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Texas Law of Contracts - Unit 2: Basics of Real Estate Law
Kaplan Real Estate, Texas
Terms in this set (62)
Which of the following could not be held as separate property after marriage?
Personal property acquired by a spouse after marriage
A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called a
A seller has sold his property and is now transferring title to the new owner. The instrument he will use is
Which of the following is most likely evidence of ownership in a cooperative?
Which of the following is not a form of co-ownership?
ownership in severalty
Three people were concurrent owners of a parcel of real estate. When one owner died, her interest, according to her will, became part of her estate. The deceased was a
tenancy in common
Which of these statements about community property is FALSE?
In Texas, if a spouse dies without a will and two common heirs, the property will go to the heirs in a trust.
What type of business association allows some members to participate in decision making while others are prohibited?
Which of the following statements about separate property is TRUE?
A house gifted by parents to one spouse as a wedding gift could be held separately.
Which of the following would be regarded as personal property?
Real estate generally includes all of the following EXCEPT
What type of association allows all the partners the ability to participate in the operation and management of the business?
Which of the following may be leased?
In a tenant-occupied and -furnished property being used as a produce shop, a free-standing refrigerator would be considered
The bundle of legal rights includes all of the following EXCEPT
the right to cultivate any plant
Air and solar rights are regulated by
state and local laws and ordinances
Land is considered
John owns a manufactured home and has elected to have it classified as real property. Which of the following would NOT support the home's classification as real property?
He intends to move it every six months
A corporation is a legal entity (an artificial person), according to state law. Property owned by the corporation is owned in
Which of the following is NOT an economic characteristic of real estate?
A woman owns and resides in a condominium. Title to her unit is
ownership in severalty
A homeowner is building a new enclosed front porch on his home. A truck load of timber that the homeowner purchased has been left in the driveway for use in building the porch. At this point, the lumber is considered
The ownership rights of real property are described as the
bundle of legal rights
A married couple could hold title by which of the following means?
Trade fixtures are usually installed by
the tenant of the property
Which of the following is NOT a physical characteristic of land?
Which of the following laws in Texas govern condominiums?
Uniform Condominium Act
A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is a
Which of the following is personal property?
Real estate is defined as
land at, above, and below the earth's surface.
An example of an appurtenance is
In condominium ownership, the owner of each unit holds
fee simple title
Which of the following would be considered a fixture?
A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following?
Personal property is conveyed by
bill of sale
What sets forth the powers of a corporation? The
Which of the following is TRUE about community property in Texas?
A surviving spouse owns at least one half of the property upon death of the spouse.
Which of the following is TRUE about community property?
The married couple are equal partners in the marriage
The unities of possession, interest, time, and title are associated with which of the following?
A married couple co-owns a farm. This arrangement is MOST likely
Which of the following can reduce land's value?
improvements on the land
If property is owned by two or more owners as joint tenants, the interest of the deceased co-owners will be passed to the
surviving owner or owners
Another term for personal property is
With community property, which of the following is FALSE?
Title can be conveyed by one party without the approval of the other party.
The death of one of the directors of a corporation
does not affect title to property owned by the corporation.
Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys interest to a friend. Which statement is TRUE?
The first two owners remain joint tenants.
A couple just built a 3,000 square foot home in a brand new subdivision. They have recently found out that a toxic waste dump is being built half a mile away. Typically this will
decrease their homes value
A landowner sells his property but retains the rights to any oil and gas found beneath the property. These rights are called
A married couple could not hold title by which of the following means?
title in reservation
John and Susan are looking to purchase a new home. They have found one that they really like north of the freeway. It costs more than the homes south of the freeway, though appears to be in a similar type of neighborhood. John and Susan like the north side of the freeway better than the south side of the freeway. They would be purchasing this home based on its
The individual unit owners of a condominium also own a specified share of the undivided interest in the remainder of the building and land called
What portion of ownership will each one of the three parties have in a joint tenancy of 3 people?
Includes the earth, airspace above and permanent and natural objects
The earth, airspace above, all permanent objects and legal rights.
The earth and airspace above, including all permanent objects.
The title refers to
ownership of the property, not to a printed document
A deed is used to
transfer title to real property
Non-Realty Items Addendum
used when personal property is to be included in a sale
Legal Test for a Fixture
Method of annexation
Adaptation to Real Estate
Which entitys exists independently of its members?
Limited Liability Companies
The term nonhomogeneity refers to
the fact that no two parcels of land are alike.
Define the difference between a unilateral contract and a bilateral contract.
Unilateral - One promise
Bilateral - Exchange of promises
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