Real Estate Exam Prep (Champions; Texas)
1). Appurtenance
Ans: term used to describe rights, privileges or improvements that belong to and pass
with the land
2). Improvements
Ans: man's additions to the land such as building and landscaping
3). Personal property
Ans: also called chattel or personalty; a right or interest in smiting of a temporary or
movable nature and includes anything not classed as real property. Real property
becomes personal property through severance.
4). Bill of sale
Ans: ownership of chattel or personalty is transferred via this, also called a non-realty
item addendum
5). Fixture
Ans: item that was personal property but has been attached in such a way that it has
become real property such at tv brackets
6). Installed
Ans: often indicates a permanent attachment
7). Annexation
Ans: the process of attaching an item of personal property to real estate such that it
becomes a fixture
8). Severance
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, Ans: the process of real property becoming personal. Fixture is uninstalled and
becomes personal property again
9). Trade fixtures
Ans: term used for fixtures in commercial transactions. installed by a tenant to carry
out a business and may be removed prior to the termination of the lease. If they are not
removed they become real property and pass to the landlord
10). Emblements
Ans: crops that are cultivated annually. Considered the personal property of the
farmer who cultivated them. Ownership can be transferred with a bill or sale, or farmer
may make arrangements to return to the property and harvest them one time.
11). Physical characteristics of real property
Ans: non homogeneity-no two exactly alike; immobility- cannot be moves;
indestructibility-will always be there
12). Economic characteristics of real property
Ans: scarcity-naturally desirable; modification-change or improve; fixity-not liquid
assets; situs-prestige location.
13). Nonhomogeneity
Ans: one of three physical characteristics of land; no two pieces are exactly alike
14). Immobility
Ans: one of three physical characteristics of land; land cannot be moved
15). Indestructibility
Ans: one of three physical characteristics of land; land is durable and will always be
there
16). Scarcity
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, Ans: one of four economic characteristics of land; land is in short supply where
demand is great (geographic considerations)
17). Modification
Ans: one of four economic characteristics of land; land use and value are greatly
influenced by improvements made by man to land and to surrounding parcels of land
18). Fixity
Ans: one of four economic characteristics of land; land and buildings and other
improvements to land are considered fixed or permanent investments (not liquid)
19). Situs
Ans: one of four economic characteristics of land; location preference from an
economic rather than a geographic standpoint
20). Legal description
Ans: created and determined by a surveyor. Three legal methods of land description:
metes and bounds, lot, block and subdivision and the Rectangular Survey System. Does
not need to be included in a lease agreement.
21). Metes and bounds
Ans: legal land description method; use terminal point and angles and always have a
point of beginning. monument (permanent surveyor markers) may be added. Most
common in farm and ranch.
22). Lot, block and subdivision method
Ans: most common description used in residential listings. derived from a recorded
map called a plat
23). Plat
Ans: recorded map
24). Most common method of legal land description
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1). Appurtenance
Ans: term used to describe rights, privileges or improvements that belong to and pass
with the land
2). Improvements
Ans: man's additions to the land such as building and landscaping
3). Personal property
Ans: also called chattel or personalty; a right or interest in smiting of a temporary or
movable nature and includes anything not classed as real property. Real property
becomes personal property through severance.
4). Bill of sale
Ans: ownership of chattel or personalty is transferred via this, also called a non-realty
item addendum
5). Fixture
Ans: item that was personal property but has been attached in such a way that it has
become real property such at tv brackets
6). Installed
Ans: often indicates a permanent attachment
7). Annexation
Ans: the process of attaching an item of personal property to real estate such that it
becomes a fixture
8). Severance
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, Ans: the process of real property becoming personal. Fixture is uninstalled and
becomes personal property again
9). Trade fixtures
Ans: term used for fixtures in commercial transactions. installed by a tenant to carry
out a business and may be removed prior to the termination of the lease. If they are not
removed they become real property and pass to the landlord
10). Emblements
Ans: crops that are cultivated annually. Considered the personal property of the
farmer who cultivated them. Ownership can be transferred with a bill or sale, or farmer
may make arrangements to return to the property and harvest them one time.
11). Physical characteristics of real property
Ans: non homogeneity-no two exactly alike; immobility- cannot be moves;
indestructibility-will always be there
12). Economic characteristics of real property
Ans: scarcity-naturally desirable; modification-change or improve; fixity-not liquid
assets; situs-prestige location.
13). Nonhomogeneity
Ans: one of three physical characteristics of land; no two pieces are exactly alike
14). Immobility
Ans: one of three physical characteristics of land; land cannot be moved
15). Indestructibility
Ans: one of three physical characteristics of land; land is durable and will always be
there
16). Scarcity
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, Ans: one of four economic characteristics of land; land is in short supply where
demand is great (geographic considerations)
17). Modification
Ans: one of four economic characteristics of land; land use and value are greatly
influenced by improvements made by man to land and to surrounding parcels of land
18). Fixity
Ans: one of four economic characteristics of land; land and buildings and other
improvements to land are considered fixed or permanent investments (not liquid)
19). Situs
Ans: one of four economic characteristics of land; location preference from an
economic rather than a geographic standpoint
20). Legal description
Ans: created and determined by a surveyor. Three legal methods of land description:
metes and bounds, lot, block and subdivision and the Rectangular Survey System. Does
not need to be included in a lease agreement.
21). Metes and bounds
Ans: legal land description method; use terminal point and angles and always have a
point of beginning. monument (permanent surveyor markers) may be added. Most
common in farm and ranch.
22). Lot, block and subdivision method
Ans: most common description used in residential listings. derived from a recorded
map called a plat
23). Plat
Ans: recorded map
24). Most common method of legal land description
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