Texas Real Estate State Exam Study Guide with Complete Solutions
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Course
Texas Real estate
Institution
Texas Real Estate
Texas Real Estate State Exam Study
Guide with Complete Solutions
Real Property - Answer️️ -land, Improvements attached to the land, and the rights to
use them
Personal Property - Answer️️ -right or interest in things of a temporary or movable
nature chattel personalty. Ownership transf...
indestructibility - Answer✔️✔️-durability - it will always be there
Land 4 economic characteristics - Answer✔️✔️-scarcity, modification, fixity, situs
scarcity - Answer✔️✔️-short supply where demand is great example lot in Manhattan v. a
lot in upstate NY
modification - Answer✔️✔️-land use and value are greatly influenced by improvements
made by man to land and to surrounding parcels of land
fixity - Answer✔️✔️-land and buildings and other improvements to land are consideration
fixed or permanent investments- they are not liquid assets
Situs - Answer✔️✔️-location preference location,location,location
Metes and Bounds - Answer✔️✔️-legal description of land that always has a point of
beginning that is also the end. The oldest used in 13 original colonies
Lot,Block, and Subdivision - Answer✔️✔️-recorded map or plat, it is the most common
description in residential listing agreements
Monuments - Answer✔️✔️-permanent surveyors markers often starting point for metes
and bounds example Iron pipe, oak tree
Rectangular/ Government Survey - Answer✔️✔️-takes into consideration base lines,
meridians, townships and sections.Townships and Sections are located in Ranges.
Example S7T3R2 means Section 7 Townships 3 Range 2
Township - Answer✔️✔️-36 Sections
Section - Answer✔️✔️-640 Acres 1 square mile
Acre - Answer✔️✔️-43,560 square feet
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