#1 Texas Real Estate State Exam |LATEST RELEASE| 100% Correct

#1 Texas Real Estate State Exam |LATEST RELEASE| 100% Correct Real Property *Ans* land, Improvements attached to the land, and the rights to use them Personal Property *Ans* right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE Fixture *Ans* Personal Property attached in such a way to make it real property. Annexation *Ans* Process of attaching personal property to real property making it a fixture Severed or Severance *Ans* Real property being removed becoming personal property Trade Fixtures *Ans* required to carry out a business example would be commercial cooking equipment in a restaurant Accesion *Ans* Acquiring trade fixtures by non removal prior to termination of lease Land 3 physical characteristics *Ans* nonhomogeneity, immobility, indestructibility Nonhomogeneity *Ans* no to pieces are exactly alike immobility *Ans* land cannot be moved - a person must go to the land indestructibility *Ans* durability - it will always be there Land 4 economic characteristics *Ans* scarcity, modification, fixity, situs scarcity *Ans* short supply where demand is great example lot in Manhattan v. a lot in upstate NY modification *Ans* land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land fixity *Ans* land and buildings and other improvements to land are consideration fixed or permanent investments- they are not liquid assets Situs *Ans* location preference location,location,location Metes and Bounds *Ans* legal description of land that always has a point of beginning that is also the end. The oldest used in 13 original colonies