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TEXAS REAL ESTATE STATE EXAM STUDY GUIDE
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TEXAS REAL ESTATE STATE EXAM STUDY GUIDE
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TEXAS REAL ESTATE STATE EXAM STUDY GUIDEReal Property - Answers-land, Improvements attached to the land, and the rights to use
them
Personal Property - Answers-right or interest in things of a temporary or movable nature
chattel personalty. Ownership transferred by a BILL OF SALE
Fixture - Answers-Personal Property attached in such a way to make it real property.
Annexation - Answers-Process of attaching personal property to real property making it
a fixture
Severed or Severance - Answers-Real property being removed becoming personal
property
Trade Fixtures - Answers-required to carry out a business example would be
commercial cooking equipment in a restaurant
Accesion - Answers-Acquiring trade fixtures by non removal prior to termination of lease
Land 3 physical characteristics - Answers-nonhomogeneity, immobility, indestructibility
Nonhomogeneity - Answers-no to pieces are exactly alike
immobility - Answers-land cannot be moved - a person must go to the land
indestructibility - Answers-durability - it will always be there
Land 4 economic characteristics - Answers-scarcity, modification, fixity, situs
scarcity - Answers-short supply where demand is great example lot in Manhattan v. a lot
in upstate NY
modification - Answers-land use and value are greatly influenced by improvements
made by man to land and to surrounding parcels of land
fixity - Answers-land and buildings and other improvements to land are consideration
fixed or permanent investments- they are not liquid assets
Situs - Answers-location preference location,location,location
Metes and Bounds - Answers-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 - Answers-recorded map or plat, it is the most common
description in residential listing agreements
Monuments - Answers-permanent surveyors markers often starting point for metes and
bounds example Iron pipe, oak tree
Rectangular/ Government Survey - Answers-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 - Answers-36 Sections
Section - Answers-640 Acres 1 square mile
Acre - Answers-43,560 square feet
Plat - Answers-map of a town, section, or subdivision
Plot - Answers-map or layout of improvements on a property site. The property site is
also called a lot or parcel
Encumbrance - Answers-limitation on your rights. It may also called cloud on a title.
Voluntary lein - Answers-created by the borrowers actions such as taking out a
mortgage
Involuntary lein - Answers-created by law ie. ad valorem tax lein
Specific lein - Answers-attaches to one or more specific properties ex mortgage
General lein - Answers-attaches to all property of the debtor example tax lien
Lein - Answers-created by recording a judgement
writ of execution - Answers-party wins and is unable to collect,he can secure a writ of
execution from the courts to enforce payment.
reservation - Answers-withholds title of part of the land Ex. easement or mineral rights
encroachment - Answers-structure or improvements overlaps onto another's property
easement - Answers-limited use or enjoyment of another's land written or verbal or
implied
easements can be terminated - Answers-merger of adjacent property, release, or
abandonment
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