Texas Real Estate State Exam_ Complete A+ Guide.

Texas Real Estate State Exam_2022/2023 Complete A+ Guide. Real Property - land, Improvements attached to the land, and the rights to use them Personal Property - right or interest in things of a temporary or movabl ...

Texas Real Estate State Exam_2022/2023 Complete A+ Guide. Real Property - land, Improvements attached to the land, and the rights to use them Personal Property - right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE Fixture - Personal Property attached in such a way to make it real property. Annexation - Process of attaching personal property to real property making it a fixture Severed or Severance - Real property being removed becoming personal property Trade Fixtures - required to carry out a business example would be commercial cooking equipment in a restaurant Accesion - Acquiring trade fixtures by non removal prior to termination of lease Land 3 physical characteristics - nonhomogeneity, immobility, indestructibility Nonhomogeneity - no to pieces are exactly alike immobility - land cannot be moved - a person must go to the land indestructibility - durability - it will always be there Land 4 economic characteristics - scarcity, modification, fixity, situs scarcity - short supply where demand is great example lot in Manhattan v. a lot in upstate NY modification - land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land fixity - land and buildings and other improvements to land are consideration fixed or permanent investments- they are not liquid assets Situs - location preference location,location,location Metes and Bounds - legal description of land that always has a point of beginning that is also the end. The oldest used in 13 original colonies Lot,Block, and Subdivision - recorded map or plat, it is the most common description in residential listing agreements Monuments - permanent surveyors markers often starting point for metes and bounds example Iron pipe, oak tree Rectangular/ Government Survey - takes into consideration base lines, meridians, townships and sections.Townships and Sections are located in Ranges. Example S7T3R2 means Section 7 Townships 3 Range 2 Township - 36 Sections Section - 640 Acres 1 square mile Acre - 43,560 square feet Plat - map of a town, section, or subdivision Plot - map or layout of improvements on a property site. The property site is also called a lot or parcel Encumbrance - limitation on your rights. It may also called cloud on a title. Voluntary lein - created by the borrowers actions such as taking out a mortgage Involuntary lein - created by law ie. ad valorem tax lein Specific lein - attaches to one or more specific properties ex mortgage General lein - attaches to all property of the debtor example tax lien Lein - created by recording a judgement writ of execution - party wins and is unable to collect,he can secure a writ of execution from the courts to enforce payment. reservation - withholds title of part of the land Ex. easement or mineral rights encroachment - structure or improvements overlaps onto another's property easement - limited use or enjoyment of another's land written or verbal or implied easements can be terminated - merger of adjacent property, release, or abandonment Easement appurtenant - Dominant estate uses driveway of servient estate to access their property Easement in Gross - belongs to a person or corporation example would be utility easement License - permission to do a particular act , go fishing or ticket to Football game Adverse Possession (Squatters rights) - occurs when property is acquired from the rightful owner through the State of Limitations Estate - interest in real property Freehold estate - ownership, Bundle of Rights, for indeterminate length,Ownership with the greatest bundle of rights Fee Simple or Fee Simple Absolute Non-Freehold estate or lease-hold - has a termination date Defeasible Fee, Conditional Fee, Qualified Fee, Qualified Defeasible Fee - ownership with conditions or terms which if violated could cause the ownership interest to be defeated or terminated. Life Estate - ownership for the duration of someone's life. Owner called Life tenant. Remainderman person getting the estate after owner dies Reversion - life estate is setup so that at the end of the life estate the property goes back to the original owner Estate in severalty or Sole ownership - Ownership by one person Tenancy in common - Ownership by two or more without rights of survivorship goes to your heirs not the other owners Joint Tenancy - Ownership by two or more with rights of survivorship goes to other owners overrides a will Trust - if a property is held by one party for the benefit of another Syndicate - when two or more parties join together to create and operate a real estate investment 4 leasehold estates - Estate for years, periodic Tenancy, Estate at will, tenancy at sufferance Estate for years - lease with specific starting and ending date EX.12 Month lease on a Apt. Periodic Tenancy - fixed period of time that automatically renewed EX. Month to Month Estate at will - Lease can be terminated by either party at will without notice Tenancy at Sufferance - Lease expires and tenant refuses to move out Holdover Tenancy - holdover tenant pays rent and it is accepted Statutory Estate - created by law,vary from state to state, in TX community property and homestead are statutory estate Government rights in land (PETE) - Police Power, Eminent Domain,Taxation, Escheat Police Power - Power given to a municipality to regulate and control the character and use of property for the health,safety,and general welfare of the public Zoning - Common example of Police Power, non conforming use still grandfathered in, Example Old Apartment building in a now all residential neighborhood Variance - if you violate zoning you can request this in order to fix or prevent a violation Buffer zone - area of land separating one land use for another Eminent Domain - The right of the government to take private property for public use through the action of condemnation Inverse Condemnation - When an individual forces the govt to buy his property Taxation - Property taxes are the highest priority lein on real property Assessed Value - value of property for tax purposes Special assessment tax - Ex. Govt provides new side walk in neighborhood can charge the owner's of neighborhood this tax Escheat - Property reverts to the state dies with no will,no heirs, no kindred. Also property is abandoned Riparian rights - rights for rivers,streams, small bodies of water Littoral rights - Lakes, Oceans, large bodies of water Prior Appropriation Theory - first landowner to claim riparian rights exclusive rights Market Value - price a willing seller will sell for, and price willing buyer will pay 4 Characteristics of Value (DUST) - Demand, Utility,Scarcity,Transferability ****CONTINUES