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