Texas Law of Contracts UNIT 2

Any artificial thing attached to the land, such as a building or a fence, as well as infrastructures such as sewers.

Legal entity-artificial person-created under the authority of the laws of the state from which it receives its charter

(1) The right to ownership or the ownership of land. (2) The evidence of ownership of land.

The interests, benefits and rights inherent in real estate ownership is...

________ _______ is also known as "chattles". Movable. Does NOT fit into the definition of Real Property.

An item of personal property that has been converted to real property by being permanently affixed to the realty

Real property possesses __ basic characteristics that define its nature and affect its use.

Immobility, indestructibility and uniqueness are 3 ________ characteristics of land.

Scarcity, improvements, permanence of investment & area preference (situs) are 4 ________ characteristics of real estate

Possession, Control within the law, Enjoyment, Exclusion and Disposition are...

When title to one parcel of real estate is held by two or more individuals, this is called...

Earth's surface to the center of the earth and the airspace above the land, including the trees and water

A _________ is a business organization of 2 or more persons who carry on a business for profit as co-owners.

An article installed by a tenant under the terms of a lease that is movable by the tenant before the lease expires is a

Land at, above, and below the earth's surface, plus all things permanently attached to it, whether natural or artificial

Real property possesses 7 basic characteristics that fall into two broad categories...

Which of the following is a form of Co-ownership?