Texas Real Estate Exam Questions and Answers Study Guide

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Texas Real Estate Exam 1. Real property: all the legal rights, powers, and privileges of real estate ownership. The rights of ownership are often referred to as the bundle of rights. 2. Bundle of Rights: 1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer 3. Personal Property: movable rather than being permanently attached to real estate 4. Chattel: personal property 5. Fixture: An item of personal property that has been converted to real property by being permanently aixed to the realty. Ex: cabinets, carpet, built-in shelves 6. Emblements: crops or any type of seasonal/annual plantings that are cultivated for proit. These are classiied as personal property. 7. Trade ixtures: personal property that a business operator installs as part of the business operations. 8. MARIA: Method of Attachment, Adaptability, Relationship, Intention, Agreement 9. severance: turning the item into personal property 10. Economic Characteristics of Land: scarcity, improvements, permanence of investment, area preference 11. Scarcity: There's a limited supply of real property, particularly when considering a speciic area. 12. Improvements: Adding improvements to real property afects its value. 1 / 13 13. Permanence of investment: Investment in improving a property tends to be very long term. 14. Area preference (location): The location of a parcel can dramatically afect its value. 15. Physical Characteristics of Land: Immobility, Indestructibility, Uniqueness 16. Immobility: In general, land doesn't move. 17. Indestructibility: This refers to the fact that land can't be destroyed. 18. Uniqueness: Each property is unique. 19. Metes and bounds: A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land. 20. Lot and block: A method of land description frequently used after land has been subdivided into building lots; also referred to as the recorded plat method. (Must have a plat map to ind the property) 2 / 13

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