Questions and Answers
A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following?
Property can be converted from real to personal property and from personal property to real property by means of which processes respectively?
The highest form of ownership interest one can acquire in real estate is the:
The distinguishing feature of a defeasible fee simple estate is that:
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Maria acquires a property from her uncle Alfonso. When Maria dies the estate will pass to Alfonso's other niece Serena. The type of estate that Maria has in the property is:
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One difference between a cooperative estate and a condominium estate is that:
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Who are the essential parties involved in an estate and trust?
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A condominium owner enjoys a:
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With various types of junior liens, the order of payment priority is generally established according to:
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What is a lien theory state in contrast to a title theory state?
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A property owner has an easement appurtenant on her property. One day the property is sold to another party who is opposed to the easement. Following the closing, this particular form of easement:
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What fundamental legal purpose is fulfilled by title records?
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Study Notes
Real Estate Concepts
- Trade fixtures installed by a farmer are classified as personal property, designed to prevent spoilage in a leased farm stand.
- Property transitions between real and personal status through severance (personal) and affixing (real).
Ownership Interests
- The highest level of ownership in real estate is the absolute fee simple estate, signifying complete ownership rights.
- A defeasible fee simple estate allows reversion to the grantor or heirs if prescribed usage conditions are violated.
Types of Estates
- A conventional life estate allows Maria to hold a property that passes to another niece, Serena, upon her death.
- In cooperative estates versus condominiums, owners of condominiums possess ownership of specific airspace units, while co-op owners hold proprietary leases.
Estate and Trust Parties
- The essential parties in an estate and trust include the trustor (creator), trustee (manager), and beneficiary (recipient).
Condominium Ownership
- Condominium owners hold fee simple ownership of their unit's airspace and a shared interest in the common areas of the property.
Liens and Payment Priority
- The priority of payment for junior liens is established based on the date of recordation, determining the order in which debts are satisfied.
Mortgage Theories
- In lien theory states, the mortgage retains the property title while the debt is outstanding, contrasting with title theory states where the mortgagee holds title.
Easements
- An easement appurtenant is transferable with the property, remaining intact even when ownership changes, ensuring rights aren't lost through sale.
Title Records
- Title records serve to provide constructive notice of rights and interests in property, helping to clarify ownership and prevent disputes.
Chain of Title
- Chain of title refers to the documented history of ownership for a particular parcel of real estate, essential for confirming legal rights associated with the property.
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Description
Test your knowledge on key concepts in Texas real estate with this practice exam. The quiz covers various topics including classifications of property and trade fixtures. Prepare to enhance your understanding and succeed in your real estate career.
