Real Estate Exam Prep (Champions;
Texas)
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; situs-prestige 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)
Texas)
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; situs-prestige 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)
