TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED, Exams of Nursing

Download TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED and more Exams Nursing in PDF only on Docsity! TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED  The law requiring real estate contracts to be in writing is called the...? statue of frauds  Statute of Frauds: law that requires some documents (deeds included) to be in writing and signed in order to be enforceable by law  Illegal practice of directing home seekers to a particular neighborhood based on fair housing protected classes? Steering  Taking buyers to or away from a particular area based on any of the protected categories under Fair Housing Laws is called...? steering or channeling  When a buyer purchases a property and takes over the payments and liability on an existing loan it is called a(n)...? straight assumption  A property description that is considered an informal reference is............tax: tax rate x assessed value = a street address  Which of the following is not a characteristic of value of land? (type out the answer) -Demand -Utility -Scarcity -Taxes -Transferability? taxes  How do you calculate Tax? tax rate x assessed value  form of ownership used by married couples who do not live in a state with community property-has downer and curtesy rights? Tenancy by entirety  two or more people acquire property but ownership is not equal? Tenants in common  person who dies leaving a will? testate  method of attachment (annexation) Fitness or adaptation to TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED property Intention of the parties? Tests of a fixture  sets insurance premiums based on the sale price of property and is paid at closing of property? Texas Board of Insurance  has 13 Members (6 brokers, 6 lawyers, 1 public) ? Texas Real Estate Borker Lawyer Committee  Under what circumstances can a person be called a "Realtor?" That agent has to join the "NAR" National Association of Realtors  Under Federal Law, if a property was built before 1978 the seller must disclose... ? that the property may contain lead based paint  states what the title covers and does not cover? title commitment  policy that will insure against losses from title defects and against errors in title examination? title insurance  Part / the percentage(%) = total  Areas of earth = 36 Sq. Miles ? townships  claimant can track the time they had possessed the property onto the time the prior claimant possessed the property? Tracking  attached to the property under a commercial lease? Trade fixture  has 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term ? Trec Commision Membership TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 18. A commission may suspend or revoke a license for... ? acting negligently or incompetently, commingling money and soliciting or selling offers for the sale of real estate by means of a lottery: 19. Enacted in 1992 and deals with commercial property only? ADA Americans with Disabilities Act 20. person who administers the wishes of a will assigned by the court in the event the executor is not will to perform? administrator 21. Taxing "according to value”? Ad Valorem 22. When one person takes possession of another's land and holds that possession for a long enough period of time to be able to make it theirs and take ownership of it? Adverse Possession 23. Loyalty is a duty of the...? agent 24. Transfer of ownership of property - Alienation 25. Land that has been created by Accretion - Alluvion 26. 100% + appreciation % x original cost = appreciated value 27. Right or privilege to land that goes with the land when ownership changes such as parking lot spaces, easements, right or ways? Appurtenances 28. percentage (%) x market value= assessed value 29. a person holding a power of attorney? Attorney in Fact TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 30. Sudden removal of land by water? Avulsion 31. No warranties against encumbrances? bargain/sale 32. What is required to obtain a license in Texas? be a resident of Texas at least 18 yrs of age at the time of application, be of good moral character, must show competency by passing the exam 33. promised for a promise (real estate contract) - bilateral contract 34. How is Personal Property sold? Bill of Sale 35. When one of the parties of the contract dies, the contract is...? binding on the heirs if possible TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 36. A loan that covers two or more pieces of property on one note is called a(n)...? blanket loan 37. is when one party fails to perform the duties of the contract. -they can be asked by judge to partially perform or substantially perform? breached 38. Who promulgates real estate contract forms in Texas? the broker lawyer committee 39. When a lender collects principal, interest, taxes, and insurance (PITI) as part of a monthly payment, this is called a(n)...? budget loan 40.The many rights that Fee Simple gives to owners of property-bundles or sticks can be removed but the owner still owns the Fee Simple. This is called...? Bundle of Rights or Bundle of Sticks 41.A certificate is required separate of the license when...? buying, selling or leasing an easement pertaining to telecommunication, utility, railroad or pipeline services 42.Centralized agency established in each county to appraise each property in the county for ad valorem taxes? CAD (Central Appraisal District) 43. How do you calculate Net Income? capitalization rate x market value 44. lists everyone who has ever owned that property? chain of title 45.also known as Personal Property? Chattel 46. What amended the Civil Rights Act of 1866 to include race, color, national origin, and religion? Civil Rights Act of 1968 47.What amended to include Sex (Male or Female)? Civil Rights Act of 1974 48.What amended to include Handicap and Familial status? Civil Rights Act of 1988 49. a written addition to a will the replaces or revokes what was written in that TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 66. right a husband has to his wife’s estate upon her death? curtsey rights 71. Used to mark elevation? datum 72. gifted private property to the public (land to city that is to be used as a park) ? dedicaton 73. a written document that transfers real estate from one owner to another? Deed 74. The must be delivered and accepted for title to transfer? deed 75. delivers ownership of property at another date? Deed in trust 76. Title to real property transfers when...? the deed is delivered TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 77. are put into place by developer and are a private control of property? deed restrictions/covenants 78. 100% - depreciation % x original cost = depreciated value 79. real estate left in a will? devise 80. In order for an appeal to be made on a decision by the commission, it must be taken to...? the district court in the county where the administrative hearing was held 81. Right a wife has to her husband’s estate upon his death? Dower rights 82. money offered to seller to entice seller to go under contract? earnest money 83. right of one person to use the property that belongs to another? easement 84. The legal right to use another's land for a specific limited purpose. when someone is granted a(n) , he is granted the legal right to use the property, but the legal title to the land itself remains with the owner of the land? easement 85. used between two lots to allow the owner of one lot to cross the others property? Easement appurtenant 86. easement given when one property is landlocked and needs to be given access to from someone else land? easement by necessity 87. easement granted after dominant estate has used the property in a constant continuous and open manner for a prescribed number of years? easement by prescription 88. scarcity, modification, improvements, permanence of investment, area preference? economic characteristics of land TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 89. What is it called when government can take privately owned real estate for public use? Eminent Domain 90. Something that extends across a property line onto the property of another? Encroachments 91. is when under Fee Simple, one of the sticks or bundles has been removed. (Ie. mineral rights, lien, encroachment, easement etc.) ? Encumbrance 92. The neighbor's fence is on your land. This is an example of a(n) ? Encroachment TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 150. is a(n) estate in land, fee simple, and the most common ownership? freehold estate 151. Partnerships are and ? General and Limited 152. best deed in Texas (grantor gives no defects to title)? General Warranty 153. The deed that gives the buyer the greatest protection is called the...? general warranty deed 154. What are the types of Deeds? General Warranty, Special Warranty, bargain/sale, quitclaim 155. a title that cannot be defeated by a superior claim? good and indefeasible title 156. the governments rights in land? what is PETE? (police power, eminent domain (gvt. takes private land for public use), Taxation, Escheat (gvt. Takes title of land where owner has no heirs or will) 157. Deeds require the signature of? the grantor 158. person giving up ownership? grantor 159. When the landlord pays all of the expenses of the property and then tenant pays only the rent, this is called a(n)... ? gross lease 160. What are the types of easements? gross, necessity, prescription, and appurtenant 161. Fee Simple, Life Estate, Defeasable Fee are all included in the . (begins with to have and to hold) ? habendum clause TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 162. having a physical or mental disability (including hearing, mobility, visual impairment, chronic mental illness and AIDS) that substantially limits one or more major life activities is defined as...? Handicapped 163. Actual notice of another's interest in property is either , , or ? heard, seen, read 164. What is Progression? higher value properties cause an increase in the value of the subject property 165. A handwritten will is called a(n)...? holographic will 166. holographic will is? handwritten will TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED 167. Texas is a State. It is a constitutional right that cannot be waived. AKA The property that you own and live in? Homestead 168. What are the physical characteristics of land? immobility , indestructibility, non- homogeneity 169. not a legal description? informal reference 170. When dealing with a client it is mandatory to give them a copy of the...? "Information about brokerage services" form 171. What is often considered the most important test of a fixture? intentions of the parties 172. How do you calculate Yearly Interest? interest rate x loan amount 173. person who dies without a will? intestate 174. When an owner asks to be condemned due to their land value lowering because of negative changes made by neighboring land by the government? Inverse Condemnation 175. Property held by two or more owners with rights of survivorship is? joint tenacy 176. Ownership in property where owners own equal shares and has right of survivorship. - cannot be passed on to others upon their death -cannot be sold or given away either -last surviving owner takes property in severalty? Joint tenancy 177. is the person signing the document that states that the info in the document is true. (notary public)? Jurat 178. Using the Cost Approach, the appraiser will calculate using this equation... ? land value TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED police: lenders policy and loan policy ? mortgage  What are types of Liens? -mortgage, property tax lien, mechanics lien, judgement -can be voluntary or involuntary -are either specific or general:  If the parties of a contract agree to terminate the contract, it is called. ? mutual recission  capitalization rate x market value = net income  Does the grantee need to sign the deed? no  The document that is evidence of a borrower's promise to repay a loan is called a(n)? note TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED  substitution of a contract with another contract (ie. counteroffer)? Novation  the substitution of a new contract in place of the old one is called? novation  The Civil Rights Act of 1968 does NOT offer protection against discrimination based on? occupation  What are two ways to record a Deed? occupying/using the land, recording docs pertaining to property with county clerks office  percentage (%) x total = part  How do you calculate the Total? Part / the percentage  ensures the availability of a sufficient amount to pay on anticipated claims on the trust account ? Payments into Trust Account  A license can be revoked or suspended by the TREC if the licensee...? pays a commission to any unlicensed person, places a sign offering a property without the written permission of the owner, sells real estate by lottery  Part / the total = percentage  How do you calculate Sales Price? percentage x list price  How do you calculate Assessed Value? percentage x market value  How do you calculate Profit? percentage x original cost  How do you calculate Part? percentage x total TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED  How do you calculate usable area? percent x total area  Plants (Annual or fructus industrials or emblements) are classified as... ? Personal Property  Things not attached to the land are considered...? Personal Property  What is the acronym for the governments rights in land? PETE (police power, eminent domain (gvt. takes private land for public use), Taxation, Escheat (gvt. Takes title of land where owner has no heirs or will)  immobility, indestructibility, and non-homogeneity are all... ? Physical Characteristics of land TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED  legal land description using latitude, longitude lines, standard parallels and base lines to divide the earth into ares? Rectangular survey system  If a seller asks agent to discriminate, the agent must...? refuse to take the listing  What is it called when lower value properties in an area cause a decline in the value of the subject property? regression  many people can come together and invest in real estate -investors are the beneficiaries who buy shares in the company (beneficial interest) -income tax is only paid at the beneficiaries level? REIT Real Estate Investment Trust  dry land that results when water withdraws from the land? Reliction  When a grantor transfers a title but retains some rights it is called...? reservation  regulates closings on 1-4 residential properties with federally related financing? RESPA  is where in joint tenancy if one partner dies, his share goes to the remaining partners ? right of survivorship  What are rights to another's land who borders a stream or river? Riparian Rights  A landowner with a well is allowed to pump water from under his property? rule capture  limited to 200 acres for a married couple, 100 for a single person? rural homestead  percentage(%) x list price = sales price TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED  What are the economic characteristics of land? scarcity, modification, improvements, permanence of investment, area preference  100% - commission rate x sales price = seller's net  When property has only one owner it is called? severalty  What the owner receives through Eminent Domain? Severance Damages  Area Preference is called ? Situs  Which economic characteristic of land describes location preference from an economic point of view? situs TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED  Used in commercial trans saying owner has done nothing to encumber the title during ownership? Special Warranty