{Champions; Texas} Real Estate Exam Prep 2023
QUESTIONS WITH VERIFIED 100%
ANSWERS
appurtenance - ANSWER term used to describe rights, privileges or
improvements that belong to and pass with the land
improvements - ANSWER man's additions to the land such as building
and landscaping
personal property - ANSWER 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 - ANSWER ownership of chattel or personalty is transferred via
this, also called a non-realty item addendum
fixture - ANSWER item that was personal property but has been attached
in such a way that it has become real property such at tv brackets
installed - ANSWER often indicates a permanent attachment
annexation - ANSWER the process of attaching an item of personal
property to real estate such that it becomes a fixture
severance - ANSWER the process of real property becoming personal.
Fixture is uninstalled and becomes personal property again
trade fixtures - ANSWER 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 - ANSWER 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 - ANSWER non homogeneity-no
two exactly alike; immobility- cannot be moves; indestructibility-will always
be there
economic characteristics of real property - ANSWER scarcity-naturally
desirable; modification-change or improve; fixity-not liquid assets; situs-
prestige location.
nonhomogeneity - ANSWER one of three physical characteristics of land;
no two pieces are exactly alike
immobility - ANSWER one of three physical characteristics of land; land
cannot be moved
indestructibility - ANSWER one of three physical characteristics of land;
land is durable and will always be there
scarcity - ANSWER one of four economic characteristics of land; land is in
short supply where demand is great (geographic considerations)
modification - ANSWER 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 - ANSWER one of four economic characteristics of land; land and
buildings and other improvements to land are considered fixed or
permanent investments (not liquid)
situs - ANSWER one of four economic characteristics of land; location
preference from an economic rather than a geographic standpoint
legal description - ANSWER 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.
QUESTIONS WITH VERIFIED 100%
ANSWERS
appurtenance - ANSWER term used to describe rights, privileges or
improvements that belong to and pass with the land
improvements - ANSWER man's additions to the land such as building
and landscaping
personal property - ANSWER 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 - ANSWER ownership of chattel or personalty is transferred via
this, also called a non-realty item addendum
fixture - ANSWER item that was personal property but has been attached
in such a way that it has become real property such at tv brackets
installed - ANSWER often indicates a permanent attachment
annexation - ANSWER the process of attaching an item of personal
property to real estate such that it becomes a fixture
severance - ANSWER the process of real property becoming personal.
Fixture is uninstalled and becomes personal property again
trade fixtures - ANSWER 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 - ANSWER 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 - ANSWER non homogeneity-no
two exactly alike; immobility- cannot be moves; indestructibility-will always
be there
economic characteristics of real property - ANSWER scarcity-naturally
desirable; modification-change or improve; fixity-not liquid assets; situs-
prestige location.
nonhomogeneity - ANSWER one of three physical characteristics of land;
no two pieces are exactly alike
immobility - ANSWER one of three physical characteristics of land; land
cannot be moved
indestructibility - ANSWER one of three physical characteristics of land;
land is durable and will always be there
scarcity - ANSWER one of four economic characteristics of land; land is in
short supply where demand is great (geographic considerations)
modification - ANSWER 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 - ANSWER one of four economic characteristics of land; land and
buildings and other improvements to land are considered fixed or
permanent investments (not liquid)
situs - ANSWER one of four economic characteristics of land; location
preference from an economic rather than a geographic standpoint
legal description - ANSWER 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.
