Quiz 3

In Texas, what is the limitation on homesteads in urban areas...?

10 acres

In Texas, what is the limitation on homesteads of a family in rural areas...?

200 acres

1/2 of a section is equal to how many acres?

320

A township consists of how many sections?

36

1 acre is equal to?

43,560 sq. ft.

An addition to property through the efforts of man or by natural forces is known as...?

Accession

The increasing in land area resulting from the deposit of soil by the natural action of the water is known as...?

Accretion

Real property ownership rights in the United States are based on this legal system...?

Allodial system

The gradual increase of earth on a shore of an ocean or bank of a stream resulting from the action of the water is known as...?

Alluvium

In addition to the essential elements of a valid contract, real estate contracts must include which of the following...?

An accurate legal description of the property

Those to whom property or interests therein shall have been transferred are known as...?

Assignees

A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...?

Assignment

If one of the parties to a contract wants to withdraw without terminating the contract, which of the following can be used...?

Assignment

One who assigns or transfers property is known as a/an...?

Assignor

One entitled to the benefit of a trust is referred to as the...?

Beneficiary

A contract in which each party promises to do something is referred to as a...?

Bilateral Contract

A listing contract is an example of a/an...?

Bilateral contract

A violation of the terms or conditions of a contract without a legal excuse is known as a...?

Breach

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse is known as...?

Community Property

The taking of private property for public use, with fair compensation to the owner is known as...?

Condemnation

Anything given or promised by a party to induce another to enter into a contract is known as...?

Consideration

The unlawful appropriation of another's property or earnest money deposit is known as...?

Conversion

An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it is referred to as a...?

Corporation

The Mean Sea Level at New York Harbor is known as a?

Datum

Restrictive covenants are typically found in which of the following documents...?

Deed

The land benefiting from an easement is referred to as the...?

Dominant tenement

A down payment made by a purchaser of real estate as evidence of good faith is known as...?

Earnest money deposit

A right acquired by one party to use the land of another party for a special purpose is known as a...?

Easement

This type of easement exists when a landowner has no access to roads and is landlocked...?

Easement by necessity

Which of the following easements is commonly used by utility companies...?

Easement in gross

A right of the government to acquire property for necessary public use by condemnation is known as...?

Eminent Domain

A claim, charge, or liability that attaches to, and is binding on real estate is known as a...?

Encumbrance

When using the metes and bounds method to describe property, the origin point is also the...?

End point

An interest in real estate such that a court will take notice and protect the owner's rights is known as...?

Equitable Title

This type of listing is given to only one broker who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker...?

Exclusive Agency Agreement

A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is referred to as this type of listing...?

Exclusive Right to Sell Listing Agreement

Until a purchase contract is closed upon, it is considered a/an...?

Executory contract

A contract that has been put into words, either spoken or written is known as a/an...?

Express Contract

Real estate agents use which of the following contracts...?

Express Contracts, Listing Contracts, Buyer Representation Agreements

An inheritable estate in land providing the greatest interest of any form of title is known as a/an...?

Fee simple absolute

Absolute ownership of real property is considered this type of estate...?

Fee simple estate

Co-ownership in a property can be terminated by which of the following...?

Foreclosure

An estate of indeterminable duration is known as a...?

Freehold Estate

In this type of arrangement, partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations...?

General partnership

If an individual uses sections to help describe a property, they are mostly likely using which of the following methods?

Government Survey

When a fee simple determinable ends, the interest will revert to the...?

Grantor

A legal life estate in land that is owned and occupied as a family home is known as a...?

Homestead

When you give your keys to a valet, you assume that the valet will park your car in exchange for a fee. This is because a/an ................... contract was created between you and the valet?

Implied

An agreement that has not been put into words, but is implied by the actions of the parties is known as a/an...?

Implied Contract

Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship is known as...?

Joint tenancy

Metes and Bounds is an example of a?

Legal Description

A claim against a property that provides security for the repayment of a debt or an obligation of the property owner is known as a/an...?

Lien

A freehold estate created for the duration of the life, or lives, of certain named persons is known as a...?

Life estate

Damages benefiting the non-defaulting party as a result of a default of a contract are known as...?

Liquidated Damages

An agreement where the trustee holds legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive is referred to as a/an...?

Living trust

Which of the following property descriptions is not used in the State of Texas?

Lot and Block

The subdivision plat method of describing property includes which of the following?

Lot and Blocks

If a dispute between the seller and the agent cannot be resolved through negotiations, the dispute should be resolved using the following method...?

Mediation

When the government exercises its power of eminent domain, the owner...?

Must be fairly compensated

This type of listing provides that the agent may retain as compensation for the agent's services all sums received over and above a net price to the owner...?

Net Listing

Which of the following listing contracts is discouraged throughout the State of Texas...?

Net Listing

A meeting of the minds between two parties is also known as...?

Offer and acceptance

Which of the following listing contracts serves as a unilateral contract...?

Open listing

Which of the following acronyms can be used to describe government powers with regards to real property...?

PETE

A division of real or personal property or the proceeds therefrom among co-owners is known as...?

Partition

The point of origin in a metes and bounds survey is also known as a...?

Point of Commencement

Building codes are an example of...?

Police Power

Mortgage lenders typically require a...?

Preferred lien

The imaginary north-south lines used in a government survey are referred to as?

Principal Meridians

The order in which liens are given legal precedence or preference is known as...?

Priority of liens

The T-47 Residential Real Property Affidavit verifies that which of the following documents is up to date...?

Property survey

A listing contract exists between a seller and the...?

Real estate broker

A limitation on the use of real property is known as a...?

Restriction

The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is known as...?

Right of survivorship

A contract by which a buyer and seller agree to the terms of a sale is known as a...?

Sales contract

When someone is the sole owner of a property, they are said to have this type of ownership...?

Severalty Ownership

Real property can be owned in which of the following forms...?

Severalty, Co-ownership, In Trust

Which of the following is shown on an improvement survey?

Sidewalks, Fences, Buildings

If an additional contract item does not belong in the contract Addendum, it will most likely get listed in the...?

Special Provisions

The sale of a property as an alternative to damages is an example of...?

Specific performance

A form of action taken to impose a tax is known as a...?

Tax levy

The amount of money needed by a municipality to meet budgetary requirements divided by the taxable assessed and nonexempt value of all real property within that jurisdiction is known as the...?

Tax rate

Which of the following is an example of co-ownership?

Tenancy in common, Joint tenancy, Community property

This is a condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time...?

Time is of the Essence

A territorial subdivision six miles long, six miles wide and containing 36 sections, located between two range lines and two township lines is known as a...?

Township

Oral listing agreements between a seller and a broker are...?

Unenforceable

This contract is formed only if another party performs the requested act...?

Unilateral Contract

Which of the following acronyms describes the various ways a lien can be created...?

VISE

A contract that has no force or effect is referred to as a/an...?

Void Contract