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Real Estate Exam Prep (Champions_ Texas)
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Real Estate Exam Prep (Champions_ Texas)
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Real Estate Exam Prep (Champions;Texas)
appurtenance - ANS-term used to describe rights, privileges or improvements that
belong to and pass with the land
improvements - ANS-man's additions to the land such as building and landscaping
personal property - 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 - ANS-ownership of chattel or personalty is transferred via this, also called a
non-realty item addendum
fixture - 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 - ANS-often indicates a permanent attachment
annexation - ANS-the process of attaching an item of personal property to real estate
such that it becomes a fixture
severance - ANS-the process of real property becoming personal. Fixture is uninstalled
and becomes personal property again
trade fixtures - 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 - 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 - ANS-non homogeneity-no two exactly alike;
immobility- cannot be moves; indestructibility-will always be there
, economic characteristics of real property - ANS-scarcity-naturally desirable;
modification-change or improve; fixity-not liquid assets; situs-prestige location.
nonhomogeneity - ANS-one of three physical characteristics of land; no two pieces are
exactly alike
immobility - ANS-one of three physical characteristics of land; land cannot be moved
indestructibility - ANS-one of three physical characteristics of land; land is durable and
will always be there
scarcity - ANS-one of four economic characteristics of land; land is in short supply
where demand is great (geographic considerations)
modification - 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 - 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 - ANS-one of four economic characteristics of land; location preference from an
economic rather than a geographic standpoint
legal description - 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 - ANS-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 - ANS-most common description used in residential
listings. derived from a recorded map called a plat
plat - ANS-recorded map
most common method of legal land description - ANS-lot, block and subdivision method
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