Texas Salesperson Real Estate Exam (National) questions with correct answers

Real Property CORRECT ANSWER Land and Improvements and the Right to Use Them Fixture CORRECT ANSWER Personal property that has been attached. "Installed" or "Annexation" Trade Fixtures CORRECT ANSWER Required to run a business. They may be removed from the property prior to the termination of the lease. (Doctors, Dentists, Chef, Barber) Non-homogeneity CORRECT ANSWER Land: No two pieces are exactly alike. Immobility CORRECT ANSWER Land: Cannot be moved Indestructibility CORRECT ANSWER Land: "Durability" - it will always be there. Scarcity CORRECT ANSWER Land: In short supply where demand is great. Modification CORRECT ANSWER Land: Improvements made my man (fencing, railroads). Fixity CORRECT ANSWER Land is fixed and is not a liquid asset. Situs CORRECT ANSWER Land: Location preference. Economic location not geographic. "Location, Location, Location." Metes and Bounds CORRECT ANSWER Legal Description of Land: Always have a point of beginning. Uses compass direction, degrees, and minutes. Used in 13 colonies.