Texas Real Estate Exam 178 Questions And Answers
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Terms in this set
178
Real property
all the legal rights, powers, and privileges of real estate ownership. The rights of ownership are often referred to as the bundle of rights.
Bundle of Rights
1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
Personal Property
movable rather than being permanently attached to real estate
Chattel
personal property
Fixture
An item of personal property that has been converted to real property by being permanently affixed to the realty. Ex: cabinets, carpet, built-in shelves
Emblements
crops or any type of seasonal/annual plantings that are cultivated for profit. These are classified as personal property.
Trade fixtures
personal property that a business operator installs as part of the business operations.
MARIA
Method of Attachment, Adaptability, Relationship, Intention, Agreement
severance
turning the item into personal property
Economic Characteristics of Land
scarcity, improvements, permanence of investment, area preference