Real Estate Exam Prep (Champions; Texas) Questions and Answers 2023

appurtenance - Answer- term used to describe rights, privileges or improvements that belong to and pass with the land improvements - Answer- man's additions to the land such as building and landscaping personal property - Answer- also called chattel or personalty; a right or interest in smiting of a temporary or movable nature and includes anything not classed as real property. Real property becomes personal property through severance. bill of sale - Answer- ownership of chattel or personalty is transferred via this, also called a non-realty item addendum fixture - Answer- item that was personal property but has been attached in such a way that it has become real property such at tv brackets installed - Answer- often indicates a permanent attachment annexation - Answer- the process of attaching an item of personal property to real estate such that it becomes a fixture severance - Answer- the process of real property becoming personal. Fixture is uninstalled and becomes personal property again trade fixtures - Answer- term used for fixtures in commercial transactions. installed by a tenant to carry out a business and may be removed prior to the termination of the lease. If they are not removed they become real property and pass to the landlord emblements - Answer- crops that are cultivated annually. Considered the personal property of the farmer who cultivated them. Ownership can be transferred with a bill or sale, or farmer may make arrangements to return to the property and harvest them one time. physical characteristics of real property - Answer- non homogeneity-no two exactly alike; immobility- cannot be moves; indestructibility-will always be there economic characteristics of real property - Answer- scarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige location. nonhomogeneity - Answer- one of three physical characteristics of land; no two pieces are exactly alike immobility - Answer- one of three physical characteristics of land; land cannot be moved indestructibility - Answer- one of three physical characteristics of land; land is durable and will always be there scarcity - Answer- one of four economic characteristics of land; land is in short supply where demand is great (geographic considerations) modification - Answer- one of four economic characteristics of land; land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land fixity - Answer- one of four economic characteristics of land; land and buildings and other improvements to land are considered fixed or permanent investments (not liquid) situs - Answer- one of four economic characteristics of land; location preference from an economic rather than a geographic standpoint legal description - Answer- created and determined by a surveyor. Three legal methods of land description: metes and bounds, lot, block and subdivision and the Rectangular Survey System. Does not need to be included in a lease agreement. metes and bounds - Answer- legal land description method; use terminal point and angles and always have a point of beginning. monument (permanent surveyor markers) may be added. Most common in farm and ranch. lot, block and subdivision method - Answer- most common description used in residential listings. derived from a recorded map called a plat plat - Answer- recorded map most common method of legal land description - Answer- lot, block and subdivision method rectangular survey system - Answer- legal land description method; uses base lines, meridians, townships and sections - located in ranges. Township (survey system) - Answer- contains 36 sections (part of rectangular survey system) Section (survey system) - Answer- contains 640 square acres (part of rectangular survey system) 640 acres - Answer- 1 square mile 1 acre (in feet) - Answer- 43,56