Texas real estate practice exam(Latest Update )Verified

A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following? a) Trade fixtures that are real property. b) Trade fixtures that are personal property. c) Temporary real property. d) Emblements. - ANSWER b) Trade fixtures that are personal property. Property can be converted from real to personal property and from personal property to real property by means of which processes respectively? a) Assemblage and plottage. b) Application and dissolution. c) Severance and affixing. d) Planting and harvesting. - ANSWER c) Severance and affixing. The highest form of ownership interest one can acquire in real estate is the: a) legal life estate. b) Conventional life estate. c) Defeasible fee simple estate. d) Absolute fee simple estate. - ANSWER d) Absolute fee simple estate. The distinguishing feature of a defeasible fee simple estate is that: a) It could be passed onto heirs. b) It has no restrictions on use. c) The estate may revert to a grantor or heirs if the prescribed use changes. d) It is of unlimited duration. - ANSWER c) The estate may revert to a grantor or heirs if the prescribed use changes. Maria acquires a property from her uncle Alfonso. When Maria dies the estate will pass to Alfonso's other niece Serena. The type of estate that Maria has in the property is: a) conventional life estate. b) Legal life estate. c) Fee simple defeasible estate. d) Tenancy by the entirety's. - ANSWER a) conventional life estate. One difference between a cooperative estate and a condominium estate is that: a) a condominium owner owns a unit of air space whereas the co-op owner owns a proprietary lease. b) A condominium sale adversely affects other unit owners. c) The co-op owner owns stock and a freehold real estate interest whereas the condominium owner simply a proprietary lease. d) The condominium owner owns the common elements and the air space whereas the co-op owner only owns the apartment. - ANSWER a) a condominium owner owns a unit of air space whereas the co-op owner owns a proprietary lease. Who are the essential parties involved in an estate and trust? a) Owner trustor, and lawyer. b) Owner, trustor, and trustee. c) Trustee, title company, and beneficiary. d) Trustor, trustee, and beneficiary. - ANSWER d) Trustor, trustee, and beneficiary. A condominium owner enjoys a: a) share in an association that owns one's apartment. b) Tenancy in common interest in air space and common areas of the property. c) Fee simple ownership of the airspace in a unit and an undivided share of the entire property's common areas. d) The simple ownership of a pro rata share of the entire property. - ANSWER c) Fee simple ownership of the airspace in a unit and an undivided share of the entire property's common areas. With various types of junior liens, the order of payment priority