Chapter 2
Limited Liability Company (LLC)
A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
IMPROVMENT
A designed change that increases the usefulness of a product, service, or process. To make better!
Condominium
A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property.
What is the primary distinction between a tenancy in common and a joint tenancy...?
A joint tenancy includes the right of survivorship
LIMITED PARTNERSHIP
A partnership with one or more general partners and one or more limited partners.
Deed
A written document by which ownership of land is transferred from one party to another.
The rights in real property to the reasonable use of the air space above the surface of the land are known as...?
Air rights
Personal Property
All property that is not considered to be real property. That which is movable (not attached to land).
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. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law it may continue for any length of time the law prescribes.term-76
A trust involves a trustor, trustee, and a...?
Beneficiary
A written instrument given to pass title of personal property from a vendor to a vendee is referred to as a...?
Bill of sale
Personal property is also known as...?
Chattels
A written document by which ownership of land is transferred from one party to another is known as a...?
Deed
MANUFACTURED HOUSING
Dwellings that are built off site and trucked to a building lot where they are installed or assembled.
The crops and other annual plantings considered to be personal property of the cultivator are known as...?
Emblements
Personal property that has become real property by having been permanently attached or adapted to real property is known as a...?
Fixture
Chattels
Goods or every species of property movable or immovable which are not real property.
Real Estate
Land and everything permanently attached to land.
Annexation
Legally adding land area to a city in the United States
The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...?
Mineral rights
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...?
Mobile home
Beneficiary
One entitled to the benefit of a trust.
Trustor
One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under terms of a deed of trust.
Trustee
One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.
Severalty Ownership
Owned by one person only. Sole ownership.
Tenancy by the Entirety
Ownership by married persons where each owns the entire estate with the survivor taking the whole estate upon the death of the other.
Common Elements
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
All property that is not considered to be real property is known as...?
Personal property
Fixtures
Personal property that has become real property by having been permanently attached or adapted to real property.
Community Property
Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse had equal rights of management, alienation, and testamentary disposition of community property.
Ownership in a cooperative consists of which of the following...?
Proprietary lease
Land and everything permanently attached to land is known as...?
Real estate
Real Property
Real estate plus the bundle of rights.
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 survivorship
SUB SURFACE RIGHTS
Rights to use the space below ground level and to extract the natural resources lying below the earth's surface.
Real property that is owned by only one person is referred to as...?
Severalty ownership
A condominium is considered real property...?
T (True)
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...?
Tenancy in common
Emblements
The crops and other annual plantings considered to be personal property of the cultivator.
Title
The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights.
Mineral Rights
The landowner's ability to take minerals from the earth or to sell or lease this right to others.
WATER RIGHTS
The legal rights to use the water in a river, stream, or other body
Land
The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.
SEVERALITY
The owner is the sole owner of the property and is said to have an estate in _____. Single or married person can hold property in severality....the spouse must sign away all rights.
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...?
Title
Co Ownership
Title ownership held by two or more persons.
Items that are installed by a commercial tenant and are removable upon termination of the tenancy are considered...?
Trade fixtures
The individual who contributes real property to a trust is considered the...?
Trustor
Joint Tenancy
Two or more natural persons own that comes with a special benefit called the right of survivorship.Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.
Separate Property
Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage.
Trade Fixtures
items that are installed by a commercial tenant and are removable upon termination of the tenancy.
General Partnership
partnership in which partners share equally in both responsibility and liability
SEVERANCE
the action of ending a connection or relationship
SURFACE RIGHTS
the rights to use the surface of the earth
Partnership
An association of two or more people who operate a business as co-owners and share in the business profits and losses.
Bill of Sale
A written instrument given to pass title of personal property from vendor to vendee.
Cooperative
A form of ownership in which stock holders in a corporation occupy property owned by the corporation under a lease.
Trusts
A legal device whereby one person transfers ownership of property to someone else to hold or manage for the benefit of a third party.
Time-Share
A license or contractual or membership right of occupancy in a project which is not coupled with an estate in the real property.
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.
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.
The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property is known as...?
Bundle of rights
Married couples in Texas typically own property as...?
Community property
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a...?
Cooperative
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...?
Corporation
Which of the following business entities can own real property...?
Corporations Limited Liability Companies Partnerships All of the above
Right of Survivorship
The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.
Air Rights
The rights in real property to the reasonable use of the air space above the surface of the land.
Bundle of Rights
The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.