Texas Real Estate Exam
1. Real property: all the legal rights, powers, and privileges of real estate ownership. The rights of ownership
are often referred to as the bundle of rights.
2. Bundle of Rights: 1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
3. Personal Property: movable rather than being permanently attached to real estate
4. Chattel: personal property
5. Fixture: 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
6. Emblements: crops or any type of seasonal/annual plantings that are cultivated for profit. These are classified
as personal property.
7. Trade fixtures: personal property that a business operator installs as part of the business operations.
8. MARIA: Method of Attachment, Adaptability, Relationship, Intention, Agreement
9. severance: turning the item into personal property
10. Economic Characteristics of Land: scarcity, improvements, permanence of investment, area pref-
erence
11. Scarcity: There's a limited supply of real property, particularly when considering a specific area.
12. Improvements: Adding improvements to real property affects its value.
, 13. Permanence of investment: Investment in improving a property tends to be very long term.
14. Area preference (location): The location of a parcel can dramatically affect its value.
15. Physical Characteristics of Land: Immobility, Indestructibility, Uniqueness
16. Immobility: In general, land doesn't move.
17. Indestructibility: This refers to the fact that land can't be destroyed.
18. Uniqueness: Each property is unique.
19. Metes and bounds: A method of land description which involves identifying distances and directions and
makes use of both the physical boundaries and measurements of the land.
20. Lot and block: 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)
1. Real property: all the legal rights, powers, and privileges of real estate ownership. The rights of ownership
are often referred to as the bundle of rights.
2. Bundle of Rights: 1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
3. Personal Property: movable rather than being permanently attached to real estate
4. Chattel: personal property
5. Fixture: 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
6. Emblements: crops or any type of seasonal/annual plantings that are cultivated for profit. These are classified
as personal property.
7. Trade fixtures: personal property that a business operator installs as part of the business operations.
8. MARIA: Method of Attachment, Adaptability, Relationship, Intention, Agreement
9. severance: turning the item into personal property
10. Economic Characteristics of Land: scarcity, improvements, permanence of investment, area pref-
erence
11. Scarcity: There's a limited supply of real property, particularly when considering a specific area.
12. Improvements: Adding improvements to real property affects its value.
, 13. Permanence of investment: Investment in improving a property tends to be very long term.
14. Area preference (location): The location of a parcel can dramatically affect its value.
15. Physical Characteristics of Land: Immobility, Indestructibility, Uniqueness
16. Immobility: In general, land doesn't move.
17. Indestructibility: This refers to the fact that land can't be destroyed.
18. Uniqueness: Each property is unique.
19. Metes and bounds: A method of land description which involves identifying distances and directions and
makes use of both the physical boundaries and measurements of the land.
20. Lot and block: 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)
