Exam (elaborations)
Real Estate Exam Prep (Champions; Texas) Q/A
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Real Estate Exam Prep (Champions; Texas) Q/A
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Real Estate Exam Prep (Champions; Texas)appurtenance Correct Ans - term used to describe rights, privileges or
improvements that belong to and pass with the land
improvements Correct Ans - man's additions to the land such as
building and landscaping
personal property Correct Ans - also called chattel or personalty; a
right or interest in smiting of a temporary or movable nature and includes
anything not classed as real property. Real property becomes personal
property through severance.
bill of sale Correct Ans - ownership of chattel or personalty is
transferred via this, also called a non-realty item addendum
fixture Correct Ans - item that was personal property but has been
attached in such a way that it has become real property such at tv brackets
installed Correct Ans - often indicates a permanent attachment
annexation Correct Ans - the process of attaching an item of personal
property to real estate such that it becomes a fixture
severance Correct Ans - the process of real property becoming
personal. Fixture is uninstalled and becomes personal property again
trade fixtures Correct Ans - term used for fixtures in commercial
transactions. installed by a tenant to carry out a business and may be removed
prior to the termination of the lease. If they are not removed they become real
property and pass to the landlord
emblements Correct Ans - crops that are cultivated annually.
Considered the personal property of the farmer who cultivated them.
Ownership can be transferred with a bill or sale, or farmer may make
arrangements to return to the property and harvest them one time.
, physical characteristics of real property Correct Ans - non
homogeneity-no two exactly alike; immobility- cannot be moves;
indestructibility-will always be there
economic characteristics of real property Correct Ans - scarcity-
naturally desirable; modification-change or improve; fixity-not liquid assets;
situs-prestige location.
nonhomogeneity Correct Ans - one of three physical characteristics of
land; no two pieces are exactly alike
immobility Correct Ans - one of three physical characteristics of land;
land cannot be moved
indestructibility Correct Ans - one of three physical characteristics of
land; land is durable and will always be there
scarcity Correct Ans - one of four economic characteristics of land;
land is in short supply where demand is great (geographic considerations)
modification Correct Ans - 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 Correct Ans - one of four economic characteristics of land; land
and buildings and other improvements to land are considered fixed or
permanent investments (not liquid)
situs Correct Ans - one of four economic characteristics of land;
location preference from an economic rather than a geographic standpoint
legal description Correct Ans - 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 Correct Ans - legal land description method; use
terminal point and angles and always have a point of beginning. monument
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