Texas Real Estate State Exam With Correct Answers

Texas Real Estate State Exam With Correct Answers Real Property - Answer -land, Improvements attached to the land, and the rights to use them Personal Property - Answer -right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE Fixture - Answer -Personal Property attached in such a way to make it real property. Annexation - Answer -Process of attaching personal property to real property making it a fixture Severed or Severance - Answer -Real property being removed becoming personal property Trade Fixtures - Answer -required to carry out a business example would be commercial cooking equipment in a restaurant Accesion - Answer -Acquiring trade fixtures by non removal prior to termination of lease Land 3 physical characteristics - Answer -nonhomogeneity, immobility, indestructibility Nonhomogeneity - Answer -no to pieces are exactly alike immobility - Answer -land cannot be moved - a person must go to the land indestructibility - Answer -durability - it will always be there Land 4 economic characteristics - Answer -scarcity, modification, fixity, situs scarcity - Answer -short supply where demand is great example lot in Manhattan v. a lot in upstate NY modification - Answer -land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land fixity - Answer -land and buildings and other improvements to land are consideration fixed or permanent investments- they are not liquid assets Situs - Answer -location preference location,location,location Metes and Bounds - Answer -legal description of land that always has a point of beginning that is also the end. The oldest used in 13 original colonies Lot,Block, and Subdivision - Answer -recorded map or plat, it is the most common description in residential listing agreements Monuments - Answer -permanent surveyors markers often starting point for metes and bounds example Iron pipe, oak tree