TEXAS REAL ESTATE STATE EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION

TEXAS REAL ESTATE STATE EXAM QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ||ALREADY GRADED A+||NEWEST
VERSION
Quiz: Real Property

Ans: land, Improvements attached to the land, and the rights to use them



Quiz: Personal Property

Ans: right or interest in things of a temporary or movable nature chattel
personalty. Ownership transferred by a BILL OF SALE



Quiz: Fixture

Ans: Personal Property attached in such a way to make it real property.



Quiz: Annexation

Ans: Process of attaching personal property to real property making it a
fixture



Quiz: Severed or Severance


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, Ans: Real property being removed becoming personal property



Quiz: Trade Fixtures

Ans: required to carry out a business example would be commercial cooking
equipment in a restaurant



Quiz: Accesion

Ans: Acquiring trade fixtures by non removal prior to termination of lease



Quiz: Land 3 physical characteristics

Ans: nonhomogeneity, immobility, indestructibility



Quiz: Nonhomogeneity

Ans: no to pieces are exactly alike



Quiz: immobility

Ans: land cannot be moved - a person must go to the land




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, Quiz: indestructibility

Ans: durability - it will always be there



Quiz: Land 4 economic characteristics

Ans: scarcity, modification, fixity, situs



Quiz: scarcity

Ans: short supply where demand is great example lot in Manhattan v. a lot in
upstate NY



Quiz: modification

Ans: land use and value are greatly influenced by improvements made by man
to land and to surrounding parcels of land



Quiz: fixity

Ans: land and buildings and other improvements to land are consideration
fixed or permanent investments- they are not liquid assets



Quiz: Situs
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, Ans: location preference location,location,location



Quiz: Metes and Bounds

Ans: legal description of land that always has a point of beginning that is also
the end. The oldest used in 13 original colonies



Quiz: Lot,Block, and Subdivision

Ans: recorded map or plat, it is the most common description in residential
listing agreements



Quiz: Monuments

Ans: permanent surveyors markers often starting point for metes and bounds
example Iron pipe, oak tree



Quiz: Rectangular/ Government Survey

Ans: takes into consideration base lines, meridians, townships and
sections.Townships and Sections are located in Ranges. Example S7T3R2 means
Section 7 Townships 3 Range 2




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