Texas Real Estate

Card Set Information

Author:
leakinmysoul
ID:
245086
Filename:
Texas Real Estate
Updated:
2013-12-12 12:34:02
Tags:
01 Property Ownership
Folders:

Description:
Properties
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user leakinmysoul on FreezingBlue Flashcards. What would you like to do?


  1. Real Property
    Land, improvements attached to the land, and the rights to use them.
  2. Personal Property
    Anything not classified as real property, a right or interest in things of a temporary or movable nature.
  3. Chattel
    Personal Property
  4. Personalty
    Personal Property
  5. Fixture
    Personal property that has been installed or attached to become real property.
  6. Annexation
    The process of attaching personal property so that it becomes real property thus creating a fixture.
  7. Severance
    Real property becomes personal property when it is "severed" from the land.  Uninstall, unattach.
  8. Trade Fixture
    Personal property installed on leased property for the purpose of the tenant's occupation or profession.
  9. Accession
    Gaining title to improvements as a result of the annexation of fixtures.
  10. Physical Characteristics of Land
    Nonhomogeniety, immobility, indestructibility.
  11. Nonhomogeniety
    A physical characteristic of land stating no two pieces are exactly alike.
  12. Immobility
    A physical characteristic of land stating that land cannot be moved - an owner must go to the land.
  13. Indestructibility
    A physical characteristic of land that land will always be there - it is durable.
  14. Economic Characteristics of Land
    Scarcity, Modification, Situs, Fixity.
  15. Scarcity
    An economic characteristic of land stating that a short supply where demand is great will cause an increase in value - usually based on geography.
  16. Modification
    An economic characteristic of land stating that improvements made by man will alter the value of the land and surrounding properties.
  17. Situs
    An economic characteristic of land stating that location preference from an economic standpoint can cause increased value - location, location, location.
  18. Fixity
    An economic characteristic of land stating that land, buildings and improvements are considered a fixed investment - not liquid assets.
  19. Legal description of property
    A description of such certainty and accuracy that one can go to the ground and identify the land - a description prepared by surveyor.
  20. Metes and Bounds
    A legal description of land having a point of beginning, using terminal points and angles, degrees and minutes to outline a property.
  21. Lot, Block and Subdivision
    A legal description of land based on a recorded map of a subdivision called a plat.
  22. Monuments
    Permanent surveyor markers - natural or manmade.
  23. Rectangular Survey System
    A legal description  of land using base lines, meridians, townships, sections, and ranges - also called the Government Survey System
  24. Government Survey System
    A legal description of land using base lines, meridians, townships, sections, and ranges - also called the Rectangular Survey System
  25. Township
    Part of the Government Survey System consisting of 36 sections.
  26. Section
    Part of the Government Survey System consisting of 640 acres or one square mile
  27. Acre
    A measure of land - 43,560 square feet
  28. Plat
    A map of a town, section or subdivision
  29. Plot
    A map of a single property site, also called a lot or a parcel
  30. Lot
    A single piece of property, also called a plot or a parcel
  31. Parcel
    A single piece of property, also called a plot or a lot
  32. Onsite Construction
    Improvements constructed or built on the land - not prefabricated
  33. Offsite Construction
    Improvements constructed or built in a controlled environment and then transported to the land and installed on the land - prefabricated, manufactured or modular buildings
  34. Encumbrance
    A limitation on the rights of a property owner
  35. Cloud on the Title
    An encumbrance that caused doubt as to the validity of title and can prevent sale or transfer of title
  36. Release
    The legal method of removing an encumbrance - to release it or get a release
  37. Lien
    A charge against property as security for a debt
  38. Voluntary Lien
    A lien created by the borrower's choice - taking out a mortgage or home improvement loan
  39. Involuntary Lien
    A lien created by an outside source - law, court
  40. Specific Lien
    A lien attaching to only one or more listed or specific properties
  41. General Lien
    A lien attaching to all the property of a debtor not exempt from forced sale
  42. Statutory Lien
    A lien created by statutory law, (legislation) - taxes, judgments, etc.
  43. Equitable Lien
    A lien created by common law, (through the courts)
  44. Vendor's Lien
    A lien created by seller financing
  45. Vendee's Lien
    A lien used to protect a buyer who has paid and not received a deed
  46. Writ of Execution
    A court order to enforce payment of a lien
  47. Mechanic's and Materialman's Lien
    A lien on real property to secure payment for work or materials used to improve the property - an M&M lien
  48. Reservation
    When a grantor withholds title to a part of the land transferred by a deed
  49. Encroachment
    Structures or improvements of one property overlap onto another's property
  50. Easement
    A right in land granting limited use or enjoyment of another's land
  51. Methods to create an easement
    Express or implied grant, agreement, reservation, limitation or prescription, necessity, condemnation
  52. Methods to terminate an easement
    Release, merger - also called acquiring the adjacent property, abandonment
  53. Express Grant
    Written or spoken
  54. Implied Grant
    By actions or evidence but not written or spoken
  55. Easement by Reservation
    An easement kept or reserved by a grantor when selling property to a grantee
  56. Easement by agreement
    An easement negotiated by the property owner and the party in need of the easement
  57. Easement by Prescription
    An easement acquired by constant use without permission for a required number of years - usually 10 - also called easement by limitation or prescriptive easement
  58. Easement by Necessity
    An easement granted by the courts to a landlocked property owner who is unable to gain access an other way
  59. Landlocked
    A property surround by other properties in such a way that there is no legal access
  60. Easement by Condemnation
    Easement acquired by the government under the right of Eminent Domain - for use by the government, utilities or railroads
  61. Easement Appurtenant
    An easement that runs with the land - whoever owns the land owns the easement
  62. Easement in Gross
    An easement that belongs to an individual or corporation regardless of ownership of the land - for example - a utility easement
  63. Dominant Estate
    Property that benefits from an easment appurtenant
  64. Servient Estate
    Property that is limited by an easement appurtenant
  65. License
    Permission to use another's property for a particular reason - for example a theater ticket
  66. Adverse Possession
    Acquiring title to another's property by occupancy that is hostile, actual, continuous, visible and distinct for the statutory period - "squatter's rights"
  67. Estate
    An interest is real property
  68. Indeterminate Length
    A period of time with no set termination date - ownership or the freehold estate is of indeterminate length
  69. Freehold Estate
    Ownership of real property
  70. Bundle of Rights
    A term used to describe an owner's legal rights in land - right to sell, lease, occupy, etc.
  71. Fee Simple
    Ownership with the greatest bundle of rights - the owner has all available rights to the property and can always pass it to his heirs - also called fee simple absolute
  72. Defeasible Fee
    Ownership with terms or conditions which if violated could cause the ownership to be defeated or terminated
  73. Conditional Fee
    Ownership with terms or conditions which if violated could cause the ownership to be defeated or terminated
  74. Qualified Fee
    Ownership with terms or conditions which if violated could cause the ownership to be defeated or terminated
  75. Qualified Defeasible Fee
    Ownership with terms or conditions which if violated could cause the ownership to be defeated or terminated
  76. Life Estate
    Ownership for the duration of one's life - cannot be willed to heirs
  77. Life Tenant
    Owner of a life estate
  78. Remainderman
    Person who becomes the owner of property at the end of a life estate, the remainderman has fee simple
  79. Pur Autre Vie
    For another's life - a life estate held by one party for the life of another
  80. Life Estate with Reversion
    A life estate set up so that at the end of the life estate the property goes back to the original owner
  81. Estate in Severalty
    Ownership by one person, one corporation, one partnership
  82. Sole Ownership
    Ownership by one person, one corporation, one partnership
  83. General Partner
    A partner who share full responsibility and full liability
  84. Limited Partner
    A partner whose liability is limited to the amount of his investment and who is usually not involved in day-to-day operations of the partnership
  85. Tenancy in Common
    Ownership by two or more parties without rights of survivorship  - unequal share are permitted - upon the death of the owner property passes to heirs at probate
  86. Joint Tenancy
    Ownership by two or more parties with rights of survivorship - must be equal shares - property passes to surviving co-owners immediately upon the death of any owner thus avoiding probate
  87. Rights of Survivorship
    A characteristic of joint tenancy - upon one owner's death his share passes to surviving co-owners - heirs have no claim on the property
  88. Poor Man's Will
    Joint Tenancy
  89. Partition
    Legal procedure to divide the c-owner's interests in real property
  90. Property held in Trust
    Property held by one party for the benefit of another
  91. Syndicate
    Two or more parties join together to create and operate a real estate investment
  92. Tenancy by the Entirety
    Joint tenancy where the co-owners are husband and wife
  93. Leasehold Estate
    An interest in real property giving a party possession without ownership
  94. Estate for years
    A leasehold with a specific starting and ending date - it survives death or the sale of the property
  95. Periodic Tenancy
    A lease that automatically renews for like periods unless one party acts to terminate it
  96. Estate at Will
    A lease that can be terminated by either party at will, without notice
  97. Holdover Tenant
    A tenant who continues to occupy property after the lease has expired
  98. Tenancy at Sufferance
    The interest in a property held by a holdover tenant who is not paying rent
  99. Holdover Tenancy
    The interest in a property held by a holdover tenant who is paying rent
  100. Statutory Estate
    An interest in real property created by law
  101. Community Property
    A statutory estate - all property acquired after a marriage is jointly owned by the husband and wife
  102. Homestead
    The residence property of a landowner

What would you like to do?

Home > Flashcards > Print Preview