Texas Real Estate Exam – National with Complete Solutions

Texas Real Estate Exam – National with Complete Solutions Improvement - CORRECT ANSWER Man's additions to the land Bill of Sale - CORRECT ANSWER Means by which ownership of personal property is transferred Fixture - CORRECT ANSWER Personal property that has been attached in such a way as to make it real property Severance - CORRECT ANSWER A piece of real property is uninstalled, making it personal property Trade Fixtures - CORRECT ANSWER Fixtures installed by a tenant in order to carry out business Emblements - CORRECT ANSWER Crops that, while attached to the ground, are considered personal property of the farmer who cultivated them. Ownership can be transferred with a bill of sale, or the cultivating farmer may make arrangements to return to the property to harvest them. Physical Characteristics of Real Property - CORRECT ANSWER Nonhomogeneity, Immobility, Indestructability Economic Characteristics of Real Property - CORRECT ANSWER Scarcity, Modification, Fixity, and Situs Methods of Legal Description of Land - CORRECT ANSWER Metes and Bounds; Lot, Block and Subdivision; Rectangular Survey System Public Controls of Land - CORRECT ANSWER Police Power, Eminent Domain, Taxation, Escheat Police Power - CORRECT ANSWER Power given to a municipality to regulate and control use of property. Zoning is the most common example Non-Conforming Use - CORRECT ANSWER A use that was permissible under former rules, but prohibited under new rules. It is allowed to continue because it is "grandfathered." Variance - CORRECT ANSWER An exception to zoning rules that an owner may apply for. Buffer Zone - CORRECT ANSWER An area that separates one land use from another. Eminent Domain - CORRECT ANSWER The right of the government to take private property for public use through condemnation. The government must compensate the owner. Escheat - CORRECT ANSWER When a property reverts to the state when someone dies leaving no will or heir or kindred. Deed Restrictions - CORRECT ANSWER Deed covenants, conditions and restrictions are imposed to control land use, development and methods and materials for construction. Reservation - CORRECT ANSWER Withholds title to a part of the land described in the deed, like an easement or mineral rights. Encroachment - CORRECT ANSWER When a structure of improvement overlaps or trespasses onto another's property. They must be disclosed. Easement - CORRECT ANSWER Allows limited use or enjoyment of another's land. It is use without possession. They can be created by express or implied grant, agreement, reservation, limitation, or prescription. Dominant and Servient Estates - CORRECT ANSWER When one property has a road/driveway passing through an adjacent property, the owner who crosses over the other's property is dominant. The property with the road is servient to the dominant estate. This is called an Easement Appurtenant, it goes with the land and the landowner owns the easement. Easement in Gross - CORRECT ANSWER Belongs to a person or corporation, such as a utility easement. No matter who owns the land, the easement belongs to the utility company. Adverse Possession - CORRECT ANSWER When a property is acquired from the rightful owner through the Statute of Limitations. Occupancy must be hostile, continuous, and distinct for the statutory period. In Texas its 10 years. Lis Pendens - CORRECT ANSWER A recorded notice filed against a specific property, meaning that some form of lawsuit has been filed but not yet resolved in court. It may become the responsibility of a new owner. Estate in Severalty - CORRECT ANSWER Ownership by one person/entity. Corporations or partnerships often hold title this way. If only one signature is required to sell a piece of property, then there is only one owner.