Real Estate Exam Prep (Champions Texas) |160 questions with correct answers.

appurtenance term used to describe rights, privileges or improvements that belong to and pass with the land improvements man's additions to the land such as building and landscaping personal property 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 ownership of chattel or personalty is transferred via this, also called a non-realty item addendum fixture item that was personal property but has been attached in such a way that it has become real property such at tv brackets installed often indicates a permanent attachment annexation the process of attaching an item of personal property to real estate such that it becomes a fixture severance the process of real property becoming personal. Fixture is uninstalled and becomes personal property again trade fixtures 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 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 non homogeneity-no two exactly alike; immobility- cannot be moves; indestructibility-will always be there economic characteristics of real property scarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige location. nonhomogeneity one of three physical characteristics of land; no two pieces are exactly alike immobility one of three physical characteristics of land; land cannot be moved indestructibility one of three physical characteristics of land; land is durable and will always be there scarcity one of four economic characteristics of land; land is in short supply where demand is great (geographic considerations) modification 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 one of four economic characteristics of land; land and buildings and other improvements to land are considered fixed or permanent investments (not liquid) situs one of four economic characteristics of land; location preference from an economic rather than a geographic standpoint legal description 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 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 most common description used in residential listings. derived from a recorded map called a plat plat recorded map most common method of legal land description lot, block and subdivision method rectangular survey system legal land description method; uses base lines, meridians, townships and sections - located in ranges. Township (survey system) contains 36 sections (part of rectangular survey system) Section (survey system) contains 640 square acres (part of rectangular survey system) 640 acres 1 square mile 1 acre (in feet) 43,560 government survey system another name for rectangular survey system police power the power given to a municipality to regulate and control the character and use of property for the health, safety and general welfare of the public 1. encumbrance example of police power zoning non-conforming use sometimes is the result from a change in zoning. This is grandfathered without hearing or application process. If property is destroyed, non-conforming use comes to an end. non-conforming use can transfer with sale. variance may be requested if your property violates zoning., goes with the property when sold buffer zone area of land separating one land use from another. transitional use for example: single family, apartments, retain... apartments are the buffer zone. eminent domain the right of the government to take private property for public use through the action of condemnation. property owners must be compensated 2. encumbrance condemnation the right of the government taking private property for public use through eminent domain; utility easements can be taken by condemnation. (the action, day it happens) inverse condemnation when an individual forces the government to buy his or her property taxation property taxes are the highest priority lien on real property 3. encumbrance. ad valorem according to value escheat property reverts to the state when someone dies intestate and without heirs. can be used if property is abandoned. main purpose is to ensure that no land remains unowned.4. encumbrance. Not necessarily a single woman with no children as she may have siblings or parents CC&R deed covenants, conditions and restrictions most common private controls of land use CC&Rs Deed Restrictions/Deed Covenants terms commonly used for CC&Rs injunction court can issue this to enforce restrictions in case of violation