Texas Real Estate State Exam Questions and Answers 100% Verified

Texas Real Estate State Exam Questions and Answers 100% Verified Real Property - Answer- land, Improvements attached to the land, and the rights to use them Personal Property - Answer- right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE Fixture - Answer- Personal Property attached in such a way to make it real property. Annexation - Answer- Process of attaching personal property to real property making it a fixture Severed or Severance - Answer- Real property being removed becoming personal property Trade Fixtures - Answer- required to carry out a business example would be commercial cooking equipment in a restaurant Accesion - Answer- Acquiring trade fixtures by non removal prior to termination of lease Land 3 physical characteristics - Answer- nonhomogeneity, immobility, indestructibility Nonhomogeneity - Answer- no to pieces are exactly alike immobility - Answer- land cannot be moved - a person must go to the land indestructibility - Answer- durability - it will always be there Land 4 economic characteristics - Answer- scarcity, modification, fixity, situs scarcity - Answer- short supply where demand is great example lot in Manhattan v. a lot in upstate NY modification - Answer- land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land fixity - Answer- land and buildings and other improvements to land are consideration fixed or permanent investments- they are not liquid assets Situs - Answer- location preference location,location,location Metes and Bounds - Answer- 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 - Answer- recorded map or plat, it is the most common description in residential listing agreements Monuments - Answer- permanent surveyors markers often starting point for metes and bounds example Iron pipe, oak tree Rectangular/ Government Survey - Answer- 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 - Answer- 36 Sections Section - Answer- 640 Acres 1 square mile Acre - Answer- 43,560 square feet Plat - Answer- map of a town, section, or subdivision Plot - Answer- map or layout of improvements on a property site. The property site is also called a lot or parce