Texas Real Estate Exam Prep Class - Champion Chap.1 Latest Update 100% Pass

Texas Real Estate Exam Prep Class - Champion Chap.1 Latest Update 100% Pass Real Property land, improvements attached to the land, benefits, rights, and ownership interest that go with the land. appurtenance A right, privilege, or improvement belonging to and pass with the land. The landowner owns it. improvements man's addition to the land such as buildings and landscaping Subsurface, surface ad air rights mineral, air and water rights are all considered part of real property air rights The right to use the open space above your land. Air rights can be sold or lease. Air rights can be transferred by easement. Air rights can be taxed separately from the land. Littoral rights the right to use water from a LAKE OR OCEAN Navigable water TEXAS (the state own it) Navigable waterfront property landowners own to the vegetation line. Prior Appropriation Water use depends on priority of use; "first in time first in right"; The first landowner to claim the rights has the exclusive rights to take all the water of specific beneficial use. Three physical characteristic of the land Immobility, Non homogeneity, indestructibly Non Homogeneity -no 2 pieces are exactly alike. Each piece of land is unique Immobility land cannot be moved - a person must go to the land Indestructibility Durability - it will always be there. Four economic characteristic of the land scarcity, modification, fixity, situs scarcity short supply when demand is great Modification land use and value are greatly influenced by improvements made by man o land and to surrounding parcels of land Fixity land and buildings and other improvements to land are consideration fixed or permanent investments- they are not liquid assets. You can't to flip an investment easily cause the money is invested in the land. and land lack liquidity. Situs Location preference. Economic location not geographic. "Location, Location, Location." Chattel/Personalty Right or interest in something of a temporary or movable nature an include anything not classed as a real property Bill of sale A document used to transfer ownership of personal property. When personal property include in the sale to need to attach an addendum ti the contract that describes the details of the transaction. fixture is a personal property that has been attached in such a way as to make it a real property ("Installed" - indicates permanent)