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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

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2
Q

Improvements

A

man’s addition to land

buildings and landscaping

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3
Q

chattel / personality

A

personal property

right or interest in something of a temporary or movable nature

anything that’s not real prperty

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4
Q

bill of sale

A

is how ownership is transferred

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5
Q

fixture

A

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

indicated by the word “installed”

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6
Q

annexation

A

the process of attaching

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7
Q

severance

A

process of real property becoming personal

fixture is uninstalled

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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

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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

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10
Q

real property

A

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

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11
Q

What are the 3 physical characteristics of land?

A

Nonhomogeneity
Immobility
Indestructibility

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12
Q

Nonhomogeneity

A

No two pieces are exactly alike

Uniqueness. Each piece of land is unique

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13
Q

Immobility

A

Land can’t be moved

Person must go to land

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14
Q

Indestructibility

A

Durability

It will always be there

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15
Q

What are the 4 economic characteristics of land?

A

Scarcity
Modification
Fixity
Situs

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16
Q

Scarcity

A

In short supply where demand is great

Based in geographic considerations

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17
Q

Modification

A

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

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18
Q

Fixity

A

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

They are not liquid assets

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19
Q

Situs

A

Location preference

Location from an economic rather than geographic standpoint.

Can change over time as people change

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20
Q

Legal Description

A

Determined by surveyor

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

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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.

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22
Q

Play

A

Recorded map that includes lot, block and subdivision descriptions

Most common discrimination used in residential listing agreements

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23
Q

Rectangular Survey System or Government Survey System

A

Takes into consideration base lines meridians townships and sections

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24
Q

Vertical Land Descriptions

A

Used for air rights

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25
Q

Police Power

A

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

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26
Q

Non-conforming Use

A

results from a change in zoning

use was permissible under former rules, but new rules prohibit it

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27
Q

Variance

A

can request if property violates zoning

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28
Q

Buffer Zone

A

area of land separating one land use from another

Ex. Residential from Commercial

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29
Q

Eminent Domain

A

right of government to take private property for public use through the action of condemnation

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30
Q

Taxation

A

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

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31
Q

Escheat

A

property reverts to state when someone dies leaving no will, heirs, or kin

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32
Q

Injunction

A

issued to enforce deed restrictions

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33
Q

Reservation

A

withholds title to a parts of the land described in the deed

Ex: mineral rights, easement

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34
Q

Encroachment

A

structure or improvement overlaps into another’s property

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35
Q

Easement

A

limited use or enjoyment of another’s land’’

use without possession

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36
Q

Condemnation

A

government takes an easement for itself, utilities or the railroads

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37
Q

Dominant and Servant Estates

A

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

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38
Q

Easement in Gross

A

belongs to a person or corporation

Ex: utility easement.

no matter who owns the land, the easement still belongs to the utility company

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39
Q

license

A

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

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40
Q

Adverse Possession (Squatters Rights)

A

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

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41
Q

Lis pendens

A

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
Q

Estate in Severalty (Sole Ownership)

A

ownership by one person

corporations or partnerships often hold title this way

if one signature required, there is only one owner

43
Q

tenancy in common

A

ownership by two or more without rights of survivorship

44
Q

joint tenancy

A

ownership by two or more with rights of survivorship

45
Q

Partition

A

procedure to divide co-tenant;s interests in real property

46
Q

Tenancy by the entirety

A

specific type of joint tenancy

co-owners are husband and wife

avoids probate

47
Q

property held in trust

A

property held by one party for the benefit of another

48
Q

syndicate

A

two or more parties join together to create and operate a real estate investment

49
Q

tenancy in common

A

most common

billable

estate of inheritance

unequal interest allowed

title passes at probate

50
Q

joint tenancy

A

poor man’s will

right of survivorship

last man standing

unity of time, title, interest, possession

avoids probate - title passes at death

51
Q

Time Shares

A

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
Q

Cooperative / Co-Ops

A

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
Q

Condominiums

A

each unit is a separate legal ownership

has tenancy in common interest in all common areas

54
Q

Estate

A

interest in real property

55
Q

freehold estate

A

ownership

56
Q

Bundle of Rights

A

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
Q

Fee Simple / Fee Simple Absolute

A

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
Q

Fee simple defeasible

A

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
Q

Fee simple defeasible (determinable)

A

violation of condition causes ownership to automatically go back to grantor

60
Q

Fee simple defeasible (condition subsequent)

A

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
Q

Life Estate

A

ownership for the duration of someone’s life

62
Q

Remainderman

A

person who gets property after life estate is ended

63
Q

Life Tenant

A

the owner

has all rights and duties of an owner, except right to choose who gets property upon death

64
Q

Life Estate Pur Ature Vie

A

if life estate based on the life of someone other that the life tenant

65
Q

Life estate with reversion

A

life estate set up so that at end of life estate property goes back to the original owner

66
Q

Leasehold estate

A

what lease agreements create

gives possession without ownership

67
Q

Estate for years

A

lease with specific starting and ending date

survives death or sale of property

no notice required to terminate

68
Q

periodic tenancy

A

lease with fixed period

automatically renewed

month-to-month lease

30day notice to terminate

69
Q

estate at will

A

lease that can be terminated by either party at will without notice

70
Q

tenancy at sufferance

A

lease expires and tenant refused to move out

landlord not receiving rent

71
Q

holdover tenant

A

refuses to move out after lease expires

72
Q

holdover tenancy

A

created when landlord accepts rent from a holdover tenant

73
Q

Gross Lease

A

Landlord pays expenses and tending only pays rent

74
Q

Net Lease

A

Tenant pays rent plus some expenses

75
Q

Percentage Lease

A

All or some of rent based on tenants receipts of business

Ex: Shopping Center Lease

76
Q

Graduated Lease

A

Lease with scheduled rent increases based off of business growth

77
Q

Lease-purchase Agreement

A

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
Q

Ground Lease

A

Tenant makes long term commitment up to 99yrs

Usually for commercial or industrial land use

79
Q

Oil and Gas lease

A

Gives tenant right to extract oil and gas from a specific property

80
Q

Convenient of quiet enjoyment

A

Landlord prohibited from entering leased property unless need for maintenance, inspections, or emergency response

81
Q

Right if first refusal

A

Tenant has right to match or better any offer before property sold to someone else

82
Q

Lien

A

Charge against property as security for debt

Encumbrance

83
Q

Voluntary Lien

A

Created by borrowers actions

Ex: taking out mortgage or home loan

84
Q

Involuntary lien

A

Created by law

Can be statutory or equitable (common law)

85
Q

Specific lien

A

Attached to one or more specific problems properties

Ex: Mortgage

86
Q

General lien

A

Attaches to all property of debtor not exempt from forced sale

87
Q

Writ of execution

A

Enforces payment of a lien if party wins a judgement and is unable to collect

88
Q

Riparian Rights

A

The right to use water from a river or stream that borders your property

89
Q

Littoral Rights

A

Rights to use water from a lake or ocean

90
Q

Voluntary Alienation

A

Occurs when owner transfers title to another

91
Q

Involuntary Alienation

A

Happens in a court as in foreclosure, bankruptcy, condemnation, escheat, adverse possession, reversion of defeaseable, partition, or inheritance without a will.

92
Q

Requirements of a valid deed

A

Grantor & Grantee

Consideration

Words of conveyance

Execution

Delivery

Legal Description of the property

93
Q

Types of Deeds include

A

General Warranty Deed

Special Warranty Deed

Bargain and Sale Deed

Quitclaim Deed

94
Q

General Warranty Deed

A

Guarantees and protects against defects

95
Q

Special Warranty Deed

A

Guarantees title only against defects arising under grantors period of ownership.

Defects existing before are not covered

96
Q

Bargain and Sale Deed

A

Deed with only one covenant

Doesn’t provide any warranties about conditions of title

97
Q

Quitclaim Deed

A

Deed gives no warranties or guarantees and offers least protection

98
Q

Covenant of Seizin

A

Grantor claims to be owner with the right to sell the property

99
Q

Covenant of Quiet Enjoyment

A

Grantor promises new owner will not be disturbed with claims on the property

100
Q

Covenant of Further Assurance

A

Grantor responsible for any documentation needed to ensure title is transferred to grantee

Texas Real Estate Exam (19 decks)

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