Exam Prep 2026 | TREC
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, Fixture Personal Property attached in such a way to make it real property.
Annexation Process of attaching personal property to real property making it a fixture
Severed or Severance Real property being removed becoming personal property
Trade Fixtures required to carry out a business example would be commercial cooking
equipment in a restaurant
Accesion Acquiring trade fixtures by non removal prior to termination of lease
Land 3 physical characteristics nonhomogeneity, immobility, indestructibility
Nonhomogeneity no to pieces are exactly alike
immobility land cannot be moved - a person must go to the land
indestructibility durability - it will always be there
Land 4 economic characteristics scarcity, modification, fixity, situs
scarcity short supply where demand is great example lot in Manhattan v. a lot in upstate
NY
modification land use and value are greatly influenced by improvements made by man to land
and to surrounding parcels of land
fixity land and buildings and other improvements to land are consideration fixed or
permanent investments- they are not liquid assets
Situs location preference location,location,location
Metes and Bounds 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 recorded map or plat, it is the most common description in residential listing
agreements
Monuments permanent surveyors markers often starting point for metes and bounds example
Iron pipe, oak tree
Rectangular/ Government Survey 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
Township 36 Sections
Section 640 Acres 1 square mile