Texas Real Estate State Exam (2023/2024) 100% Pass

Texas Real Estate State Exam (2023/2024) 100% Pass Real Property land, Improvements attached to the land, and the rights to use them Personal Property right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE 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