Texas Real Estate Exam Prep Class - Champion Chap.1
Latest 2023 -2024 /128 Verified Questions With
Complete Solutions Rated (A+)
Quiz :Real Property - √Answer :land, improvements attached to the land,
benefits, rights, and ownership interest that go with the land.
Quiz :appurtenance - √Answer :A right, privilege, or improvement belonging
to and pass with the land. The landowner owns it.
Quiz :improvements - √Answer :man's addition to the land such as buildings
and landscaping
Quiz :Subsurface, surface ad air rights - √Answer :mineral, air and water
rights are all considered part of real property
Quiz :air rights - √Answer :The right to use the open space above your land.
Air rights can be sold or lease.
Air rights can be transferred by easement.
Air rights can be taxed separately from the land.
, Quiz :Littoral rights - √Answer :the right to use water from a LAKE OR OCEAN
Quiz :Navigable water - √Answer :TEXAS (the state own it)
Navigable waterfront property landowners own to the vegetation line.
Quiz :Prior Appropriation - √Answer :Water use depends on priority of use;
"first in time first in right"; The first landowner to claim the rights has the
exclusive rights to take all the water of specific beneficial use.
Quiz :Three physical characteristic of the land - √Answer :Immobility, Non
homogeneity, indestructibly
Quiz :Non Homogeneity - √Answer :-no 2 pieces are exactly alike. Each piece
of land is unique
Quiz :Immobility - √Answer :land cannot be moved - a person must go to the
land
Quiz :Indestructibility - √Answer :Durability - it will always be there.
Quiz :Four economic characteristic of the land - √Answer :scarcity,
modification, fixity, situs
Quiz :scarcity - √Answer :short supply when demand is great
Quiz :Modification - √Answer :land use and value are greatly influenced by
improvements made by man o land and to surrounding parcels
of land
Quiz :Fixity - √Answer :land and buildings and other improvements to land
are consideration fixed or permanent investments- they are not liquid assets.
You can't to flip an investment easily cause the money is invested in the land.
and land lack liquidity.
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