Texas Real Estate State Exam 163 Questions And Answers
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Terms in this set
163
Real Property
land, Improvements attached to the land, and the rights to use them
Personal Property
right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE
Fixture
Personal Property attached in such a way to make it real property.
Annexation
Process of attaching personal property to real property making it a fixture
Severed or Severance
Real property being removed becoming personal property
Trade Fixtures
required to carry out a business example would be commercial cooking equipment in a restaurant
Accesion
Acquiring trade fixtures by non removal prior to termination of lease
Land 3 physical characteristics
nonhomogeneity, immobility, indestructibility
Nonhomogeneity
no to pieces are exactly alike
immobility
land cannot be moved - a person must go to the land