{Champions; Texas} Real Estate Exam Prep 2023 QUESTIONS WITH VERIFIED 100% ANSWERS

{Champions; Texas} Real Estate Exam Prep 2023 QUESTIONS WITH VERIFIED 100% ANSWERS 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; situsprestige 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)