Real Estate Exam Prep (Champions; Texas) Study Guide Solutions
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Course
Champions Real Estate
Institution
Champions Real Estate
Real Estate Exam Prep (Champions;
Texas) Study Guide Solutions
appurtenance - ANSWER-term used to describe rights, privileges or improvements that belong to
and pass with the land
improvements - ANSWER-man's additions to the land such as building and landscaping
personal property - ANSWER-also...
scarcity - ANSWER✔✔-one of four economic characteristics of land; land is in short supply where
demand is great (geographic considerations)
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
fixity - ANSWER✔✔-one of four economic characteristics of land; land and buildings and other
improvements to land are considered fixed or permanent investments (not liquid)
situs - ANSWER✔✔-one of four economic characteristics of land; location preference from an economic
rather than a geographic standpoint
legal description - ANSWER✔✔-created and determined by a surveyor. Three legal methods of land
description: metes and bounds, lot, block and subdivision and the Rectangular Survey System. Does not
need to be included in a lease agreement.
metes and bounds - ANSWER✔✔-legal land description method; use terminal point and angles and
always have a point of beginning. monument (permanent surveyor markers) may be added. Most
common in farm and ranch.
lot, block and subdivision method - ANSWER✔✔-most common description used in residential listings.
derived from a recorded map called a plat
plat - ANSWER✔✔-recorded map
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