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National Portion Texas Real Estate Exam With Complete Solutions 2025, Exams of Agricultural economics

National Portion Texas Real Estate Exam With Complete Solutions 2025 National Portion Texas Real Estate Exam With Complete Solutions 2025 National Portion Texas Real Estate Exam With Complete Solutions 2025 National Portion Texas Real Estate Exam With Complete Solutions 2025

Typology: Exams

2024/2025

Available from 07/08/2025

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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.
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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.

  1. Real Estate- land plus improvements made (buildings, Highways, and utilities)
  2. Real Property- land plus the improvements made PLUS the legal rights to the land What are the five rights of ownership? - correct answer1. Possession
  3. Control (subject to the rights of taxation, police power, etc.)
  4. Enjoyment (quiet)
  5. Disposition (sell it, lease it, vacate it, mortgage it, etc.)
  6. 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.

What is Tenancy in Common? - correct answerOwnership by two or more WITHOUT rights of survivorship. Each tenant in common may have a different percentage of ownership (unequal shares) in the property. What is Joint in Tenancy? - correct answerOwnership by two or more persons, each have an equal share WITH the right of survivorship. What is Tenancy by the Entirety? - correct answerOwnership by a husband and wife with the rights of survivorship. What does In Trust mean? - correct answerOwnership by a third person for the benefit of another. What is community property? - correct answerAll property acquired after marriage is community property. What is homestead? - correct answerA life estate in a family home. Metes and Bounds - correct answerOldest form of land description in the United States. Describes the perimeter of the property, it must start and stop at the same point. Survey - correct answerThe physical limits to where the property rights extend. Datum - correct answerA marker used in the survey of elevations What are the 4 Government rights to land? - correct answer1. Taxation- a property owner must pay taxes on all real estate.

  1. Police power- zoning ordinances, building codes, environmental laws.
  2. Eminent Domain- take private property for public use.
  3. Escheat- when someone dies without a will or heirs, the property returns to state ownership. What are the 6 Public controls? - correct answer1. Police Powers- state adopts regulations to protect the public health, safety, and promote general welfare.
  4. Zoning- conform the areas of the city. Divides the city into business and residential areas.
  5. Variance- introduction of a new use that varies from the current zoning.
  6. Non-Conformance Use- a property that is grandfathered into the new zoning as non- conforming.
  7. Buffer Zones- A transitional area between two areas of different zones.
  8. Building Codes- ordinances that require construction standards be met when buildings are being built. Lead Based Paint - correct answerDisclosure of lead based paint is required on all properties built before 1978. Both sellers and landlords must disclose.

General Warranty Deed - correct answerGuarantees and protects against defects in title. Special Warranty Deed - correct answerWarrants title against every person lawfully claiming by, through, or under the current grantor. Quitclaim Deed - correct answerTransfers whatever, if any, interest the person giving the deed has in the property. Sheriff's Deed - correct answerGiven by a court to effect the sale of property to satisfy a judgement. Bargain and Sale Deed (Deed without Warranty) - correct answerUses the words "grant, bargain and sell" in the granting clause. What are the 5 Voluntary Alienation methods of transfer? - correct answer1. Exchange- the consideration is other property instead of money.

  1. Gift- consideration is love and affection.
  2. Sale- usually by deed.
  3. Devise- last will and testament.
  4. Assignment- a principal may appoint someone to sign on their behalf with a power of attorney document. What are the 2 Involuntary Alienation methods of transfer? - correct answer1. Foreclosure- property is sold to satisfy a mortgage lien, tax lien, or mechanic's lien.
  5. Condemnation- process of acquiring a property under the power of eminent domain. Chain of title - correct answerShows a history of ownership of the property. Acknowledgment - correct answerA declaration made by a person to a notary or other public official, that the instrument was executed by him/her and that is was his/her free and voluntary act. Real Estate Settlement Procedures Act (R.E.S.P.A.) - correct answerCreated to insure the buyer and seller have knowledge of all the settlement costs before closing. The 4 primary aims of RESPA are: - correct answer1. Eliminate kickback fees.
  6. Advance disclosure.
  7. Reduce the amounts homebuyers are required to place in escrow.
  8. Reform and modernize the local record keeping. Under RESPA the lender is required to furnish the buyer with the following 4 things: - correct answer