Real Estate Exam Prep (Champions; Texas)Questions & Answers 100% Correct!!

appurtenance - ANSWERSterm used to describe rights, privileges or improvements that belong to and pass with the land improvements - ANSWERSman's additions to the land such as building and landscaping personal property - ANSWERSalso 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 - ANSWERSownership of chattel or personalty is transferred via this, also called a non-realty item addendum fixture - ANSWERSitem that was personal property but has been attached in such a way that it has become real property such at tv brackets installed - ANSWERSoften indicates a permanent attachment annexation - ANSWERSthe process of attaching an item of personal property to real estate such that it becomes a fixture severance - ANSWERSthe process of real property becoming personal. Fixture is uninstalled and becomes personal property again trade fixtures - ANSWERSterm 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 - ANSWERScrops 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 - ANSWERSnon homogeneity-no two exactly alike; immobility- cannot be moves; indestructibility-will always be there economic characteristics of real property - ANSWERSscarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige location. nonhomogeneity - ANSWERSone of three physical characteristics of land; no two pieces are exactly alike immobility - ANSWERSone of three physical characteristics of land; land cannot be moved indestructibility - ANSWERSone of three physical characteristics of land; land is durable and will always be there scarcity - ANSWERSone of four economic characteristics of land; land is in short supply where demand is great (geographic considerations) modification - ANSWERSone 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 - ANSWERSone of four economic characteristics of land; land and buildings and other improvements to land are considered fixed or permanent investments (not liquid) situs - ANSWERSone of four economic characteristics of land; location preference from an economic rather than a geographic standpoint legal description - ANSWERScreated 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 - ANSWERSlegal 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 - ANSWERSmost common description used in residential listings. derived from a recorded map called a plat plat - ANSWERSrecorded map most common method of legal land description - ANSWERSlot, block and subdivision method rectangular survey system - ANSWERSlegal land description method; uses base lines, meridians, townships and sections - located in ranges. Township (survey system) - ANSWERScontains 36 sections (part of rectangular survey system) Section (survey system) - ANSWERScontains 640 square acres (part of rectangular survey system) 640 acres - ANSWERS1 square mile 1 acre (in feet) - ANSWERS43,560 government survey system - ANSWERSanother name for rectangular survey system police power - ANSWERSthe 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 - ANSWERSzoning non-conforming use - ANSWERSsometimes 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 - ANSWERSmay be requested if your property violates zoning., goes with the property when sold buffer zone - ANSWERSarea of land separating one land use from another. transitional use for example: single family, apartments, retain... apartments are the buffer zone. eminent domain - ANSWERSthe right of the government to take private property for public use through the action of condemnation. property owners must be compensated 2. encumbrance condemnation - ANSWERSthe 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 - ANSWERSwhen an individual forces the government to buy his or her property taxation - ANSWERSproperty taxes are the highest priority lien on real property 3. encumbrance. ad valorem - ANSWERSaccording to value escheat - ANSWERSproperty 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 - ANSWERSdeed covenants, conditions and restrictions most common private controls of land use - ANSWERSCC&Rs Deed Restrictions/Deed Covenants - ANSWERSterms commonly used for CC&Rs injunction - ANSWERScourt can issue this to enforce restrictions in case of violation deed restrictions - ANSWERSimposed to control land use, development and methods and materials for construction; also style and appearance requirements declaration of restrictions - ANSWERSdocument that contains deed restrictions reservation - ANSWERSimposed by grantor, withholds title to a part of the land described in the deed (ex: easement or mineral rights) encroachment - ANSWERSwhen a structure or improvement overlaps or trespasses to another's property. Must be disclosed. injured party has the right to demand the removal of the encroachment