Comprehensive Study 1 Up to Date Content
Texas Real Estate Exam (National)
Latest Questions and Graded
Answers
real property
Ans: the tangible real estate and intangible rights
associated with the ownership of real estate
-transfers by deed or will
personal property
Ans: a right or interest in things of a temporary or
movable nature; anything not classed as real property
(chattel, personalty)
-transfers by a bill of state
fixture
Ans: personal property that has been attached in
such a way as to make it real property
-"installed" often indicates permanent attachment
-annexation: the process of attaching
-severed: real property becoming personal property
trade fixture
Ans: objects affixed to leased property that are
owned by and necessary for the tenant's trade or
business
-accession: acquiring property if trade fixtures are
not removed prior to the termination of the lease
Up to Date Content
,Comprehensive Study 2 Up to Date Content
legal land description methods
Ans: metes and bounds, the rectangular survey
system, lot-block-tract system, monuments
physical characteristics of land (DUI)
Ans: -durability
-uniqueness
-immobility
economic characteristics of land (SAFE)
Ans: -situs
-alteration
-fixity
-economic scarcity
encumbrance
Ans: any claim or liability attached to real property
that may lessen the owner's bundle of rights or the
value of the property
-lien, claim, liability, judgment, encroachment, lease,
easement, deed restriction, etc.
-release is the best way to get rid of it
lien
Ans: a charge against property as security for a debt
voluntary lien
Up to Date Content
,Comprehensive Study 3 Up to Date Content
Ans: when a person takes actions that places a lien
on his or her own property
-example: taking out a mortgage or home
improvement loan
involuntary lien
Ans: property owner doesn't take any action to
initiate them
-created by law
-can be statutory or equitable
-statutory: federal tax liens, ad valorem tax liens,
judgement liens
-equitable: arise out of common law and include
seller (vendor) or buyer (vendee) liens
encroachment
Ans: a physical intrusion on someone else's property
without direct permission
deed restrictions (CC&R's)
Ans: sets limits on how the property may be used by
the owner (covenants, conditions, & restrictions)
-created by the grantor
easement
Ans: a right to use part or all of another individual's
land or property for a specific purpose and length of
time
estate
Up to Date Content
, Comprehensive Study 4 Up to Date Content
Ans: an interest in real property
freehold estate
Ans: the property owner has actual ownership and
possession of the land, which lasts for an unspecified
period of time
statutory estate
Ans: created by law
-community property & homestead in Texas
forms of ownership
Ans: -individual ownership
-co-ownership
-held in trust
types of co-ownership
Ans: -tenancy in common
-joint tenancy
-community property
-partnerships
held in trust
Ans: a property is held by one party for the benefit of
another
police power
Up to Date Content
Texas Real Estate Exam (National)
Latest Questions and Graded
Answers
real property
Ans: the tangible real estate and intangible rights
associated with the ownership of real estate
-transfers by deed or will
personal property
Ans: a right or interest in things of a temporary or
movable nature; anything not classed as real property
(chattel, personalty)
-transfers by a bill of state
fixture
Ans: personal property that has been attached in
such a way as to make it real property
-"installed" often indicates permanent attachment
-annexation: the process of attaching
-severed: real property becoming personal property
trade fixture
Ans: objects affixed to leased property that are
owned by and necessary for the tenant's trade or
business
-accession: acquiring property if trade fixtures are
not removed prior to the termination of the lease
Up to Date Content
,Comprehensive Study 2 Up to Date Content
legal land description methods
Ans: metes and bounds, the rectangular survey
system, lot-block-tract system, monuments
physical characteristics of land (DUI)
Ans: -durability
-uniqueness
-immobility
economic characteristics of land (SAFE)
Ans: -situs
-alteration
-fixity
-economic scarcity
encumbrance
Ans: any claim or liability attached to real property
that may lessen the owner's bundle of rights or the
value of the property
-lien, claim, liability, judgment, encroachment, lease,
easement, deed restriction, etc.
-release is the best way to get rid of it
lien
Ans: a charge against property as security for a debt
voluntary lien
Up to Date Content
,Comprehensive Study 3 Up to Date Content
Ans: when a person takes actions that places a lien
on his or her own property
-example: taking out a mortgage or home
improvement loan
involuntary lien
Ans: property owner doesn't take any action to
initiate them
-created by law
-can be statutory or equitable
-statutory: federal tax liens, ad valorem tax liens,
judgement liens
-equitable: arise out of common law and include
seller (vendor) or buyer (vendee) liens
encroachment
Ans: a physical intrusion on someone else's property
without direct permission
deed restrictions (CC&R's)
Ans: sets limits on how the property may be used by
the owner (covenants, conditions, & restrictions)
-created by the grantor
easement
Ans: a right to use part or all of another individual's
land or property for a specific purpose and length of
time
estate
Up to Date Content
, Comprehensive Study 4 Up to Date Content
Ans: an interest in real property
freehold estate
Ans: the property owner has actual ownership and
possession of the land, which lasts for an unspecified
period of time
statutory estate
Ans: created by law
-community property & homestead in Texas
forms of ownership
Ans: -individual ownership
-co-ownership
-held in trust
types of co-ownership
Ans: -tenancy in common
-joint tenancy
-community property
-partnerships
held in trust
Ans: a property is held by one party for the benefit of
another
police power
Up to Date Content
