CHAMPIONS REAL ESTATE FINAL PAPER
2026 FULL Q&A STUDY GUIDE GRADED A+
◉Appraisal. Answer: Providing a professional opinion of the value of
real propery
◉RMLO's in TX are licensed through the. Answer: Texas Dept of
Savings and Mortgage Lending
◉Land. Answer: Surface of the earth extending to the center and
upward above the surface to infinity, includes natural things-trees,
crops and water
◉Real Estate. Answer: all that is encompassed in land, with the
addition of all man-made additions to the land, such as roads, houses
and commercial buildings
◉Real Property. Answer: includes the rights that a person has in the
land, goes beyond physical real estate
,◉Severable. Answer: common for different individuals to own
different rights of the same piece of land; surface owners do not own
the subsurface rights to their property.
◉Surface rights. Answer: owner has right to improve or develop the
surface and use resources extracted from or near the surface,
including stone, gravel, water and limestone
◉subsurface rights. Answer: include the rights to oil, gas and other
minerals, commonly conveyed through a lease, mineral deed or by
reservation
◉Air rights. Answer: extend above the surface without limitation,
can be leased, sold or mortgaged. prohibit any activity that blocks
the view of a building, cell phone transmitter tower or billboard
◉Solar access. Answer: property owners have a right to reasonable
amount of sunlight for heating. roman law dating back 2000 years
◉Surface rights. Answer: transferred to new owners in total
◉Royalty rights. Answer: right to collect a royalty for oil and gas
production
, ◉Executive Rights. Answer: right to execute a contract or lease for
the exploration of oil and gas
◉Bundle of Rights. Answer: Rights that are associated with the
ownership of real property are often referred to as the owners.
◉homeowner's costs of ownership includes. Answer: Mortgage,
taxes, repairs and maintenance, interest, insurance, utlilites
◉Capital Gain. Answer: Gain on the sale of an asset for the seller
◉The National flood Insurance Program offers flood insurance to.
Answer: Homeowners, Renters, Business Owners
◉Single Family home. Answer: not attached to another dwelling
◉Condominium. Answer: Multi-family complexes with individually
owned units
◉Cooperative. Answer: most often owned by a corporation,
purchaser purchases stock in the corporation and receives a
proprietary lease on the unit
2026 FULL Q&A STUDY GUIDE GRADED A+
◉Appraisal. Answer: Providing a professional opinion of the value of
real propery
◉RMLO's in TX are licensed through the. Answer: Texas Dept of
Savings and Mortgage Lending
◉Land. Answer: Surface of the earth extending to the center and
upward above the surface to infinity, includes natural things-trees,
crops and water
◉Real Estate. Answer: all that is encompassed in land, with the
addition of all man-made additions to the land, such as roads, houses
and commercial buildings
◉Real Property. Answer: includes the rights that a person has in the
land, goes beyond physical real estate
,◉Severable. Answer: common for different individuals to own
different rights of the same piece of land; surface owners do not own
the subsurface rights to their property.
◉Surface rights. Answer: owner has right to improve or develop the
surface and use resources extracted from or near the surface,
including stone, gravel, water and limestone
◉subsurface rights. Answer: include the rights to oil, gas and other
minerals, commonly conveyed through a lease, mineral deed or by
reservation
◉Air rights. Answer: extend above the surface without limitation,
can be leased, sold or mortgaged. prohibit any activity that blocks
the view of a building, cell phone transmitter tower or billboard
◉Solar access. Answer: property owners have a right to reasonable
amount of sunlight for heating. roman law dating back 2000 years
◉Surface rights. Answer: transferred to new owners in total
◉Royalty rights. Answer: right to collect a royalty for oil and gas
production
, ◉Executive Rights. Answer: right to execute a contract or lease for
the exploration of oil and gas
◉Bundle of Rights. Answer: Rights that are associated with the
ownership of real property are often referred to as the owners.
◉homeowner's costs of ownership includes. Answer: Mortgage,
taxes, repairs and maintenance, interest, insurance, utlilites
◉Capital Gain. Answer: Gain on the sale of an asset for the seller
◉The National flood Insurance Program offers flood insurance to.
Answer: Homeowners, Renters, Business Owners
◉Single Family home. Answer: not attached to another dwelling
◉Condominium. Answer: Multi-family complexes with individually
owned units
◉Cooperative. Answer: most often owned by a corporation,
purchaser purchases stock in the corporation and receives a
proprietary lease on the unit
