ACCURACY IS GUARANTEED
Texas Real Estate Exam (National) Questions with
Detailed Verified Answers for Accuracy
real property
✓✓ the tangible real estate and intangible rights associated
with the ownership of real estate
-transfers by deed or will
personal property
✓✓ 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
✓✓ 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
✓✓ 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
, ACCURACY IS GUARANTEED
✓✓ metes and bounds, the rectangular survey system, lot-
block-tract system, monuments
physical characteristics of land (DUI)
✓✓ -durability
-uniqueness
-immobility
economic characteristics of land (SAFE)
✓✓ -situs
-alteration
-fixity
-economic scarcity
encumbrance
✓✓ 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
✓✓ a charge against property as security for a debt
voluntary lien
, ACCURACY IS GUARANTEED
✓✓ 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
✓✓ 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
✓✓ a physical intrusion on someone else's property without
direct permission
deed restrictions (CC&R's)
✓✓ sets limits on how the property may be used by the owner
(covenants, conditions, & restrictions)
-created by the grantor
easement
✓✓ a right to use part or all of another individual's land or
property for a specific purpose and length of time
estate
, ACCURACY IS GUARANTEED
✓✓ an interest in real property
freehold estate
✓✓ the property owner has actual ownership and possession of
the land, which lasts for an unspecified period of time
statutory estate
✓✓ created by law
-community property & homestead in Texas
forms of ownership
✓✓ -individual ownership
-co-ownership
-held in trust
types of co-ownership
✓✓ -tenancy in common
-joint tenancy
-community property
-partnerships
held in trust
✓✓ a property is held by one party for the benefit of another
police power
Texas Real Estate Exam (National) Questions with
Detailed Verified Answers for Accuracy
real property
✓✓ the tangible real estate and intangible rights associated
with the ownership of real estate
-transfers by deed or will
personal property
✓✓ 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
✓✓ 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
✓✓ 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
, ACCURACY IS GUARANTEED
✓✓ metes and bounds, the rectangular survey system, lot-
block-tract system, monuments
physical characteristics of land (DUI)
✓✓ -durability
-uniqueness
-immobility
economic characteristics of land (SAFE)
✓✓ -situs
-alteration
-fixity
-economic scarcity
encumbrance
✓✓ 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
✓✓ a charge against property as security for a debt
voluntary lien
, ACCURACY IS GUARANTEED
✓✓ 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
✓✓ 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
✓✓ a physical intrusion on someone else's property without
direct permission
deed restrictions (CC&R's)
✓✓ sets limits on how the property may be used by the owner
(covenants, conditions, & restrictions)
-created by the grantor
easement
✓✓ a right to use part or all of another individual's land or
property for a specific purpose and length of time
estate
, ACCURACY IS GUARANTEED
✓✓ an interest in real property
freehold estate
✓✓ the property owner has actual ownership and possession of
the land, which lasts for an unspecified period of time
statutory estate
✓✓ created by law
-community property & homestead in Texas
forms of ownership
✓✓ -individual ownership
-co-ownership
-held in trust
types of co-ownership
✓✓ -tenancy in common
-joint tenancy
-community property
-partnerships
held in trust
✓✓ a property is held by one party for the benefit of another
police power
