Real Estate Exam Prep (Champions; Texas)Questions & Answers 100% Correct!

appurtenance - ANSWERSterm used to describe rights, privileges or improvements that belong to and pass with the land improvements - ANSWERSman's additions to the land such as building and landscaping personal property - ANSWERSalso 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 - ANSWERSownership of chattel or personalty is transferred via this, also called a non-realty item addendum fixture - ANSWERSitem that was personal property but has been attached in such a way that it has become real property such at tv brackets installed - ANSWERSoften indicates a permanent attachment annexation - ANSWERSthe process of attaching an item of personal property to real estate such that it becomes a fixture severance - ANSWERSthe process of real property becoming personal. Fixture is uninstalled and becomes personal property again trade fixtures - ANSWERSterm 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 - ANSWERScrops 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 - ANSWERSnon homogeneity-no two exactly alike; immobility- cannot be moves; indestructibility-will always be there economic characteristics of real property - ANSWERSscarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige location. nonhomogeneity - ANSWERSone of three physical characteristics of land; no two pieces are exactly alike immobility - ANSWERSone of three physical characteristics of land; land cannot be moved indestructibility - ANSWERSone of three physical characteristics of land; land is durable and will always be there scarcity - ANSWERSone of four economic characteristics of land; land is in short supply where demand is great (geographic considerations) modification - ANSWERSone 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 - ANSWERSone of four economic characteristics of land; land and buildings and other improvements to land are considered fixed or permanent investments (not liquid)