propertychattels, trade fixtures, emblements lien type- superior/juniorpaid before junior/ paid after superior and date title theory statelender hold legal title to property until debt service is rendered tenancy in commonco-tenants individually own undivided interestsany ownership share possibleno survivorshipcan convey outside parties communityall other property earned or acquired during the marriage real propertyreal estate+ bundle of rights

freehold- life estatepasses to another upon death of named partyremainder:

named party to recieve estatereversion- previous owner to recieve estate easement by preceptioncontinuous, open, adverse use trustorgives title, deed, trust agreement to trustee free hold estatesfee simple- absoluse, defeasiblelife estate- conventional, legal leasehold estateestate for yearsperiodicesate at willestate at sufferance lien type- voluntary/involuntarymortage lien/tax lien lien priority- junior lienfederal income tax lienjudgment lienmortgage lienvendors lienmechanics lien ImmobilityLand can not be moved real propertyland, fixtures, attachments lien theory statelender of mortage title holds equitable title while owner holds legal title non-judicial forclosure"power of sale" granted to lender; no suit; no deficient judgement; no redemption period after sale non-homogeneityno two parcels are the exact same unit of ownershipowners hold single tile jointly transfermay transfer to new owner as a tenancy in common interest with remaining point tenancy leasehold- estate at sufferencetenancy against landlords will and without an agreement lease hold- estate at willfor indefinite period subject to rent payment; cancelled with notice real estateland+ man made improvments judicial forclosurelawsuit and court ordered public sale legal titlefull legal ownership of property and bundle of rights

easement- licensepersonal right to propertydoes not attachnon-transferablerevocable intrestspersonal-estatenon personal- encumbrances and public intrests equal ownershipowners always hold equal shares