Texas Real Estate Exam
Terms
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- Center of earth to airspace above (infinity). All 3 rights belong to ownership unless reservation in deed is excluded
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Surface / Air / Subsurface
(Subsurface is most important in Texas) - Land and anything permanently affixed to it.
- Real property
- Land and anything permanently affixed plus the interests, benefits, and rights inherent in the ownership.
- Real Estate
- Bundle of Rights include:
- Possession, Control, Enjoyment, Exclusion, Disposition
- Movable objects that do not fit into the definition of real property; conveyed by bill of sale
- Personal Property (chattels)
- An item of personal property that has been converted to real property by permanent attachment to the land or building is:
- Fixture
- An item installed by a commercial tenant thru the term of the lease and removable by the tenat before the expiration of the lease is:
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Trade Fixture
(If not removed, the trade fixture b/c real property of the building owner by accession) - Those rights, privileges and improvments that belong to and pass w/ the transfer of real property but may not be a part of the property is
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Appurtances
(rights-of-way, water rights, easements and certain property improvments) - Annual plantings or crops such as: corn, wheat, vegetables are considered to be personal property and also known as:
- Emblements / Crops / Fructus Industriales
- When one severs something from the land: trees, oil, minerals and emblements - it b/c personal property by
- Severance
- Geographic location of a parcel of land is fixed - can never be changed it is:
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Immobile
Physical characteristic - Long-term nature of improvements plus permanence of land tends to create stability in land development
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Indestructible
Physical characteristic - All parcels differ geographically and each parcel has its own location it is said to be
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Unique
Physical characteristic - No two parcels of land are identical its called
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Nonhomogeneous = not similar
Physical characteristic - There is substantial amount of unused land, supply in a given location or of a specific quality can be limited is called
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Scarcity (supply & demand)
Economic characteristic - Placement of an improvement on a parcel of land affects value and use of neighboring parcels of land
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Improvements
Economic characteristic - Improvements represent a large fixed investment - drainage and sewer - cannot be dismantled or removed economically
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Permanence of Investment
Economic characteristic - Refers to people's choices and desires for a given area
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Area Preference / Location / Situs
Economic characteristic - Point of Beginning - A boundary must return to the point of beginning so that the land described is fully enclosed. actual distances between monuments (fixed objects)
- Metes and Bounds / Distance & Direction
- Based on measurements from base lines and principal meridians. Base lines run east and west; principal meridians run north and south.
- Rectangular (Government) Survey
- six miles square (36 square miles) contains 36 sections is a
- Township
- a section is a square mile and a square mile contains how many acres
- 640 acres
- One acre is how many sqaure feet
- 43,560 square feet