Chapter 1
Property Rights and Interests
Course: Texas Real Estate Exam Prep
Subject: Texas State Salesperson Exam Prep
Chapter: Property Rights And Interests Of Texas Real Estate Salesperson Exam Prep
Core Concept
Property ownership in Texas is conceptualized as a "bundle of rights" - a collection of legal rights that owners possess. Understanding these rights is fundamental to real estate practice.
The Bundle of Rights (Remember: DEEPC)
D - Disposition: The right to transfer ownership through sale, gift, or will
- Example: A Houston homeowner can sell their property, gift it to their children, or leave it in their will to charity
E - Enjoyment: The right to use the property in any legal manner
- Example: An Austin homeowner can use their property as a residence, home office, or rental property (subject to zoning)
E - Exclusion: The right to refuse others entry or use
- Example: A Dallas property owner can refuse a neighbor access to their backyard, even if it provides a shortcut