Texas Real Estate Exam Prep 100% Pass

Texas Real Estate Exam Prep 100% Pass Appurtenance Describes rights, privileges or improvements that belong to and pass with land. Improvements Man's additions to the land such as buildings and landscaping. Air rights Right to use open space above your land. Sold or leased; can be transferred by easement. Can be taxed separately from land. Riparian rights Right to use water from river or stream that borders your property. Littoral rights The right to use water from a lake or ocean Land description Nonhomogenity, Immobility, Indestructibility, Nonhomogenity No two pieces are exactly alike. Immobility Land cannot be moved Indestructibility Durability-it will always be there. Four economic characteristics Scarcity,modification, fixity, situs Scarcity In short supply where demand is great Modification Land use and value are greatly influenced by improvements made by man to land and surrounding parcels of land Fixity Land and buildings and other improvements to land are considered fixed or permanent investments Situs Location preference or location from an economic rather than a geographic standpoint. Metes and bounds Descriptions use terminal points and angles and always have point of beginning. Most common method of land description Lot, block, and subdivision descriptions Derived from a recorded map (plat). Most common description used in residential listing agreements Rectangular survey system Takes into consideration base lines, and meridians, townships, and sections. Townships are located in ranges Encumbrance A limitation on your rights, (cloud on title) ex: liens, reservations, encroachments, leases, easements, deed restrictions, Lis pendens, licenses, etc... Equitable liens Come from common law and include seller(vendor) or buyer (vendee) liens Specific lien Attaches to one or more specific or named properties ex: a mortgage General lien Attaches to all property of the debtor, not exempt from forced sale. Ex: a judgement or IRS lien, Recording is required for a judgement to become a lien Writ of execution The courts enforce payment of a lien Encroachment When structure or improvement overlaps onto another's property Easement Allows limited use or enjoyment of another's land. It is a right in land and should be created in writing and recorded. It is use without possession. Easement Termination Easements can be terminated by merger (acquiring the adjacent property), release, or abandonment Dominant Estate When there are two parcels of land with a road across one parcel, the owner who crosses over the others land is dominant. The dominant estate would