Texas Real Estate Exam (National) Study Guide with Complete Solution
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Course
Texas Real estate
Institution
Texas Real Estate
Texas Real Estate Exam (National) Study
Guide with Complete Solutions
real property - Answer️️ -the tangible real estate and intangible rights associated with
the ownership of real estate
-transfers by deed or will
personal property - Answer️️ -a right or interest in things of a tempor...
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
Comparative Market Analysis (CMA) - Answer✔️✔️-an informal system for establishing
the value of real property which works by comparing the prices of recently sold,
pending, and currently-for-sale homes that are similar in size and features to the subject
property
appraisal - Answer✔️✔️-an estimate of present value
-an opinion
-appraisers most often asked to determine market value
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