Texas Law of Contracts - Chapter 2
Emblements
The crops and other annual plantings considered to be personal property of the cultivator are known as...? Fixtures Emblements Trade fixtures All of the above
T (True)
A condominium is considered real property...? T (True) F (False)
Cooperative
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a...? Condominium Time-share Cooperative Townhouse
Mobile home
A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system is referred to as a...? Freight Chattel Mobile home Ranch-style home
Beneficiary
A trust involves a trustor, trustee, and a...? Broker Attorney Grantor Beneficiary
Deed
A written document by which ownership of land is transferred from one party to another is known as a...? Deed Title Chattel Instrument
Bill of sale
A written instrument given to pass title of personal property from a vendor to a vendee is referred to as a...? Deed Title Contract of sale Bill of sale
Personal property
All property that is not considered to be real property is known as...? Real estate Personal property Land All of the above
Corporation
An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it is known as a...? Limited Liability Company Corporation Sole Proprietorship Limited Liability Partnership
Tenancy in common
An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners is considered...? Joint tenancy Severalty ownership Tenancy in common Tenancy by the entirety
Real estate
Land and everything permanently attached to land is known as...? Real estate Real property Bundle of rights Chattels
Community property
Married couples in Texas typically own property as...? Joint tenancy Severalty ownership Community property Tenancy by the entirety
Proprietary lease
Ownership in a cooperative consists of which of the following...? Deed Title Proprietary lease Real property
Chattels
Personal property is also known as...? Fixtures Chattels Emblements Real estate
Fixture
Personal property that has become real property by having been permanently attached or adapted to real property is known as a...? Emblement Chattel Fixture Trade fixture
Man-made improvements
Real estate is considered land plus...? Surface rights Bundle of rights All of the above Man-made improvements
Real property
Real estate plus the bundle of rights is known as...? Chattels Real estate Real property Land
Severalty ownership
Real property that is owned by only one person is referred to as...? Severalty ownership Tenancy in common Joint tenancy Community property
Title
The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights is known as...? Deed Chattels Title Bundle of rights
Trustor
The individual who contributes real property to a trust is considered the...? Trustor Trustee Beneficiary Grantee
Mineral rights
The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...? Easements Surface rights Air rights Mineral rights
Right of survivorship
The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is referred to as the...? Right of possession Right of disposition Right of ownership Right of survivorship
Air rights
The rights in real property to the reasonable use of the air space above the surface of the land are known as...? Sub-surface rights Surface rights Air rights Mineral rights
A joint tenancy includes the right of survivorship
What is the primary distinction between a tenancy in common and a joint tenancy...? A joint tenancy includes the right of survivorship A tenancy in common includes the right of survivorship Freehold estates can be owned as a tenancy in common Leasehold estate can be owned as a joint tenancy
All of the above
Which of the following business entities can own real property...? Corporations Limited Liability Companies Partnerships All of the above