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Texas Real Estate State Exam; State Exam
Prep Material 2025| Certified Q&A
Real Property - correct-answer-land, Improvements attached to the land, and the
rights to use them
Personal Property - correct-answer-right or interest in things of a temporary or
movable nature chattel personalty. Ownership transferred by a BILL OF SALE
Fixture - correct-answer-Personal Property attached in such a way to make it real
property.
Annexation - correct-answer-Process of attaching personal property to real
property making it a fixture
Severed or Severance - correct-answer-Real property being removed becoming
personal property
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Trade Fixtures - correct-answer-required to carry out a business example would
be commercial cooking equipment in a restaurant
Assemblage or plottage - correct-answer-combining several parcels of land into
one
Steps in Appraisers process (5) - correct-answer-1.Purpose 2. Collect and Verify
info 3. Est. value using as many approaches as needed 4. Reconciliation 5. Prepare
report
Appraisers - correct-answer-must follow USPAP (Uniform standards of
Professional Appraisal Practice) some lenders require Fannie Mae appraisal
Chronological age - correct-answer-age of property in years
Deferred Maintenance - correct-answer-type of physical depreciation (ordinary
wear and tear)
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Straight line method - correct-answer-a method of depreciation of equal annual
installment amounts.
MAI designation - correct-answer-Member, Appraisal Institute
Licensed appraiser is required - correct-answer-for any property worth 250,000 or
more
mortgage - correct-answer-a pledge of real property as security for a promissory
note
Deed of trust - correct-answer-Texas uses instead of traditional mtg contains
"Power of Sale" Clause that allows for "Non-judicial foreclosure" quick foreclosure
Acceleration Clause - correct-answer-in the state of default whole amt of principal
is due
Alienation Clause - correct-answer-Due on sale clause states balance is due if sold
w/o mortgagee's approval
Texas Real Estate State Exam; State Exam
Prep Material 2025| Certified Q&A
Real Property - correct-answer-land, Improvements attached to the land, and the
rights to use them
Personal Property - correct-answer-right or interest in things of a temporary or
movable nature chattel personalty. Ownership transferred by a BILL OF SALE
Fixture - correct-answer-Personal Property attached in such a way to make it real
property.
Annexation - correct-answer-Process of attaching personal property to real
property making it a fixture
Severed or Severance - correct-answer-Real property being removed becoming
personal property
,2|Page
Trade Fixtures - correct-answer-required to carry out a business example would
be commercial cooking equipment in a restaurant
Assemblage or plottage - correct-answer-combining several parcels of land into
one
Steps in Appraisers process (5) - correct-answer-1.Purpose 2. Collect and Verify
info 3. Est. value using as many approaches as needed 4. Reconciliation 5. Prepare
report
Appraisers - correct-answer-must follow USPAP (Uniform standards of
Professional Appraisal Practice) some lenders require Fannie Mae appraisal
Chronological age - correct-answer-age of property in years
Deferred Maintenance - correct-answer-type of physical depreciation (ordinary
wear and tear)
, 3|Page
Straight line method - correct-answer-a method of depreciation of equal annual
installment amounts.
MAI designation - correct-answer-Member, Appraisal Institute
Licensed appraiser is required - correct-answer-for any property worth 250,000 or
more
mortgage - correct-answer-a pledge of real property as security for a promissory
note
Deed of trust - correct-answer-Texas uses instead of traditional mtg contains
"Power of Sale" Clause that allows for "Non-judicial foreclosure" quick foreclosure
Acceleration Clause - correct-answer-in the state of default whole amt of principal
is due
Alienation Clause - correct-answer-Due on sale clause states balance is due if sold
w/o mortgagee's approval
