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46 Cards in this Set
- Front
- Back
The term for land and improvement thereon is
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Realty
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The term for interest and rights in real estate is
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Real Property
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The term for land and improvements combines with rights and interest is
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Real Estate
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Real estate rights are comprised of
(3 things) |
1. Surface
2. Air 3. Subsurface |
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Subsurface rights are often called ______ rights
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Mineral
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6 examples of mineral rights
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1. Oil
2. Gas 3. Granite 4. Marble 5. Gravel 6. Uranium |
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In texas, _____ rights usually prevail over surface rights.
(TEST Question) |
Subsurface
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An example of air rights is an
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Aerial Easement
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Anything permanently affixed to land is called an
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Improvement
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Anything not considered real property is _____ property
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Personal
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Personal property made permanent by attachment to land is called a
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Fixture.
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4 Test of Fixture
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1. Method of Attachment
2. Method of Adaptation 3. Effects of removal 4. The Intent of the installer |
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Method of attachment examples:
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1. Bolted
2. Glued 3. Nailed |
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Method of adaptation examples:
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Was the item customized
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Effects of removal on underlying real estate examples
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Gaping hole in ceiling due to chandelier removal
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The intent of the installer examples:
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Deck around the pool
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The _____ is the most important test
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Intent of the installer
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A fixture is not considered permanent by law is called _____ fixture
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Trade
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A ________ lien can be filed against fixtures (ex: air conditioning units)
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Mechanical
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A right that conveys with real property ownership is called an
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Appurtenance
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Example of Appurtenance
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HOA Pool, Playground
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Another name for personal property is
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Chattel
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A right of a river or stream lot owner to use in a reasonable manner is called _____ right
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Riparian
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A right of a property owner to use and enjoy lake, bay or sea water adjacent to their property is called a ________ right
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Littoral
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Test Question
Ownership of land does not include ownership of aquifer water (percolating water), only ground water (water table) |
Test Question
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Water rights are contained in the _______
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State water code
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______ enforces the water rules.
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Texas Commission on Environmental Quality (TCEQ)
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A navigable waterway in Texas must be a minimum of an average of ____ feet wide regardless of depth
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30
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Several ____ in Texas are exempt from the constant use law.
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Rivers
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Constant Use law Example
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Blanco River
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(address): sufficient for a lease but not for a sales contract in Texas.
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Informal Description
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_____ Typically used in sales contracts along with an address
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Legal Description
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Within a recorded subdivision, land is described in 4 ways
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1. Lots
2. Blocks 3. Sections 4. Phases |
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In unrecorded rural areas, land is described in _______ and ______.
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1. Surveys
2. Abstracts |
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2 Differences between recorded plot and survey.
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1. Survey is completed for the lender
2. Plot is par subdivision development. |
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A method of identifying a parcel of land by its shape and boundaries is called ________ description
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Metes and Bounds
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* Starts with a monument- typically a concrete marker or metal rod called "the point of beginning"
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* Readings are always north or south and move clockwise
* No reading is more than 90 degrees * 360 degrees in a circle * 60 minutes (') in a degree |
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A _______ map (contour map) is another method of identifying real estate.
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Topographical
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The fact that a tract of land itself cannot be moved is called
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Immobility
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For most part land is
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Indesctructable
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The fact that no two tracts are exactly the same because no two tracts can occupy the exact same location is called
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Non - Homogeneous
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The supply of available land in a given location is called.
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Scarcity
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The process whereby one improvement can affect improvements made to surrounding property is called ______
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Modification.
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An example of a modification would be.
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Super Walmart,
School Cabelas |
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______ defines a property's location from an economic rather than geographic point of view.
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Situs
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An example of a situs would be
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Corner lot, Hillview, Lake Frontage
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