Texas Real Estate Exam 3 (Latest 2023 - 2024)
New Full Exam Questions and Answers Included
- Real property
Answer: all the legal rights, powers, and privileges of real estate
owner- ship. The rights of ownership are often referred to as the bundle of rights.
- Bundle of Rights
Answer: 1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
- Personal Property
Answer: movable rather than being permanently attached to real
estate
- Chattel
Answer: personal property
- Fixture
Answer: An item of personal property that has been converted to
real property by being permanently affixed to the realty. Ex:
cabinets, carpet, built-in shelves
- Emblements
Answer: crops or any type of seasonal/annual plantings that are
cultivated for profit. These are classified as personal property.
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- Trade fixtures
Answer: personal property that a business operator installs as part of
the business operations.
8. MARIA
Answer: Method of Attachment, Adaptability, Relationship,
Intention, Agreement
- Severance
Answer: turning the item into personal property
- Economic Characteristics of Land
Answer: scarcity, improvements, permanence of investment, area
preference
- Scarcity
Answer: There's a limited supply of real property, particularly
when considering a specific area.
- Improvements
Answer: Adding improvements to real property affects its value.
- Permanence of investment
Answer: Investment in improving a property tends to be very long
term.
- Area preference (location)
Answer: The location of a parcel can dramatically affect its value. 2 / 3
- Physical Characteristics of Land
Answer: Immobility, Indestructibility, Uniqueness
- Immobility
Answer: In general, land doesn't move.
- Indestructibility
Answer: This refers to the fact that land can't be destroyed.
- Uniqueness
Answer: Each property is unique.
- Metes and bounds
Answer: A method of land description which involves identifying
distances and directions and makes use of both the physical boundaries and measurements of the land.
- Lot and block
Answer: A method of land description frequently used after land
has been subdivided into building lots; also referred to as the recorded plat method. (Must have a plat map to find the property)
- Government survey or rectangular survey
Answer: This is a form of legal description used in most central and
western states. It uses a system of horizontal and vertical lines that divide the land into squares called townships. The north-south lines are called range lines. The east-west lines are called township lines.Each township is 36 square miles. Each square mile is called a section. Property is identified by its location within a township and section.
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