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Texas Real Estate Exam (National) Study Guide with Complete Solution $12.49
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Texas Real Estate Exam (National) Study Guide with Complete Solution
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Texas Real Estate Exam (National) Study Guide with Complete Solutions real property - Answer️️ -the tangible real estate and intangible rights associated with the ownership of real estate -transfers by deed or will personal property - Answer️️ -a right or interest in things of a tempor...

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  • September 16, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • texas real estate exam national study guide with

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  • Texas Real estate
  • Texas Real estate

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©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM



Texas Real Estate Exam (National) Study
Guide with Complete Solutions

real property - Answer✔️✔️-the tangible real estate and intangible rights associated with

the ownership of real estate

-transfers by deed or will

personal property - Answer✔️✔️-a right or interest in things of a temporary or movable

nature; anything not classed as real property (chattel, personalty)

-transfers by a bill of state

fixture - Answer✔️✔️-personal property that has been attached in such a way as to make

it real property

-"installed" often indicates permanent attachment

-annexation: the process of attaching

-severed: real property becoming personal property

trade fixture - Answer✔️✔️-objects affixed to leased property that are owned by and

necessary for the tenant's trade or business

-accession: acquiring property if trade fixtures are not removed prior to the termination

of the lease

legal land description methods - Answer✔️✔️-metes and bounds, the rectangular survey

system, lot-block-tract system, monuments

physical characteristics of land (DUI) - Answer✔️✔️--durability

-uniqueness

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, ©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM


-immobility

economic characteristics of land (SAFE) - Answer✔️✔️--situs

-alteration

-fixity

-economic scarcity

encumbrance - Answer✔️✔️-any claim or liability attached to real property that may

lessen the owner's bundle of rights or the value of the property

-lien, claim, liability, judgment, encroachment, lease, easement, deed restriction, etc.

-release is the best way to get rid of it

lien - Answer✔️✔️-a charge against property as security for a debt

voluntary lien - Answer✔️✔️-when a person takes actions that places a lien on his or her

own property

-example: taking out a mortgage or home improvement loan

involuntary lien - Answer✔️✔️-property owner doesn't take any action to initiate them

-created by law

-can be statutory or equitable

-statutory: federal tax liens, ad valorem tax liens, judgement liens

-equitable: arise out of common law and include seller (vendor) or buyer (vendee) liens

encroachment - Answer✔️✔️-a physical intrusion on someone else's property without

direct permission

deed restrictions (CC&R's) - Answer✔️✔️-sets limits on how the property may be used by

the owner (covenants, conditions, & restrictions)


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, ©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM


-created by the grantor

easement - Answer✔️✔️-a right to use part or all of another individual's land or property

for a specific purpose and length of time

estate - Answer✔️✔️-an interest in real property

freehold estate - Answer✔️✔️-the property owner has actual ownership and possession

of the land, which lasts for an unspecified period of time

statutory estate - Answer✔️✔️-created by law

-community property & homestead in Texas

forms of ownership - Answer✔️✔️--individual ownership

-co-ownership

-held in trust

types of co-ownership - Answer✔️✔️--tenancy in common

-joint tenancy

-community property

-partnerships

held in trust - Answer✔️✔️-a property is held by one party for the benefit of another

police power - Answer✔️✔️-power given to a municipality to regulate and control the

character and use of property for the health, safety and general welfare ofthe public

-most common example: zoning

eminent domain - Answer✔️✔️-the power of the government to take private property from

an owner at all times

-condemnation: the process of taking private property


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, ©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM


property taxes - Answer✔️✔️-"ad valorem" taxes (according to value)

-unpaid taxes create automatic lien (highest priority) on the property

special assessment - Answer✔️✔️-taxes levied on property to pay for public

improvements

escheat - Answer✔️✔️-if an individual dies without a will or surviving spouse, their

property will pass to the state

water rights - Answer✔️✔️--riparian rights: flowing water

-littoral rights: lakes or oceans

-transferred by deed or conveyance

market value - Answer✔️✔️-the price a willing seller will sell for, and the price a willing

buyer will pay, when neither is acting under exceptional pressure

characteristics of value (DUST) - Answer✔️✔️--demand

-utility

-scarcity

-transferability

Comparative Market Analysis (CMA) - Answer✔️✔️-an informal system for establishing

the value of real property which works by comparing the prices of recently sold,

pending, and currently-for-sale homes that are similar in size and features to the subject

property

appraisal - Answer✔️✔️-an estimate of present value

-an opinion

-appraisers most often asked to determine market value


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