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