TEXAS REAL ESTATE INVESTMENT EXAM ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED AND CORRECT ANSWERS) |
ALREADY 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
,TEXAS REAL ESTATE INVESTMENT EXAM ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED AND CORRECT ANSWERS) |
ALREADY GRADED A+
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
, TEXAS REAL ESTATE INVESTMENT EXAM ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED AND CORRECT ANSWERS) |
ALREADY GRADED A+
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.
Inverse Condemnation(answer)when a property owner believes the use of his or her property has been
destroyed by a government action or regulation, even if the government hasn't officially taken the
property.
CORRECT DETAILED ANSWERS (VERIFIED AND CORRECT ANSWERS) |
ALREADY 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
,TEXAS REAL ESTATE INVESTMENT EXAM ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED AND CORRECT ANSWERS) |
ALREADY GRADED A+
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
, TEXAS REAL ESTATE INVESTMENT EXAM ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED AND CORRECT ANSWERS) |
ALREADY GRADED A+
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.
Inverse Condemnation(answer)when a property owner believes the use of his or her property has been
destroyed by a government action or regulation, even if the government hasn't officially taken the
property.
