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Chapter 1
Real Estate
| Term | Definition |
|---|---|
| Land | physical property and natural objects like trees and bodies of water - "lot", "site", parcel |
| Real Estate | land with permanent manmade improvements |
| Real Property | land and improvements along with "bundle of rights". Transferred by deed |
| Tangible Rights | physical aspects of a property, such as: land, buildings, forest, farmland, vineyards, trees, plants life, floral gardens, fixtures |
| Intangible | areas above and below land surfaces, access and privileges such as: air, water, mineral rights |
| Categories of real propety | Residential, commercial, industrial/manufacturing property, agricultural, vacant land; special purpose properties: parks & recreational areas, institutional properties |
| personal property | property that is tangible and moveable - chattell does not include rights to the land and transferred by bill of sale |
| fixtures | items that have been permanently attached to real property. can be personal property that has been "physically or constructively annexed" to a structure. M-A-R-I-A |
| land characteristics | physical and economic |
| land descriptions | monuments, metes & bounds, rectangular survey system, lot and block survey system or recorded plat, APN |
| Appurtenant Rights | additional beneficial rights, interests associated with land ownership beyond just physical soil. Major appurtenant rights are: water, air, mineral rights, license, profit |
| Encumbrance | a non-possessory claim or lien on a parcel of real property |
| easements | right granted for a specific use of the land of another created by: express grant, express reservation, easement by implication, easement by necessity, easement by prescription, party wall |
| Encroachment | a structure or fixture is built on anogther persons propety or land and "encroaches" on their property |
| Police Power | goverment e3ntities ability to control the rights to the property for the public good by creating aws or guidelines |
| eminent domain | the governments power to take pricate propery for public use excuted by a condenation proceeding |
| zoning laws | range from restirctios on size ,hight and use of land or strucures population density and income lebels |
| accessory use | "in-law" apartement or a home business, known as "home occupation" must be "incidental and secondary" to the residential use |
| zoning catefories | as of right zoning, incentive zoning, cluster zoning, spot zoning |
| moratorium | official delay in further development of property within the municipality |
| use variance | grants permission to wuse land in a way currently prohibited by the existing zoning |
| area variance | grants permission to use land in a way curr3ently prohibited by the dimensional or physical requirements of the exsiting zoning |
| Certificate of Occupancy (CO) | the evidence that a building or renovation is in full complaiance with all building codes, has passed inspection and declared fit for occupancy. |
| Dpctroine of Laches | assertion that another individual has "slept on its rights". If restrictive covenants are not enforced in a timnely fashion, the courts may terminate the restriction |
| Private controls - voluntary | use restrictions adopted by landowners or homeowners associations |
| subdivion | form of private control. Division of contiguous land such as planned developments, condos, cooperatives and apartment projects |
| Common Interest Subdiviosion | ownership or lease of a lot, unit or interest, with an undivided interest or membership interest in the common area |
| condominium | a common undivided interest in a portion of real property together with a separate interest in a unit |
| cooperative | a corporation formed to title to improved real property. Shareholders own stock in the corporation and receive a right of exclusive occupancy, Can only be transffered with the stock ownership |
| planned devopmentqlos | lots or parcels owned separately and lots or areas owned in common, reserved for the use of some or all of the individualo lot owners |
| municipal agencies | empowered by state and local legislatures to oversee and regulate issues pertaining to health, welfare and safety of residents |
| freehold estates | grants the bundle of rights including exculsive right to own, use and transfer for an indefinite period of time; inheritable |
| fee simple absoulte | most common type of freehold estate |
| fee simple defeasible | same rights as "absolute" but contains conditions that would cause the property to revert to the prior owner |
| life estates | all the rights of ownership for a persons entire lifespan. may be sold or leased, but is terminated upon thier death |
| non-foree hold estates | lease or contract for possession only and for a defined period of time. Holder is "lessee" or "tenant and owner is "lessor" or "landlord" |
| estate at will | tenancy at will. Can terminate at any time |
| estate for years | lease that includes fixed start and end dates. can be short as hours or days, or as long as 100 years or more |
| estaate from perid to period | periodic tenancy or periodic estate. similar to an esate for years but automatically renews unless one of the parties gives notice of termination |
| estate at sufferance | use and/or occupancy against the owners wishes |
| estate/ownership in severalty | ownership by a single person only |
| co-ownership | ownership by two or more owners |
| four unities | unity of time, unity of title, unity of interest and unity of possession |
| tenancy in common | two or more parties posses the property simultaneously; does NOT include a "right of survivorship" |
| joint tenancy | two or more parties own an undivided interest with the right of survivorship must include all four unities |
| community property | in Texas, spouses are treated as equal partners with each owning a one-half, undivided interest in all real and personal property; includes income from separate property |
| separate property | property owned by either spouse prior to the marriage or acquired with separate funds or by gift, devise, descent, or through a personal injury settlement |
| tenancy by the entirety | co-ownership limited to legally married spouses with right of survivorship and requires all four unities. Terminated by divorce decree and NOT recognized in texas |
| tenancy in partenership | two or more people combine assets and property for business purposes |
| specific liens | security granted over an specific property to secure the payment of a debt or obligation. Types are: mortgage, property tax liens, mechanics lien, materalmans lien |
| general liens | a claim against a person and everything they own to secure a debt or obligation. Types are: judgement and tax inlcuding estate/inheritance, corporate and income taxes |
| liens pendens | "notice of pending litigation" attached to a piece of real property as warning of ongoing lawsuit |
| homestead protection | laws that allow individuals to declare a portion of their property as "homestead", offering limited protection in the even of a lien or lawsuit; exempts a portion of their equity from seizure |
| Texas Homestead protection | broader protections; requires both spouses jointly agree and sign documentation for any sale or encumbrance of the property; does not require a formal declartion, created automatically; |
Created by:
ctindle2
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