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Real Estate Exam Prep (Champions; Texas) Questions & Answers
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Real Estate Exam Prep (Champions;Texas) Questions & Answers
appurtenance - -term used to describe rights, privileges or improvements
that belong to and pass with the land
-improvements - -man's additions to the land such as building and
landscaping
-personal property - -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 - -ownership of chattel or personalty is transferred via this, also
called a non-realty item addendum
-fixture - -item that was personal property but has been attached in such a
way that it has become real property such at tv brackets
-installed - -often indicates a permanent attachment
-annexation - -the process of attaching an item of personal property to real
estate such that it becomes a fixture
-severance - -the process of real property becoming personal. Fixture is
uninstalled and becomes personal property again
-trade fixtures - -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 - -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 - -non homogeneity-no two exactly
alike; immobility- cannot be moves; indestructibility-will always be there
-economic characteristics of real property - -scarcity-naturally desirable;
modification-change or improve; fixity-not liquid assets; situs-prestige
location.
, -nonhomogeneity - -one of three physical characteristics of land; no two
pieces are exactly alike
-immobility - -one of three physical characteristics of land; land cannot be
moved
-indestructibility - -one of three physical characteristics of land; land is
durable and will always be there
-scarcity - -one of four economic characteristics of land; land is in short
supply where demand is great (geographic considerations)
-modification - -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 - -one of four economic characteristics of land; land and buildings and
other improvements to land are considered fixed or permanent investments
(not liquid)
-situs - -one of four economic characteristics of land; location preference
from an economic rather than a geographic standpoint
-legal description - -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 - -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 - -most common description used in
residential listings. derived from a recorded map called a plat
-plat - -recorded map
-most common method of legal land description - -lot, block and subdivision
method
-rectangular survey system - -legal land description method; uses base
lines, meridians, townships and sections - located in ranges.
-Township (survey system) - -contains 36 sections (part of rectangular
survey system)
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