Texas Real Estate Exam With
Questions And Correct
Answers||100%Trusted Source|Graded
A+|Graded A+
Real property -ANSWER all the legal rights, powers, and privileges of real estate
ownership. 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.
Trade fixtures -ANSWER personal property that a business operator installs as part of the
business operations.
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.
, 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.
townships -ANSWER 36 square miles
Survey -ANSWER licensed surveyor
Governmental Powers -ANSWER P.E.T.E: Police power, eminent domain, taxation,
escheat
Police power -ANSWER right of public entities to establish regulations regarding the use
of the land.
Eminent domain -ANSWER right of a public entity to take private property in exchange for
a fair price when the reason for the taking is for the public good.
Taxation -ANSWER government's right to impose property taxes
Escheat -ANSWER The state takes property upon an owners death if there is no will & no
heirs exist.
Condemnation -ANSWER administrative process by which the government exercises its
power of eminent domain.
Questions And Correct
Answers||100%Trusted Source|Graded
A+|Graded A+
Real property -ANSWER all the legal rights, powers, and privileges of real estate
ownership. 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.
Trade fixtures -ANSWER personal property that a business operator installs as part of the
business operations.
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.
, 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.
townships -ANSWER 36 square miles
Survey -ANSWER licensed surveyor
Governmental Powers -ANSWER P.E.T.E: Police power, eminent domain, taxation,
escheat
Police power -ANSWER right of public entities to establish regulations regarding the use
of the land.
Eminent domain -ANSWER right of a public entity to take private property in exchange for
a fair price when the reason for the taking is for the public good.
Taxation -ANSWER government's right to impose property taxes
Escheat -ANSWER The state takes property upon an owners death if there is no will & no
heirs exist.
Condemnation -ANSWER administrative process by which the government exercises its
power of eminent domain.
