Principles of Real Estate 1

Question 1

Physical Characteristics of Land

Answer 1

Indestructibility or durability
Immobility
Nonhomogeneity

Question 2

Define indestructibility/durability

Answer 2

refers to the fact that outside forces cannot destroy land.

Question 3

Define immobility

Answer 3

refers to the fact that land cannot be moved.

Question 4

Define non-homogeneity

Answer 4

refers to the fact that no two parcels of are the same.

Question 5

Federal Government Tax Policy for real estate for married and single filing

Answer 5

Married not tax sale of 500,00
Single 250,00

Question 6

Texas Real Estate Commission and Licensing Requirement

Answer 6

TREC was created in 1949, it is a nine-member commission whose primary purpose is to carry out the provisions of the Licensing Act.

Question 7

What is the purpose of TRELA

Answer 7

The purpose of TRELA is to protect the public against unscrupulous and sales agents.

Question 8

Surface Rights

Answer 8

The owner of surface rights can develop (improve) the surface and use the resources extracted from or near the surface, including stone, gravel, water, and limestone.

Question 9

Fixture

Answer 9

personal property that has become attached to the land in such a way as to become real property is called a fixture.

Question 10

Annexation

Answer 10

The process of attaching personal property so that it become real property is called annexation.

Question 11

Emblements

Answer 11

Annual crops produce with labor fall into a special category known as emblements.

Question 12

Taxation

Answer 12

property taxes create the highest priority lien against real property. Unpaid taxes are an automatic lien, and at foreclosure will always be paid first.

Question 13

Fee simple absolute or fee simple

Answer 13

these is considered least number of limitations on the owner

Question 14

Indefeasible

Answer 14

meaning it cannot be defeated unless someone has a more significant legal claim.

Question 15

Fee simple defeasible

Answer 15

ownership that could be voided if a condition is not met or if a requirement is violated.

Question 16

Types of leaseholds estates

Answer 16

-Estate for years
-Periodic Estate
-Estate at will
-Tenancy at sufferance

Question 17

Estate for years

Answer 17

is any lease with a specific starting and ending date

Question 18

Periodic Estate

Answer 18

A lease that automatically renews itself for like periods. Ie.. monthly/weekly leases

Question 19

Statutory Estates

Answer 19

the two most familiar to us in Texas are community property and homestead

Question 20

Texas Homestead

Answer 20

protects is automatic when a home is purchased, and no document or claim needs to be registered by the owner to get this protection.

Question 21

Prescription

Answer 21

Continuous use of the land over some time without the owner’s permission may establish the right to use the land.

Question 22

Easements can be terminated by

Answer 22

Merger
Release
Abandonment
Death

Question 23

Greenfields

Answer 23

are parcels of land that have never been developed

Question 24

Greyfields

Answer 24

are parcels of land capable of redevelopment. Ie.. once viable bldgs: shopping malls, box stores tenants vacated and left empty shells.

Question 25

Brownfields

Answer 25

are site known or suspected to be hazardous that usually occupied by industrial manufactures or chemical plants.

Question 26

Wetlands

Answer 26

also known as mires, swamps, or marches, serve as a link between land and water, where the water covers the soil or present at or near the surface of the soil all year or varying periods during the year.

Question 27

Encroachments

Answer 27

the intrusion of one’s property onto another’s property creates an encroachment.

Question 28

Litoral Rights

Answer 28

owner has the right to use water from a lake, oceans, or sea on or next to the property.

Question 29

Tenancy in common

Answer 29

An estate of inheritance, and titlte passes at probate. Their interest pass to their heirs or beneficiaries named in a will upon death.