Texas Real Estate Exam Prep Questions and 100% Correct Answers
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Course
Texas Real estate
Institution
Texas Real Estate
Fixture - Answer Personal property that has been installed or attached to become real
property
Annexation - Answer The process of attaching personal property so that it becomes real
property thus creating a fixture
Severance - Answer Real property becomes personal property when it is "severed" ...
Texas Real Estate Exam Prep Questions and
100% Correct Answers
Fixture - Answer Personal property that has been installed or attached to become real
property
Annexation - Answer The process of attaching personal property so that it becomes real
property thus creating a fixture
Severance - Answer Real property becomes personal property when it is "severed" from
the land. Uninstall, unattach
Trade Fixture - Answer Personal property installed on leased property for the purpose of
the tenants occupation or profession
Accession - Answer Gaining title to improvements as a result of the annexation of
fixtures
Physical Charateristic of Land - Answer Nonhomogeneity, immobility, indestructibility
Nonhomogeniety - Answer A physical characteristic of land stating no two pieces are
exactly alike
Immobility - Answer A physical characteristic of land stating that land cannot be moved-
an owner must go to the land
,Indestructibility - Answer A physical characteristic of land stating that the land will
always be there- it is durable
Economic Characteristics of Land - Answer Scarcity, modification, fixity and situs
Scarcity - Answer An economic characteristic of land stating that a short supply where
demand is great will cause an increase in value- usually based on geography
Modification - Answer An economic characteristic of land stating that improvements
made by man will alter the value of the land and surrounding properties
Fixity - Answer An economic characteristic of land stating that land, buildings and
improvements are considered a fixed investment- not liquid assests
Situs - Answer An economic characteristic of land stating that location preference from
an economic standpoint can cause increased value- location, location, location
Legal description of property - Answer A description of such certainty and accuracy that
one can go to the ground and identify the land- a description prepared by a surveyor
Metes and bounds - Answer A legal description of land having a point of beginning,
using terminal points and angles, degrees and minutes to outline a property
Lot, Block and Subdivision - Answer A legal description of land based on a recorded map
of a subdivision called a plat
Monuments - Answer Permanent surveyor marker- natural or manmade
,Rectangular Survey System - Answer A legal description of land using base line,
meridians, townships, sections and ranges- also called the Government Survey System
Government Survey System - Answer A legal description of land using base lines,
meridians, townships, sections, and ranges- also called the Rectangular Survey System
Township - Answer Part of the Government Survey System consisting of 36 sections
Section - Answer Part of he Government Survey System consisting of 640 acres or one
square mile
Acre - Answer A measure of land- 43560 square feet
Plat - Answer A map of a town, section or subdivision
Plot - Answer A map of a single property site, also called a lot or a parcel
Lot - Answer A map of a single property site, also called a plot or a parcel
Parcel - Answer A single piece of property site, also called a lot or a plot
Onsite construction - Answer Improvements constructed or built on the land- not
prefabricated
Offsite construction - Answer Improvements constructed or built in a controlled
environment and then transported to the land and installed on the land- prefabricated,
manufactured or modular buildings
, Encumbrance - Answer A limitation on the rights of a property owner
Cloud on the title - Answer An encumbrance that causes doubt as to the validity of title
and can prevent sale or transfer of title
Release - Answer The legal method of removing an encumbrance- to release it or get a
release
Lien - Answer A charge against property as security for a debt
Voluntary lien - Answer A lien created by the borrowers choice- taking out a mortgage
or home improvement loan
Involuntary lien - Answer A lien created by an outside source- law, court
Specific lien - Answer A lien attaching to one or more listed or specific properties
General lien - Answer A lien attach Ingrid to all property of a debtor not exempt from
forced sale
Statutory lien - Answer A lien created by statutory law, (legislation)- taxes, judgments,
etc.
Equitable lien - Answer A lien created by common law, (through the courts)
Vendor's lien - Answer A lien created by seller financing
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