NATIONAL REAL ESTATE LICENSING
REVIEW SOLVED QUESTIONS WITH
COMPLETE SOLUTION
●● personal property
Answer: a right or interest in things of a temporary or movable nature;
anything not classed as real property (chattel, personalty)
-transfers by a bill of state
●● fixture
Answer: personal property that has been attached in such a way as to
make it real property
-"installed" often indicates permanent attachment
-annexation: the process of attaching
-severed: real property becoming personal property
●● trade fixture
Answer: objects affixed to leased property that are owned by and
necessary for the tenant's trade or business
-accession: acquiring property if trade fixtures are not removed prior to
the termination of the lease
●● legal land description methods
,Answer: metes and bounds, the rectangular survey system, lot-block-
tract system, monuments
●● physical characteristics of land (DUI)
Answer: -durability
-uniqueness
-immobility
●● economic characteristics of land (SAFE)
Answer: -situs
-alteration
-fixity
-economic scarcity
●● encumbrance
Answer: any claim or liability attached to real property that may lessen
the owner's bundle of rights or the value of the property
-lien, claim, liability, judgment, encroachment, lease, easement, deed
restriction, etc.
-release is the best way to get rid of it
●● lien
Answer: a charge against property as security for a debt
,●● voluntary lien
Answer: when a person takes actions that places a lien on his or her own
property
-example: taking out a mortgage or home improvement loan
●● involuntary lien
Answer: property owner doesn't take any action to initiate them
-created by law
-can be statutory or equitable
-statutory: federal tax liens, ad valorem tax liens, judgement liens
-equitable: arise out of common law and include seller (vendor) or buyer
(vendee) liens
●● encroachment
Answer: a physical intrusion on someone else's property without direct
permission
●● deed restrictions (CC&R's)
Answer: sets limits on how the property may be used by the owner
(covenants, conditions, & restrictions)
-created by the grantor
, ●● easement
Answer: a right to use part or all of another individual's land or property
for a specific purpose and length of time
●● estate
Answer: an interest in real property
●● freehold estate
Answer: the property owner has actual ownership and possession of the
land, which lasts for an unspecified period of time
●● statutory estate
Answer: created by law
-community property & homestead in Texas
●● forms of ownership
Answer: -individual ownership
-co-ownership
-held in trust
●● types of co-ownership
Answer: -tenancy in common
-joint tenancy
REVIEW SOLVED QUESTIONS WITH
COMPLETE SOLUTION
●● personal property
Answer: a right or interest in things of a temporary or movable nature;
anything not classed as real property (chattel, personalty)
-transfers by a bill of state
●● fixture
Answer: personal property that has been attached in such a way as to
make it real property
-"installed" often indicates permanent attachment
-annexation: the process of attaching
-severed: real property becoming personal property
●● trade fixture
Answer: objects affixed to leased property that are owned by and
necessary for the tenant's trade or business
-accession: acquiring property if trade fixtures are not removed prior to
the termination of the lease
●● legal land description methods
,Answer: metes and bounds, the rectangular survey system, lot-block-
tract system, monuments
●● physical characteristics of land (DUI)
Answer: -durability
-uniqueness
-immobility
●● economic characteristics of land (SAFE)
Answer: -situs
-alteration
-fixity
-economic scarcity
●● encumbrance
Answer: any claim or liability attached to real property that may lessen
the owner's bundle of rights or the value of the property
-lien, claim, liability, judgment, encroachment, lease, easement, deed
restriction, etc.
-release is the best way to get rid of it
●● lien
Answer: a charge against property as security for a debt
,●● voluntary lien
Answer: when a person takes actions that places a lien on his or her own
property
-example: taking out a mortgage or home improvement loan
●● involuntary lien
Answer: property owner doesn't take any action to initiate them
-created by law
-can be statutory or equitable
-statutory: federal tax liens, ad valorem tax liens, judgement liens
-equitable: arise out of common law and include seller (vendor) or buyer
(vendee) liens
●● encroachment
Answer: a physical intrusion on someone else's property without direct
permission
●● deed restrictions (CC&R's)
Answer: sets limits on how the property may be used by the owner
(covenants, conditions, & restrictions)
-created by the grantor
, ●● easement
Answer: a right to use part or all of another individual's land or property
for a specific purpose and length of time
●● estate
Answer: an interest in real property
●● freehold estate
Answer: the property owner has actual ownership and possession of the
land, which lasts for an unspecified period of time
●● statutory estate
Answer: created by law
-community property & homestead in Texas
●● forms of ownership
Answer: -individual ownership
-co-ownership
-held in trust
●● types of co-ownership
Answer: -tenancy in common
-joint tenancy