Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Texas Real Estate Exam > Real Estate Exam Test Prep 1 > Flashcards

Real Estate Exam Test Prep 1 Flashcards

1
Q

appurtenance

A

used to describe rights, privileges or improvements that belong to and pass with the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Improvements

A

man’s addition to land

buildings and landscaping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

chattel / personality

A

personal property

right or interest in something of a temporary or movable nature

anything that’s not real prperty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

bill of sale

A

is how ownership is transferred

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

fixture

A

personal property attached in such a way to make it real property

indicated by the word “installed”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

annexation

A

the process of attaching

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

severance

A

process of real property becoming personal

fixture is uninstalled

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

trade fixtures

A

fixture installed by tenant to carry out a business

may be removed from leased property prior to termination of lease. If not removed become property of landlord

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

emblements

A

crops cultivated annually

considered personal property to farmer who cultivated them

not part of sale of farm/ranch

ownership can be transferred with bill of sale

farmer can make arrangements to harvest one time after sale closes and crops are ready for harvest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

real property

A

land, improvements attached to land, benefits, rights, and ownership interests that go with the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the 3 physical characteristics of land?

A

Nonhomogeneity
Immobility
Indestructibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Nonhomogeneity

A

No two pieces are exactly alike

Uniqueness. Each piece of land is unique

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Immobility

A

Land can’t be moved

Person must go to land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Indestructibility

A

Durability

It will always be there

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the 4 economic characteristics of land?

A

Scarcity
Modification
Fixity
Situs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Scarcity

A

In short supply where demand is great

Based in geographic considerations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Modification

A

Land use and value greatly influenced by improvements made by man to land and to surrounding parcels of land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Fixity

A

Land and buildings and other improvements to land are considered fixed or permanent investments

They are not liquid assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Situs

A

Location preference

Location from an economic rather than geographic standpoint.

Can change over time as people change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Legal Description

A

Determined by surveyor

Document allows you to go to the ground and identify the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Metes and Bounds

A

Use terminal points and angles

Always have point of beginning

Uses compass directions, degrees, and minutes

Monuments are often starting points.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Play

A

Recorded map that includes lot, block and subdivision descriptions

Most common discrimination used in residential listing agreements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Rectangular Survey System or Government Survey System

A

Takes into consideration base lines meridians townships and sections

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Vertical Land Descriptions

A

Used for air rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
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
26
Non-conforming Use
results from a change in zoning use was permissible under former rules, but new rules prohibit it
27
Variance
can request if property violates zoning
28
Buffer Zone
area of land separating one land use from another Ex. Residential from Commercial
29
Eminent Domain
right of government to take private property for public use through the action of condemnation
30
Taxation
property taxes are the highest priority lien on real property. property taxes are ad valorem - according to value unpaid taxes create automatic lien property taxes paid first at foreclosure
31
Escheat
property reverts to state when someone dies leaving no will, heirs, or kin
32
Injunction
issued to enforce deed restrictions
33
Reservation
withholds title to a parts of the land described in the deed Ex: mineral rights, easement
34
Encroachment
structure or improvement overlaps into another's property
35
Easement
limited use or enjoyment of another's land'' use without possession
36
Condemnation
government takes an easement for itself, utilities or the railroads
37
Dominant and Servant Estates
two parcels of land with a road across one parcel, the owner who crosses over the other's land is dominant dominant estate landlocked without the easement the property with the road = servient to dominant estate dominant estate benefits from easement, servient estate is encumbered. Ex: most common reason is entry and exit from the property the landowner owns the easement
38
Easement in Gross
belongs to a person or corporation Ex: utility easement. no matter who owns the land, the easement still belongs to the utility company
39
license
permission to do a particular act upon the land or property of another Ex: theater ticket, sports event for use of a seat for the performance
40
Adverse Possession (Squatters Rights)
property acquired from the rightful owner through Statute of Limitations. occupancy must be hostile, visible or open, actual or notorious, continuous and distant for the statutory period
41
Lis pendens
recorded notice (lawsuit) filed against a specific property but not yet resolved in court. may become responsibility of new owner if not settled prior to closing
42
Estate in Severalty (Sole Ownership)
ownership by one person corporations or partnerships often hold title this way if one signature required, there is only one owner
43
tenancy in common
ownership by two or more without rights of survivorship
44
joint tenancy
ownership by two or more with rights of survivorship
45
Partition
procedure to divide co-tenant;s interests in real property
46
Tenancy by the entirety
specific type of joint tenancy co-owners are husband and wife avoids probate
47
property held in trust
property held by one party for the benefit of another
48
syndicate
two or more parties join together to create and operate a real estate investment
49
tenancy in common
most common billable estate of inheritance unequal interest allowed title passes at probate
50
joint tenancy
poor man's will right of survivorship last man standing unity of time, title, interest, possession avoids probate - title passes at death
51
Time Shares
give individual part ownership of a property coupled with right to exclusive use for a specified number of days per year without responsibility of full ownership interval ownership
52
Cooperative / Co-Ops
an investment for residents land and buildings are owned by a corporation residents buy shares in corporation in exchange for a proprietary lease on their unit.
53
Condominiums
each unit is a separate legal ownership has tenancy in common interest in all common areas
54
Estate
interest in real property
55
freehold estate
ownership
56
Bundle of Rights
all legal rights that attach to the ownership of real property the right to sell, lease, encumber, use, enjoy, exclude, will to heirs, etc.
57
Fee Simple / Fee Simple Absolute
ownership with the greatest bundle of rights best type of ownership owner has all available rights to property and can always pass to heirs
58
Fee simple defeasible
ownership with conditions or terms which if violated could cause ownership interest to be defeated or terminated. When ownership is defeated it goes back to original grantor or their heirs
59
Fee simple defeasible (determinable)
violation of condition causes ownership to automatically go back to grantor
60
Fee simple defeasible (condition subsequent)
violation of condition doesn't cause ownership to automatically go back to grantor grantor must take steps to reclaim property in reasonable time period
61
Life Estate
ownership for the duration of someone's life
62
Remainderman
person who gets property after life estate is ended
63
Life Tenant
the owner has all rights and duties of an owner, except right to choose who gets property upon death
64
Life Estate Pur Ature Vie
if life estate based on the life of someone other that the life tenant
65
Life estate with reversion
life estate set up so that at end of life estate property goes back to the original owner
66
Leasehold estate
what lease agreements create gives possession without ownership
67
Estate for years
lease with specific starting and ending date survives death or sale of property no notice required to terminate
68
periodic tenancy
lease with fixed period automatically renewed month-to-month lease 30day notice to terminate
69
estate at will
lease that can be terminated by either party at will without notice
70
tenancy at sufferance
lease expires and tenant refused to move out landlord not receiving rent
71
holdover tenant
refuses to move out after lease expires
72
holdover tenancy
created when landlord accepts rent from a holdover tenant
73
Gross Lease
Landlord pays expenses and tending only pays rent
74
Net Lease
Tenant pays rent plus some expenses
75
Percentage Lease
All or some of rent based on tenants receipts of business Ex: Shopping Center Lease
76
Graduated Lease
Lease with scheduled rent increases based off of business growth
77
Lease-purchase Agreement
Lease with option to buy Gives tenant the right to purchase at a future date Price set when agreement negotiated Tenant-buyer has advantage
78
Ground Lease
Tenant makes long term commitment up to 99yrs Usually for commercial or industrial land use
79
Oil and Gas lease
Gives tenant right to extract oil and gas from a specific property
80
Convenient of quiet enjoyment
Landlord prohibited from entering leased property unless need for maintenance, inspections, or emergency response
81
Right if first refusal
Tenant has right to match or better any offer before property sold to someone else
82
Lien
Charge against property as security for debt Encumbrance
83
Voluntary Lien
Created by borrowers actions Ex: taking out mortgage or home loan
84
Involuntary lien
Created by law Can be statutory or equitable (common law)
85
Specific lien
Attached to one or more specific problems properties Ex: Mortgage
86
General lien
Attaches to all property of debtor not exempt from forced sale
87
Writ of execution
Enforces payment of a lien if party wins a judgement and is unable to collect
88
Riparian Rights
The right to use water from a river or stream that borders your property
89
Littoral Rights
Rights to use water from a lake or ocean
90
Voluntary Alienation
Occurs when owner transfers title to another
91
Involuntary Alienation
Happens in a court as in foreclosure, bankruptcy, condemnation, escheat, adverse possession, reversion of defeaseable, partition, or inheritance without a will.
92
Requirements of a valid deed
Grantor & Grantee Consideration Words of conveyance Execution Delivery Legal Description of the property
93
Types of Deeds include
General Warranty Deed Special Warranty Deed Bargain and Sale Deed Quitclaim Deed
94
General Warranty Deed
Guarantees and protects against defects
95
Special Warranty Deed
Guarantees title only against defects arising under grantors period of ownership. Defects existing before are not covered
96
Bargain and Sale Deed
Deed with only one covenant Doesn't provide any warranties about conditions of title
97
Quitclaim Deed
Deed gives no warranties or guarantees and offers least protection
98
Covenant of Seizin
Grantor claims to be owner with the right to sell the property
99
Covenant of Quiet Enjoyment
Grantor promises new owner will not be disturbed with claims on the property
100
Covenant of Further Assurance
Grantor responsible for any documentation needed to ensure title is transferred to grantee

Texas Real Estate Exam (19 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions