Texas Real Estate Prep Exam (Chapter
1:Property Ownership)
real property - Answer-land, improvements attached to the land and the rights to use them
appurtenance - Answer-describes rights, priveleges or improvements that belong to and pass with the
land
personal property - Answer-a right or interest in things of a temporary or movable nature; anything not
classed as real property
personal property is also known as? - Answer-chattel and personalty
how is ownership transferred? - Answer-bill of sale
fixture - Answer-personal property that has been attached in such a way as to make it real property
"installed" often indicates what kind of attachment? - Answer-permanent attachment
the process of attaching may also be called? - Answer-annexation
a fixture is never? - Answer-freestanding
"severed" or severance is? - Answer-the process of real property becoming personal
, are improvements made to rental properties by tenants that become fixtures or part of the property,
remain at the end of the lease? - Answer-yes
trade fixtures - Answer-required to carry out a business
are trade fixtures able to be removed from the leased property? - Answer-yes, before the lease is up
accession - Answer-acquiring property when trade fixtures are not removed prior to the termination of
the lease, they become real property and pass to the landlord
what are the 4 classes of property? - Answer-real property, personal property, fixture, trade fixture
what are the 3 physical characteristics of land? - Answer-nonhomogeneity, immobility, indestructibility
nonhomogeneity - Answer-no two pieces are exactly alike
immobility - Answer-land cannot be moved, a person must go to the land
indestructibility - Answer-durability, it will always be there
what are the 4 economic characteristics of land? - Answer-scarcity, modification, fixity, situs
scarcity - Answer-in short supply where demand is great
what economic characteristic of land is usually based on geographic consideration? - Answer-scarcity
1:Property Ownership)
real property - Answer-land, improvements attached to the land and the rights to use them
appurtenance - Answer-describes rights, priveleges or improvements that belong to and pass with the
land
personal property - Answer-a right or interest in things of a temporary or movable nature; anything not
classed as real property
personal property is also known as? - Answer-chattel and personalty
how is ownership transferred? - Answer-bill of sale
fixture - Answer-personal property that has been attached in such a way as to make it real property
"installed" often indicates what kind of attachment? - Answer-permanent attachment
the process of attaching may also be called? - Answer-annexation
a fixture is never? - Answer-freestanding
"severed" or severance is? - Answer-the process of real property becoming personal
, are improvements made to rental properties by tenants that become fixtures or part of the property,
remain at the end of the lease? - Answer-yes
trade fixtures - Answer-required to carry out a business
are trade fixtures able to be removed from the leased property? - Answer-yes, before the lease is up
accession - Answer-acquiring property when trade fixtures are not removed prior to the termination of
the lease, they become real property and pass to the landlord
what are the 4 classes of property? - Answer-real property, personal property, fixture, trade fixture
what are the 3 physical characteristics of land? - Answer-nonhomogeneity, immobility, indestructibility
nonhomogeneity - Answer-no two pieces are exactly alike
immobility - Answer-land cannot be moved, a person must go to the land
indestructibility - Answer-durability, it will always be there
what are the 4 economic characteristics of land? - Answer-scarcity, modification, fixity, situs
scarcity - Answer-in short supply where demand is great
what economic characteristic of land is usually based on geographic consideration? - Answer-scarcity
