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Real Estate Exam Prep (Champions; Texas) /Questions With Complete Solutions Rated (A+)
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Real Estate Exam Prep (Champions; Texas) 2023 -2024/Questions With Complete Solutions Rated (A+)
Quiz :appurtenance - √Answer :term used to describe rights, privileges or
improvements that belong to and pass with the land
Quiz :improvements - √Answer :man's additions to the land such as building
and landscaping
Quiz :personal property - √Answer :also called chattel or personalty; a right or
interest in smiting of a temporary or movable nature and includes anything not
classed as real property. Real property becomes personal property through
severance.
Quiz :bill of sale - √Answer :ownership of chattel or personalty is transferred
via this, also called a non-realty item addendum
Quiz :fixture - √Answer :item that was personal property but has been
attached in such a way that it has become real property such at tv brackets
Quiz :installed - √Answer :often indicates a permanent attachment
, Quiz :annexation - √Answer :the process of attaching an item of personal
property to real estate such that it becomes a fixture
Quiz :severance - √Answer :the process of real property becoming personal.
Fixture is uninstalled and becomes personal property again
Quiz :trade fixtures - √Answer :term used for fixtures in commercial
transactions. installed by a tenant to carry out a business and may be removed
prior to the termination of the lease. If they are not removed they become real
property and pass to the landlord
Quiz :emblements - √Answer :crops that are cultivated annually. Considered
the personal property of the farmer who cultivated them. Ownership can be
transferred with a bill or sale, or farmer may make arrangements to return to
the property and harvest them one time.
Quiz :physical characteristics of real property - √Answer :non homogeneity-
no two exactly alike; immobility- cannot be moves; indestructibility-will always
be there
Quiz :economic characteristics of real property - √Answer :scarcity-naturally
desirable; modification-change or improve; fixity-not liquid assets; situs-
prestige location.
Quiz :nonhomogeneity - √Answer :one of three physical characteristics of
land; no two pieces are exactly alike
Quiz :immobility - √Answer :one of three physical characteristics of land; land
cannot be moved
Quiz :indestructibility - √Answer :one of three physical characteristics of land;
land is durable and will always be there
Quiz :scarcity - √Answer :one of four economic characteristics of land; land is
in short supply where demand is great (geographic considerations)
Quiz :modification - √Answer :one of four economic characteristics of land;
land use and value are greatly influenced by improvements made by man to
land and to surrounding parcels of land
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