Texas Principles of Real Estate 1 - Chapter 10
Lien
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...? Easement Grant Prescription Lien
Encumbrance
A claim, charge, or liability that attaches to, and is binding on real estate is known as a...? Prescription Rescission Encumbrance Novation
Tax levy
A form of action taken to impose a tax is known as a...? Tax lien Tax proposal Tax levy Eminent domain
Life estate
A freehold estate created for the duration of the life, or lives, of certain named persons is known as a...? Life estate Leasehold estate Fee simple estate Land estate
Judgment lien
A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment is known as a...? Mechanic's lien Voluntary lien Judgment lien Tax lien
Homestead
A legal life estate in land that is owned and occupied as a family home is known as a...? Easement Reversionary interest Homestead Fee simple determinable
General lien
A lien on all the property of a debtor is referred to as a...? Specific lien General lien Universal lien Special lien
Specific lien
A lien that attaches to one specific property only is referred to as a...? General lien Universal lien Specific lien Special lien
Restriction
A limitation on the use of real property is known as a...? Restriction Prescription Rescission Novation
Easement
A right acquired by one party to use the land of another party for a special purpose is known as a...? Easement Lien Grant Acknowledgment
Mechanic's lien
A specific lien that gives security to persons or companies who perform labor or furnish material to improve real property is known as a...? Judgment lien General lien Mechanic's lien Voluntary lien
Fee simple estate
Absolute ownership of real property is considered this type of estate...? Leasehold estate Land Estate Fee simple estate Estate in reversion
Accession
An addition to property through the efforts of man or by natural forces is known as...? Accretion Accession Erosion Avulsion
Freehold Estate
An estate of indeterminable duration is known as a...? Leasehold Estate Freehold Estate Land Estate All of the above
Fee simple absolute
An inheritable estate in land providing the greatest interest of any form of title is known as a/an...? Leasehold estate Estate in Remainder Fee simple absolute Fee simple determinable
Voluntary lien
Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is referred to as a/an...? Voluntary lien Involuntary lien Subordinate lien Owner lien
Police Power
Building codes are an example of...? Police Power Novation Escheat Eminent Domain
$1,500
If a property is assessed at $100,000, what would be the amount of taxes owed assuming a tax rate of $1.50 per 100 dollars of value...? $150 $1,500 $15,000 $100,000
10 acres
In Texas, what is the limitation on homesteads in urban areas...? 10 acres 15 acres 50 acres 100 acres
200 acres
In Texas, what is the limitation on homesteads of a family in rural areas...? 10 acres 50 acres 100 acres 200 acres
Preferred lien
Mortgage lenders typically require a...? Involuntary lien General lien Tax lien Preferred lien
Allodial system
Real property ownership rights in the United States are based on this legal system...? Feudal system Allodial system Spanish system European system
Deed
Restrictive covenants are typically found in which of the following documents...? Mortgage Plot map Deed All of the above
Tax rate
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 levy Yield rate Cap rate Tax rate
Alluvium
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...? Accretion Erosion Avulsion Alluvium
Avulsion
The increasing in land area resulting from the deposit of soil by the natural action of the water is known as...? Accretion Avulsion Erosion Accession
Dominant tenement
The land benefiting from an easement is referred to as the...? Dominant tenement Servient tenement Devisor Devisee
Servient tenement
The land that is encumbered by an easement is referred to as the...? Servient tenement Dominant tenement Devisor Devisee
Priority of liens
The order in which liens are given legal precedence or preference is known as...? Assessment of liens Lien ladder Rank of liens Priority of liens
Police Power
The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public is known as...? Police Power Escheat Condemnation Eminent Domain
Condemnation
The taking of private property for public use, with fair compensation to the owner is known as...? Escheat Novation Condemnation Police Power
Easement by necessity
This type of easement exists when a landowner has no access to roads and is landlocked...? Easement by necessity Easement appurtenance Easement in gross Easement by prescription
Grantor
When a fee simple determinable ends, the interest will revert to the...? Grantor Grantee Life Tenant Trustor
Must be fairly compensated
When the government exercises its power of eminent domain, the owner...? Will not be compensated Must be fairly compensated Will not be notified Must forfeit the property within 14 days
VISE
Which of the following acronyms describes the various ways a lien can be created...? VISE CATTL PETE OLD CAR
All of the above
Which of the following is an example of a taxing entity...? Water districts Hospital districts School districts All of the above
