Texas Real Estate Exam (National) Already Graded A

Texas Real Estate Exam (National) Already Graded A real property the tangible real estate and intangible rights associated with the ownership of real estate -transfers by deed or will personal property 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 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 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 metes and bounds, the rectangular survey system, lot-block-tract system, monuments physical characteristics of land (DUI) -durability -uniqueness -immobility economic characteristics of land (SAFE) -situs -alteration -fixity -economic scarcity encumbrance 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 a charge against property as security for a debt voluntary lien 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 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 a physical intrusion on someone else's property without direct permission deed restrictions (CC&R's) sets limits on how the property may be used by the owner (covenants, conditions, & restrictions) -created by the grantor easement a right to use part or all of another individual's land or property for a specific purpose and length of time estate an interest in real property freehold estate the property owner has actual ownership and possession of the land, which lasts for an unspecified period of time statutory estate created by law -community property & homestead in Texas forms of ownership -individual ownership -co-ownership -held in trust types of co-ownership -tenancy in common -joint tenancy -community