Texas Real Estate Exam: Texas Real Estate Exam Study Guide; Latest Updated Solution

Police Power (Ans- Government right to regulate and control the character and use of property for the health, safety and general welfare of the public Zoning (Ans- Local laws to control land use Non-conforming use (Ans- A permissible use under former rules that is now prohibited - automatically granted when zoning regulations change Variance (Ans- Permission to violate current regulations - obtained by a hearing Buffer zone (Ans- An area of land separating one land use from another incompatible use such as residential from commercial Building codes (Ans- Regulations regarding specific construction requirements- plumbing, electrical, etc. EIS (Ans- Environmental impact statement- a study done to determine the effect of a proposed project on a community Eminent domain (Ans- The right of government to take private property for public use Condemnation (Ans- The action of the government I taking private property under the right of eminent domain Inverse condemnation (Ans- The action of an individual trying to force the government to buy his property Taxation (Ans- The right of government to tax real property Ad valorem (Ans- According to value- real property taxes are ad valorem taxes Assessed value (Ans- Property value for tax purposes- (tax rate*assessed value= tax) Special Assessment (Ans- A tax levied against only those property owners who benefit from a government improvement such as curbs or sidewalks Municipal improvement district (Ans- An area within a municipality that is taxed for a specific improvement- unlike a special assessment, property owners were permitted to vote for the improvement district to be created Escheat (Ans- The right of the government to take real property if an owner dies without a will and with no heirs or no kindred Riparian rights (Ans- The right to use water from a river or stream that borders a property Littoral rights (Ans- The right to use water from a lake or ocean that borders a property C, C & R's (Ans- Deed covenants, conditions and restrictions are private controls of land use, development, methods and materials for construction, including style and appearance requirements in some cases Injunction (Ans- A court order to cease, stop, or refrain from acting- can be used to enforce c,c &r's Real Property (Ans- Land, improvements attached to the land, and the rights to use them Personal Property (Ans- Anything not classed as real property, a right or interest in things of a temporary or moveable nature Chattel (Ans- Personal property Personality (Ans- Personal property Fixture (Ans- Personal property that has been installed or attached to become real property Annexation (Ans- The process of attaching personal property so that it becomes real property thus creating a fixture Severance (Ans- Real property becomes personal property when it is "severed" from the land. Uninstall, unattach Trade Fixture (Ans- Personal property installed on leased property for the purpose of the tenants occupation or profession Physical Charateristic of Land (Ans- Nonhomogeneity, immobility, indestructibility Nonhomogeniety (Ans- A physical characteristic of land stating no two pieces are exactly alike