Texas · Chapter 05 of 44
Ownership, Estates, Rights, and Interests
Forms of ownership, fee simple absolute, fee simple defeasible, life estates, bundle of rights, leasehold estates, lien priority, and air, surface, and sub-surface rights.
30-minute read · Built for the TREC Sales Agent Exam
fee simple absolutefee simple defeasiblelife estatebundle of rightstenancy in commonjoint tenancycommunity propertyleaseholdestate for yearsperiodic estateestate at willestate at sufferancegross leasenet leasepercentage leaselien priority
Bundle of Rights
Ownership of real property includes a 'bundle of rights': the right to possess, use, enjoy, exclude others, transfer (sell, gift, devise), and encumber (mortgage, pledge as security). These rights can be separated. Mineral, air, and water rights can be severed from surface ownership.
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