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Texas Real Estate State Exam State Exam Prep Material With Complete Solution
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Texas Real Estate State Exam State Exam Prep Material With Complete Solution
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Texas Real Estate State Exam State Exam Prep Material With Complete Solution Real Property - land, Improvements attached to the land, and the rights to use them Personal Property - right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE Fixture - Personal Property attached in such a way to make it real property. Annexation - Process of attaching personal property to real property making it a fixture Severed or Severance - Real property being removed becoming personal property Trade Fix tures - required to carry out a business example would be commercial cooking equipment in a restaurant Accesion - Acquiring trade fixtures by non removal prior to termination of lease Land 3 physical characteristics - nonhomogeneity, immobility, indestru ctibility Nonhomogeneity - no to pieces are exactly alike immobility - land cannot be moved - a person must go to the land indestructibility - durability - it will always be there Land 4 economic characteristics - scarcity, modification, fixity, situs scarcity - short supply where demand is great example lot in Manhattan v. a lot in upstate NY modification - land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land fixity - land and buildings and other improvements to land are consideration fixed or permanent investments - they are not liquid assets Situs - location preference location,location,location Metes and Bounds - legal description of land that always has a point of beginning that is also the end. The oldest used in 13 original colonies Lot,Block, and Subdivision - recorded map or plat, it is the most common description in residential listing agr eements Monuments - permanent surveyors markers often starting point for metes and bounds example Iron pipe, oak tree Rectangular/ Government Survey - takes into consideration base lines, meridians, townships and sections.Townships and Sections are locat ed in Ranges. Example S7T3R2 means Section 7 Townships 3 Range 2 Township - 36 Sections Section - 640 Acres 1 square mile Acre - 43,560 square feet Plat - map of a town, section, or subdivision Plot - map or layout of improvements on a property site. The property site is also called a lot or parcel Encumbrance - limitation on your rights. It may also called cloud on a title. Voluntary lein - created by the borrowers actions such as taking out a mortgage Involuntary lein - created by law ie. ad valor em tax lein Specific lein - attaches to one or more specific properties ex mortgage General lein - attaches to all property of the debtor example tax lien Lein - created by recording a judgement writ of execution - party wins and is unable to collect,he can secure a writ of execution from the courts to enforce payment. reservation - withholds title of part of the land Ex. easement or mineral rights encroachment - structure or improvements overla ps onto another's property easement - limited use or enjoyment of another's land written or verbal or implied easements can be terminated - merger of adjacent property, release, or abandonment Easement appurtenant - Dominant estate uses driveway of serv ient estate to access their propertyThe benefits of buying summaries with Stuvia:
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