Texas Real Estate Exam (National) Questions With Revised Answers
5 views 0 purchase
Course
Texas Real estate
Institution
Texas Real Estate
Texas Real Estate Exam (National) Questions
With Revised Answers
Real property - answerthe tangible real estate and intangible rights associated with the
ownership of real estate
-transfers by deed or will
personal property - answera right or interest in things of a temporary or movable nature...
Texas Real Estate Exam (National) Questions
With Revised Answers
Real property - answer✔✔the tangible real estate and intangible rights associated with the
ownership of real estate
-transfers by deed or will
personal property - answer✔✔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 - answer✔✔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 - answer✔✔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 - answer✔✔metes and bounds, the rectangular survey system, lot-
block-tract system, monuments
physical characteristics of land (DUI) - answer✔✔-durability
-uniqueness
-immobility
economic characteristics of land (SAFE) - answer✔✔-situs
-alteration
encumbrance - answer✔✔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 - answer✔✔a charge against property as security for a debt
voluntary lien - answer✔✔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 - answer✔✔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 - answer✔✔a physical intrusion on someone else's property without direct
permission
deed restrictions (CC&R's) - answer✔✔sets limits on how the property may be used by the
owner (covenants, conditions, & restrictions)
-created by the grantor
easement - answer✔✔a right to use part or all of another individual's land or property for a
specific purpose and length of time
estate - answer✔✔an interest in real property
freehold estate - answer✔✔the property owner has actual ownership and possession of the land,
which lasts for an unspecified period of time
statutory estate - answer✔✔created by law
-community property & homestead in Texas
forms of ownership - answer✔✔-individual ownership
types of co-ownership - answer✔✔-tenancy in common
-joint tenancy
-community property
-partnerships
held in trust - answer✔✔a property is held by one party for the benefit of another
police power - answer✔✔power given to a municipality to regulate and control the character and
use of property for the health, safety and general welfare ofthe public
-most common example: zoning
eminent domain - answer✔✔the power of the government to take private property from an
owner at all times
-condemnation: the process of taking private property
property taxes - answer✔✔"ad valorem" taxes (according to value)
-unpaid taxes create automatic lien (highest priority) on the property
special assessment - answer✔✔taxes levied on property to pay for public improvements
escheat - answer✔✔if an individual dies without a will or surviving spouse, their property will
pass to the state
water rights - answer✔✔-riparian rights: flowing water
-littoral rights: lakes or oceans
-transferred by deed or conveyance
market value - answer✔✔the price a willing seller will sell for, and the price a willing buyer will
pay, when neither is acting under exceptional pressure
characteristics of value (DUST) - answer✔✔-demand
-utility
-scarcity
-transferability
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Brightstars. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
