Texas Real Estate Law - SAE Champions School Of Real Estate Questions And Answers 2023, Exams of Agricultural economics

Download Texas Real Estate Law - SAE Champions School Of Real Estate Questions And Answers 2023 and more Exams Agricultural economics in PDF only on Docsity! Texas Real Estate Law - SAE Champions School Of Real Estate Questions And Answers 2023 CERCLA Liability Rules - Correct Answer-Hazardous Substance Liability 1. Owner 2. Prop Manager 3. Cleaner of the Facility Fair Credit Reporting Act - Correct Answer-A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used. Truth in Lending Act - Correct Answer-An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit. Equal Credit Opportunity Act (ECOA) - Correct Answer-The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national origin, sex, age, or marital status. CERCLA - Correct Answer-Comprehensive Environmental Response, Compensation, and Liability Act Title Theory - Correct Answer-Legal concept that vests title to mortgaged property in the mortgagee (lender) or a third party. Lien Theory - Correct Answer-Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults. (Texas is a Lien Theory State) Extraterritorial Jurisdiction - Correct Answer-Unincorporated land area beyond the geopolitical boundaries of a city over which the city exercises limited plat review of development. Intermediary Relationships - Correct Answer-Broker reps both the buyer and seller Broker remains neutral and avoids negotiating. The broker must first get written consent of both parties Sources of Law - Correct Answer-statutory law- state and federal law. In the Area of real estate State law has been the controlling law as the uniqueness and backgrounds in each state. Control of Land Used by City- Primary Method - Correct Answer-zoning statutes indirect municipal power use Types of Ownership - Correct Answer-Ownership in Severalty, Tenancy in Common, Joint Tenancy Texas Homestead - Correct Answer-Texas Homestead laws are created by the Texas Constitution to provide special protections to land and the improvements thereon. Only certain land in certain amounts can qualify for these special protections and interests. Effective Dates Contracts - Correct Answer-The date all parties sign Causes of Forces sale of TX Homestead - Correct Answer-Non payment of Maintenance Liens, Bankruptcy, Homestead may not be a Yacht, Violates Drug Laws, Intent to defraud a creditor, A lien existed prior to designation, Renouncing Homestead rights before they were instated. Limited homestead to 125k if claimant filed for bankruptcy within 1,215 days after acquiring homestead. Court Claims Limits - Correct Answer-No more than 10k Estates involved in Easement Appurtenant - Correct Answer-An easement appurtenant is created for the benefit of another tract of land. There must be two owners involved this owner is known as Servient Estate. Deed Term- Covenants - Correct Answer-A clause in a deed that are usually given or received as consideration for the transfer of title. A deed may contain a covenant that as a part of the conveyance the grantee agrees not to construct any noxious or odorous industrial plants on prop. CONDITION! Deed Term-Exceptions - Correct Answer-Exceptions convey limitations to title such as mineral rights, air rights and deed restrictions. Recording - Correct Answer-Is a document the simplest method of creating notice. 4 basic requirements that an instrument must have to be a recored property. 1. Orignal instrument 2. Must be in English 3. The instrument must be properly acknowledged 4. Must be recored in the county where prop is located 5. Must have social and DL in bold print 12 letters types of assumptions - Correct Answer-The Grantee of prop becomes liable for the deed Government Rights in Land - PETE - Correct Answer-Eminent Domain - Private Land can be taken be legislature for Public Use. ED is done through a process called condemnation. Payments from the TREC recovery trust account - Correct Answer-that provides for a solvent fund from which an aggrieved party a person who suffers from actual damages can recover cash in the event of brokers failure to pay or inability to pay damages. Types of ownership features condominiums - Correct Answer-Tenancy in Common Fee simple to unit Tests of a fixture - Correct Answer-method of attachment (annexation) Fitness or adaptation to property Intention of the parties valid - Correct Answer-Well-founded on evidence and corresponds accurately to the real world. Void Contract - Correct Answer-A contract having no legal force or binding effect. Voidable Contract - Correct Answer-A contract that may be legally avoided (canceled, or annulled) at the option of one of the parties. Unenforceable Contract - Correct Answer-A contract in which the essential elements to create a valid contract are met but there is some legal defense to the enforcement of the contract. Offeror - Correct Answer-The person making the offer Offeree - Correct Answer-The person to whom an offer is made. Lessee - Correct Answer-A party that has made contractual arrangements to use another party's asset for a period at an agreed price. Mortgagee - Correct Answer-A lender who receives a pledge of property to secure a debt. Acceptance of an Offer - Terms and Conditions - Correct Answer-1. Intent 2. Must be unqualified, unconditional acceptance 3. Communication that they accepted the offer Statute of Frauds - Correct Answer-requires certain contracts to be in writing in order to be enforceable Federal Law vs. State Law - Correct Answer-State law supersedes as real estate is within the state Court Systems - Correct Answer-Some may overlap however Justice of the peace courts, municipal courts, original jurisdiction Intermediary Requirements - Correct Answer-broker who is employed to negotiate both parties 1- written consent 2- written employment agreement 3- compensation Mineral Rights- Features, Benefits, Income - Correct Answer-Mineral rights in Texas are the rights to mineral deposits that exist under the surface of a parcel of property. This right normally belongs to the owner of the surface estate; however, in Texas those rights can be transferred through sale or lease to a second party. Homestead Rights, Rules Waivers - Correct Answer- Ownership of Water TX - Correct Answer-Department of water recourses Texas surface water is owned by the state and is held by the state in trust for the public. See Texas Water Code Section 11.021, 11.0235. With only a handful of exceptions discussed below, in order to use this state-owned water, a person must file a permit and obtain a "water right" from the Texas Commission on Environmental Quality. Rule of Capture - Correct Answer-the owner of the land with water source can pump unlimited amounts of water from under the land. Wills - Correct Answer-a legal document that tells how an estate is to be distributed when a person dies Annexation - Correct Answer-method of land use control giving the city powers and certain rights within the extraterritorial jurisdiction excutory contract - Correct Answer-An executory contract is when one or both parties have obligations still to be performed. For example, a sales contract is an executory contract until the buyer has obtained financing-there are still obligations remaining to be performed before the contract can be considered executed. right of first refusal - Correct Answer-A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party. option - Correct Answer-agreement allows purchase of land within a given time Rent to own - Correct Answer-lease paying to own a property Senior Tax Exemptions - Correct Answer-exempts forced sale occupied by 65+ 10th Amendment - Correct Answer-The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people. common law marriage in tx - Correct Answer-express or implied presently to be husband and wife living together call each other husband and wife in public Title Policy - Correct Answer-Insurance policy against losses resulting from defects in title, makes sure that the sellers lien is good mortgaee title policy - Correct Answer-New owner also receives a title policy insuring a clean title Nothing Further Certificate - Correct Answer--Review of records to see that nothing further has happened since owner bought or lender made last loan -Not Title Insurance -No construction liens etc Title Commitment - Correct Answer-A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. Constructive Notice - Correct Answer-Made public record the world is legally on notice given to the world by recorded documents. Actual Notice - Correct Answer-Purchaser or creditor express information or fact; that which is known; direct knowledge. Public Notice - Correct Answer-For a nominal fee, newspapers carry these legal changes in business, personal relationships, public governmental reports, notices by private citizens and organizations, and financial reports. Imputed Notice - Correct Answer-3rd type of legal notice. What an agency knows is binding on the principal because of the agency relationship they have entered into