Texas Real Estate Exam National Portion.pdf file:///C:/Users/HP/Desktop/New%20fl/Texas%20Real%20Estate%2
Texas Real Estate Exam National Portion
1. Classes of Property: Land, Real Estate and Real Property
2. Land: Everything from earth upwards: Includes subsurface surface and the airabove the
earth. IT DOES NOT INCLUDE ANYTHING MAN MADE.
3. Real Estate: Land Plus the improvements made by man including buildings,highways
and utilities
4. Real Property: Land plus the improvements made by man plus the legal rightsto the land
5. Rights of Ownership: 1. Possession
2. Control(Not Absolute): Subject to the rights of taxation, police power, eminentdomain etc.
3. Enjoyment (Quiet)
4. Disposition (Sell it, lease it, vacate it, mortgage it cultivate it gift it etc.)
5. Exclusion (Make it private)
6. How can land rights be severed: Subsurface rightsSurface
rights
Air rights
7. Physical Characteristics of Land: 1.Immobile- (Geographic location is fixed.Can never be
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,Texas Real Estate Exam National Portion.pdf file:///C:/Users/HP/Desktop/New%20fl/Texas%20Real%20Estate%2
changed.
2. Indestructible
3. Unique or non homogeneous-all parcels differ geographically and each has it'sown
location.(no two parcels are identical)
8. Economic Characteristics of Land: 1. Scarcity
2. Modification
3. Fixity (Permanence of Investment)
4. Situs
9. Scarcity: limited supply in a given location
10. Modification: Improvement affects the value and use
11. Fixity (Permanence of Investment): improvements represent a large fixedinvestment
12. Situs (This is the most important economic characteristic of land.): Area ofpreference
13. Chattel: Personal Property. It's basically movable. (ex. furniture)
14. Bill of Sale: Used to transfer personal property
15. Fixture: Personal Property which has been converted to real property by method of
attachment, character and adaptation, or contractual intent of the parties.
16. Encumbrances: Any claim, charge or liability attached to and binding on thereal
property.
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