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Real Estate Exam Prep Champions Texas With Correct Questions And Answers 2025, Exams of Agricultural economics

Rasmussen College - IllinoisAgricultural economics

Real Estate Exam Prep Champions Texas With Correct Questions And Answers 2025Real Estate Exam Prep Champions Texas With Correct Questions And Answers 2025Real Estate Exam Prep Champions Texas With Correct Questions And Answers 2025Real Estate Exam Prep Champions Texas With Correct Questions And Answers 2025

Typology: Exams

2024/2025

Available from 07/08/2025

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Real Estate Exam Prep Champions Texas
With Correct Questions And Answers 2025
appurtenance - correct answerterm used to describe rights, privileges or improvements
that belong to and pass with the land
improvements - correct answerman's additions to the land such as building and
landscaping
personal property - correct answeralso called chattel or personalty; a right or interest in
smiting of a temporary or movable nature and includes anything not classed as real
property. Real property becomes personal property through severance.
bill of sale - correct answerownership of chattel or personalty is transferred via this, also
called a non-realty item addendum
fixture - correct answeritem that was personal property but has been attached in such a
way that it has become real property such at tv brackets
installed - correct answeroften indicates a permanent attachment
annexation - correct answerthe process of attaching an item of personal property to real
estate such that it becomes a fixture
severance - correct answerthe process of real property becoming personal. Fixture is
uninstalled and becomes personal property again
trade fixtures - correct answerterm used for fixtures in commercial transactions. installed
by a tenant to carry out a business and may be removed prior to the termination of the
lease. If they are not removed they become real property and pass to the landlord
emblements - correct answercrops that are cultivated annually. Considered the personal
property of the farmer who cultivated them. Ownership can be transferred with a bill or
sale, or farmer may make arrangements to return to the property and harvest them one
time.
physical characteristics of real property - correct answernon homogeneity-no two
exactly alike; immobility- cannot be moves; indestructibility-will always be there
economic characteristics of real property - correct answerscarcity-naturally desirable;
modification-change or improve; fixity-not liquid assets; situs-prestige location.
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Download Real Estate Exam Prep Champions Texas With Correct Questions And Answers 2025 and more Exams Agricultural economics in PDF only on Docsity!

Real Estate Exam Prep Champions Texas

With Correct Questions And Answers 2025

appurtenance - correct answerterm used to describe rights, privileges or improvements that belong to and pass with the land improvements - correct answerman's additions to the land such as building and landscaping personal property - correct answeralso called chattel or personalty; a right or interest in smiting of a temporary or movable nature and includes anything not classed as real property. Real property becomes personal property through severance. bill of sale - correct answerownership of chattel or personalty is transferred via this, also called a non-realty item addendum fixture - correct answeritem that was personal property but has been attached in such a way that it has become real property such at tv brackets installed - correct answeroften indicates a permanent attachment annexation - correct answerthe process of attaching an item of personal property to real estate such that it becomes a fixture severance - correct answerthe process of real property becoming personal. Fixture is uninstalled and becomes personal property again trade fixtures - correct answerterm used for fixtures in commercial transactions. installed by a tenant to carry out a business and may be removed prior to the termination of the lease. If they are not removed they become real property and pass to the landlord emblements - correct answercrops that are cultivated annually. Considered the personal property of the farmer who cultivated them. Ownership can be transferred with a bill or sale, or farmer may make arrangements to return to the property and harvest them one time. physical characteristics of real property - correct answernon homogeneity-no two exactly alike; immobility- cannot be moves; indestructibility-will always be there economic characteristics of real property - correct answerscarcity-naturally desirable; modification-change or improve; fixity-not liquid assets; situs-prestige location.

nonhomogeneity - correct answerone of three physical characteristics of land; no two pieces are exactly alike immobility - correct answerone of three physical characteristics of land; land cannot be moved indestructibility - correct answerone of three physical characteristics of land; land is durable and will always be there scarcity - correct answerone of four economic characteristics of land; land is in short supply where demand is great (geographic considerations) modification - correct answerone of four economic characteristics of land; land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land fixity - correct answerone of four economic characteristics of land; land and buildings and other improvements to land are considered fixed or permanent investments (not liquid) situs - correct answerone of four economic characteristics of land; location preference from an economic rather than a geographic standpoint legal description - correct answercreated and determined by a surveyor. Three legal methods of land description: metes and bounds, lot, block and subdivision and the Rectangular Survey System. Does not need to be included in a lease agreement. metes and bounds - correct answerlegal land description method; use terminal point and angles and always have a point of beginning. monument (permanent surveyor markers) may be added. Most common in farm and ranch. lot, block and subdivision method - correct answermost common description used in residential listings. derived from a recorded map called a plat plat - correct answerrecorded map most common method of legal land description - correct answerlot, block and subdivision method rectangular survey system - correct answerlegal land description method; uses base lines, meridians, townships and sections - located in ranges. Township (survey system) - correct answercontains 36 sections (part of rectangular survey system)

CC&R - correct answerdeed covenants, conditions and restrictions most common private controls of land use - correct answerCC&Rs Deed Restrictions/Deed Covenants - correct answerterms commonly used for CC&Rs injunction - correct answercourt can issue this to enforce restrictions in case of violation deed restrictions - correct answerimposed to control land use, development and methods and materials for construction; also style and appearance requirements declaration of restrictions - correct answerdocument that contains deed restrictions reservation - correct answerimposed by grantor, withholds title to a part of the land described in the deed (ex: easement or mineral rights) encroachment - correct answerwhen a structure or improvement overlaps or trespasses to another's property. Must be disclosed. injured party has the right to demand the removal of the encroachment easement - correct answerallows limited use or enjoyment of another's land. Should be created in writing and recorded - is a use without possession express - correct answerwritten or verbal implied - correct answeractions or evidence how can easements be created - correct answerexpress or implied grant, agreement, reservation, limitation or prescription, necessity or condemnation easement appurtenant - correct answermost common easement; used for entry and exit from a property. Goes with the land and the landowner owns the easement easement in gross - correct answerbelongs to a company or corporation. example: utility easement. No matter who owns the land, the utility company owns the easement license - correct answerpermission to do a particular act upon the land or property of another. adverse possession - correct answersquatter's rights. when a property is acquired from the rightful owner through the Statute of Limitations. Occupancy must be hostile, visible open and continuous for the statutory period. In Texas, it's general ten years.

lis pendens - correct answerrecorded notice filed against a specific property meaning that there's a pending lawsuit. Lis pendent can become the responsibility of the new owner if the matter isn't resolved. ownership by one - correct answerestate in severalty, tenancy in severalty, sole ownership ownership by two or more without rights of survivorship - correct answertenancy in common ownership by two or more with rights of survivorship - correct answerjoint tenancy tenancy by the entirety - correct answerspecific type of joint tenancy in which co- oweners are married. advantage is that it avoids probate. estate in severalty - correct answerownership by one; can be one individual or one business entity such as a corporation or partnership tenancy in common - correct answermost common type of joint ownership. estate of inheritance - ownership by two or more without rights of survivorship joint tenancy - correct answerownership by two or more with rights of survivorship. Also called "poor man's will". Four unities requires doe this type of ownership - time, title, interest and possession. Shares are equal and undivided. Partition - correct answera procedure to divide the co-tenant's interests in real property in joint tenancy. Can be voluntary or court action. Partition divides the property into pieces and ends the joint tenancy. syndicate - correct answerwhen two or more parties join together to create and operate a real estate investment most common type of tenancy - correct answertenancy in common willable type of tenancy - correct answertenancy in common estate of inheritance (tenancy) - correct answertenancy in common unequal interest allowed (tenancy) - correct answertenancy in common title passes at probate (tenancy) - correct answertenancy in common poor man's will (tenancy) - correct answerjoint tenancy right of survivorship (tenancy) - correct answerJoint tenancy

remainderman - correct answerthe person who gets the property after a life estate is ended. gets fee simple. life estate pur autre vie - correct answerif a life estate is based on the life of someone other than the life tenant life estate with reversion - correct answerif a life estate is set up so that at the end of the life estate the property goes back to the original owner leashold estate - correct answercreated by a lease agreement. Four types and each gives possession without ownership. estate of years - correct answerleasehold estate; lease with a specific starting and ending date. Lease survives death and/or the sale of the property. No notice is required to terminate periodic tenancy - correct answerleasehold estate; lease with a fixed period that is automatically renewed unless tenant or landlord acts to terminate it. Notice is typically 30 days. (month-to-month is a common example) estate at will - correct answerleasehold estate also called tenancy at will. Can be terminated by either party at will without notice. tenancy at suffrance - correct answerleasehold estate. occurs when a lease expires and the tenant refuses to move out and is not paying rent. They become a holdover tenant. If they pay rent and the landlord accepts the rent, a holdover tenancy is created. holdover tenancy - correct answercreated when a holdover tenant (from tenancy at sufferance) pays rent and the landlord accepts it. gross lease - correct answertype of lease; landlord pays all expenses and tenant pays only rent net lease - correct answertype of lease; tenant pays rent pays some of the expenses of the property percentage lease - correct answertype of lease; rent amount is based on the receipts of the tenant's business (typical of a shopping center) graduated lease - correct answertype of lease; has scheduled rent increases often based on expected business growth lease-purchase agreement - correct answertype of lease; also called a lease with an option to buy, it gives a tenant the right to purchase at a future date. Price is set when the agreement is negotiated and it is advantageous to the tenant-buyer.

ground lease - correct answertype of lease; tenant makes a long-term commitment (up to 99 years). ease is often for industrial or commercial land use and the tenant will build on the leased property oil and gas lease - correct answertype of lease; lease gives the tenant the right to extract oil and gas from a specific property contract rent - correct answerthe rental income as stipulated by the parties in a contract economic rent - correct answerthe rent the property could currently command on the open market expiration - correct answerwhen the lease comes to the end of the negotiated term or lease period termination - correct answerwhen the time period on a lease ends or is cut short mutual rescission - correct answerwhen a lease is terminated by agreement of the parties constructive eviction - correct answeroccurs when a landlord is aware of a property condition and allows deterioration to the point that the building is uninhabitable and tenants are forced to leave sale and leaseback - correct answera property owner sells property to an investor or lender and then leases it back. seller occupies property after closing lien - correct answercharge against property as security for a debt voluntary lien - correct answercreated by the line's or borrower's actions (mortgage or home improvement loan) involunvary lien - correct answercreated by law and can be statutory or equitable (common law). Statutory always takes precedence. specific lien - correct answerattaches to one or more specific or named properties general lien - correct answerattaches to all property of the debtor, not exempt from forced sale. writ of execution - correct answercan be secured to force payment of a lien if party wins judgment and is unable to collect highest priority lien - correct answerproperty taxes

covenant of warranty forever - correct answergrantor's promises have no expiration date patent - correct answerused by government to transfer title to an individual dedication - correct answerwhen a developer turns over the streets in a subdivision to the local government. This is done by recording the plat plan. testator - correct answerparty who makes a will testate - correct answerone who has a valid will executor - correct answerperson named in the will to settle the estate Devise/Devisee - correct answerproperty is the devise and the heir is the devisee Foreclosure and alternatives - correct answerforeclosure; deed in lieu; redemption; shor tsale recording title - correct answernot a requirement of a valid deed; gives constructive notice of ownership; is always done in the county where the property is located; must be acknowledged before it can be recorded clear or good title - correct answercan be transferred to another marketable title - correct answertitle that a reasonable buyer would accept as clear equitable title - correct answerinterest created by a legal document, such as that held by a buyer with a signer sales contract, who has not yet gone to closing title insurance - correct answercompensates or reimburses the insured against losses sustained as a result of defects in the title. Four basic characteristics of value - correct answerDUST; demand, utility, scarcity, transferability appraisal - correct answeropinion; estimate of value highest and best use - correct answerthe legal use that gives the greatest return in money and/or amenities. The most important detail by an appraiser principle of substitution - correct answersets an upper limit on price. max value of property is set by the cost of acquiring a similar substitute property. principle of conformity - correct answermaximum value is found when there's a reasonable degree of similarity in neighborhood

principle of increasing and decreasing returns - correct answerinvest in property whenever each dollar invested will return a dollar or more of increased value and stop when each dollar invested returns less than a dollar in value. Do not over-improve a property principle of contribution - correct answervalue of a part is determined by its contribution to the total value of the property rather than by its cost principle of regression - correct answerpresence of lower-valued properties in a neighborhood leads to decline in property values principle of progression - correct answerpresence of higher-valued property in a neighborhood leads to an increase in property values principle of change - correct answerchange is constant; appraisal only good for six months principle of anticipation - correct answerpurchase price is affected by the expectation of future appears and benefits principle of balance - correct answermixed land use should result in maximum value for all properties involved (i.e. master planned communities) USPAP - correct answerUniform Standards of Professional Appraisal Practice (all appraisers must adhere to this)