Texas Real Estate Exam Prep (From Pearson-VUE
and & Champions) Study Guide Compilation
Bundle( Already Graded A+)Brand new!!!!
Real property -CORRECT ANSWER all the legal rights, powers, and privileges of real estate
ownership. The rights of ownership are often referred to as the bundle of rights.
Bundle of Rights -CORRECT ANSWER 1.Possession, 2.Use, 3.Encumber, 4.Exclusion,
5.Transfer
Personal Property -CORRECT ANSWER movable rather than being permanently attached to
real estate
Chattel -CORRECT ANSWER personal property
Fixture -CORRECT ANSWER An item of personal property that has been converted to real
property by being permanently affixed to the realty. Ex: cabinets, carpet, built-in shelves
Emblements -CORRECT ANSWER crops or any type of seasonal/annual plantings that are
cultivated for profit. These are classified as personal property.
,Trade fixtures -CORRECT ANSWER personal property that a business operator installs as
part of the business operations.
MARIA -CORRECT ANSWER Method of Attachment, Adaptability, Relationship, Intention,
Agreement
severance -CORRECT ANSWER turning the item into personal property
Economic Characteristics of Land -CORRECT ANSWER scarcity, improvements, permanence
of investment, area preference
Scarcity -CORRECT ANSWER There's a limited supply of real property, particularly when
considering a specific area.
Improvements -CORRECT ANSWER Adding improvements to real property affects its value.
Permanence of investment -CORRECT ANSWER Investment in improving a property tends
to be very long term.
Area preference (location) -CORRECT ANSWER The location of a parcel can dramatically
affect its value.
Physical Characteristics of Land -CORRECT ANSWER Immobility, Indestructibility,
Uniqueness
Immobility -CORRECT ANSWER In general, land doesn't move.
Indestructibility -CORRECT ANSWER This refers to the fact that land can't be destroyed.
, Uniqueness -CORRECT ANSWER Each property is unique.
Metes and bounds -CORRECT ANSWER A method of land description which involves
identifying distances and directions and makes use of both the physical boundaries and
measurements of the land.
Lot and block -CORRECT ANSWER A method of land description frequently used after land
has been subdivided into building lots; also referred to as the recorded plat method. (Must have
a plat map to find the property)
Government survey or rectangular survey -CORRECT ANSWER This is a form of legal
description used in most central and western states. It uses a system of horizontal and vertical
lines that divide the land into squares called townships. The north-south lines are called range
lines. The east-west lines are called township lines. Each township is 36 square miles. Each
square mile is called a section. Property is identified by its location within a township and
section.
townships -CORRECT ANSWER 36 square miles
Survey -CORRECT ANSWER licensed surveyor
Governmental Powers -CORRECT ANSWER P.E.T.E: Police power, eminent domain, taxation,
escheat
Police power -CORRECT ANSWER right of public entities to establish regulations regarding
the use of the land.
Eminent domain -CORRECT ANSWER right of a public entity to take private property in
exchange for a fair price when the reason for the taking is for the public good.
and & Champions) Study Guide Compilation
Bundle( Already Graded A+)Brand new!!!!
Real property -CORRECT ANSWER all the legal rights, powers, and privileges of real estate
ownership. The rights of ownership are often referred to as the bundle of rights.
Bundle of Rights -CORRECT ANSWER 1.Possession, 2.Use, 3.Encumber, 4.Exclusion,
5.Transfer
Personal Property -CORRECT ANSWER movable rather than being permanently attached to
real estate
Chattel -CORRECT ANSWER personal property
Fixture -CORRECT ANSWER An item of personal property that has been converted to real
property by being permanently affixed to the realty. Ex: cabinets, carpet, built-in shelves
Emblements -CORRECT ANSWER crops or any type of seasonal/annual plantings that are
cultivated for profit. These are classified as personal property.
,Trade fixtures -CORRECT ANSWER personal property that a business operator installs as
part of the business operations.
MARIA -CORRECT ANSWER Method of Attachment, Adaptability, Relationship, Intention,
Agreement
severance -CORRECT ANSWER turning the item into personal property
Economic Characteristics of Land -CORRECT ANSWER scarcity, improvements, permanence
of investment, area preference
Scarcity -CORRECT ANSWER There's a limited supply of real property, particularly when
considering a specific area.
Improvements -CORRECT ANSWER Adding improvements to real property affects its value.
Permanence of investment -CORRECT ANSWER Investment in improving a property tends
to be very long term.
Area preference (location) -CORRECT ANSWER The location of a parcel can dramatically
affect its value.
Physical Characteristics of Land -CORRECT ANSWER Immobility, Indestructibility,
Uniqueness
Immobility -CORRECT ANSWER In general, land doesn't move.
Indestructibility -CORRECT ANSWER This refers to the fact that land can't be destroyed.
, Uniqueness -CORRECT ANSWER Each property is unique.
Metes and bounds -CORRECT ANSWER A method of land description which involves
identifying distances and directions and makes use of both the physical boundaries and
measurements of the land.
Lot and block -CORRECT ANSWER A method of land description frequently used after land
has been subdivided into building lots; also referred to as the recorded plat method. (Must have
a plat map to find the property)
Government survey or rectangular survey -CORRECT ANSWER This is a form of legal
description used in most central and western states. It uses a system of horizontal and vertical
lines that divide the land into squares called townships. The north-south lines are called range
lines. The east-west lines are called township lines. Each township is 36 square miles. Each
square mile is called a section. Property is identified by its location within a township and
section.
townships -CORRECT ANSWER 36 square miles
Survey -CORRECT ANSWER licensed surveyor
Governmental Powers -CORRECT ANSWER P.E.T.E: Police power, eminent domain, taxation,
escheat
Police power -CORRECT ANSWER right of public entities to establish regulations regarding
the use of the land.
Eminent domain -CORRECT ANSWER right of a public entity to take private property in
exchange for a fair price when the reason for the taking is for the public good.
