National Portion Texas Real Estate Exam
With Complete Solutions 2025
What are the two classes of Property? - correct answer1. Land- everything from the
center of the earth upward.
2. Real Estate- land plus improvements made (buildings, Highways, and utilities)
3. Real Property- land plus the improvements made PLUS the legal rights to the land
What are the five rights of ownership? - correct answer1. Possession
2. Control (subject to the rights of taxation, police power, etc.)
3. Enjoyment (quiet)
4. Disposition (sell it, lease it, vacate it, mortgage it, etc.)
5. Exclusion (make it private)
What are the two land characteristics? - correct answer1. Physical- features that all land
possess (land is immobile, indestructible, and unique or non-homogeneous)
2.Economic- features that contribute tot he value of the land (scarcity, modification,
fixity, area preference or situs)
What is chattel? - correct answerPersonal property that can be moved (furniture)
What is a Bill of Sale? - correct answerUsed to transfer personal property
What is a fixture? - correct answerPersonal property which has converted to real
property by method of attachment, character and adaption, or contractual intent of the
parties.
What is a trade fixture? - correct answerPersonal property that is installed by a tenant,
and should be removed before the lease expires. (If property is not removed before
expiration of the lease, the property becomes real property to the building owner)
What is an Encumbrance? - correct answerAny claim, lien, charge, or liability attached
to and binding on real property.
What is Tenancy in Severalty? - correct answerOwnership of a property is held by one
person, the rights of all others have been severed away.
