335 real estate law
How much in personal property Maia Texas family exempt
$100,000 in personal property, exclusive of liens, security interest, or other charges income bring the property
With the passage of the taxpayer relief act of 1997, single home owners are able to exclude up to $___of capital gains realized on the sale or exchange of a principal residence
$250,000
Taxes allows a family to exempt up to $_____in personal property, exclusive of liens, security interest, or other charges and covering the property
$60,000
The urban Homestead may consist of not more than_____acres if Used for purposes as an urban home stead or as both an urban home said and place to exercise a calling or business
10
Oh and urban Homestead is limited to a lot or lots not to exceed
10 acres. An urban Homestead, that is in a city, town, or Village, is limited to a lot or continuous lots not to exceed 10 acres.
First time homebuyers are allowed penalty free withdraws up to $___from an IRA
10,000
If used for purposes of a real home, the Home said for a single, adult person, not otherwise entitled to a Homestead consists of not more than____acres
100
In what year was the first statute of frauds also called an act for the prevention of fries and perjuries passed in England
1677
What year did RESPA become effective
1975
A family homestead, not in a town or city, consist of not more than_____acres of land which may be in one or more parcels, with the improvements there in
200
What is the statute of limitations to take legal action against another individual in order to recover any losses and or damages for written contracts in Texas
4 years
Texas borrower can establish a home equity line of credit using up to___percent of the value of the home as collateral
50%
In Texas, borrowers can utilize____percent of the value of their homes as collateral for a home equity loan including the balance of all existing mortgages
80%
Express
A contract in which the parties explicitly agree In the typical agency relationships, a listing agreement is an expressed contract between the seller and the broker and a buyer representation agreement is express contract between the buyer and the broker
Which of the following statements is true? A party may make an oral deed just as a party may make an oral contract A party who cannot sign his or her name cannot make a legally enforceable contract All contracts must have a legal objective A contract may have any objective or purpose, provided it is made it between legally competent parties and involves consideration
A contract must have a legal objective
What is an executory contract
A contract that has yet to be fully executed
Which transaction requires a special information booklet to be given to the consumer
A federally related mortgage loan intended for the purchaser of a 1 to 4 family residential property
Freehold or leasehold? Fee simple
A fee simple estate is a least limited, Most absolute interest in real property. It is of indefinite duration, freely transferable and freely inheritable.
Special Warranty Deed
A limited covenant of protection against title defects. In a special warranty deed, the grantor warrants the title against defects occurring during his or her ownership.
Which one of the following items is not a necessary part of a valid deed of conveyance in all states A statement of consideration, acknowledgment, the grant his name, a granting clause
Acknowledgment
constructive notice her actual notice Direct knowledge
Actual notice. We can think of actual notice as meaning some thing like direct knowledge
constructive notice her actual notice Seller gives written notice to the buyer
Actual notice. When an individual receives actual notice, she has been directly notified of a fact. For example, if the seller tells a prospective buyer that there is a lien on a property, then the prospective buyer has received actual notice of the existence of that lien
Which statement about liens and encumbrances is false Encumbrances are claims against property that affect their title or use All encumbrances are liens but not all leins are encumbrances Easements and encroachments are examples of encumbrances Encumbrances affect properties use while liens affect title
All encumbrances are liens but not all liens are encumbrances
Conditional use permit
Allow a property use only if stipulated conditions for the benefit of a neighborhood are met.
Mandy does not move out when her lease expires. What type of Tenancy does she have now
An estate at sufferance Also called a holdover tenancy. It arises when I tenant refuses to vacate the premises after the appropriate and legal termination of their lease
Nonconforming use
Are use that predates the zoning ordinance or its amendments
When must the servicer submit an initial escrow account statement to the borrower
At the settlement or within 45 days of the settlement
constructive notice her actual notice Fires automatically presumed to have the information
Because prospective buyers have a duty to look out for their own interest in any real estate transaction, they can be presume to have any information that has been entered into the public record. They can be presumed to have any information that might have been found if they had followed through on their duty to look out for their own interests
___Is encouraging the selling of homes below market value by raising fears of an influx of individuals belonging to a particular minority group
Blockbus
___, Often referred to us panic selling involves false claims of a decline in the quality of education and an increase in crime rates
Blockbusting
___Requires special effort, so licenses are unlikely to engage in accidentally and without malicious intent
Blockbusting
Which type of land-use control sets the requirements for kinds of materials, sanitary equipment, electrical wiring, and fire prevention standards Zoning Building codes Deed restrictions City planning
Building codes Most cities and towns have enacted ordinances to specify construction standards that must be met when repairing or erecting buildings. These are called building codes, and they set the requirements for the kinds of material, sanitary equipment, electrical wiring, fire prevention standards and the like.
constructive notice her actual notice How can a titleholder provide constructive notice of their ownership interest in a
By recording a deed and have it entered into the public record. Recording is the process of entering a document into the public record for the purposes of providing notice to the world or constructive notice, information found if search for.
Consideration in a contract can be Money Property Promises Any of these
Consideration is an item of value or performance of some action that the parties promise to make as a demonstration that they acknowledge and agree to the terms of the contract. Consideration may be money, property, for Barents or the performance of services. Usually, consideration takes the form of a reciprocal promise.
What are the five essential elements for valid and enforceable contract in Texas
Consideration offer an acceptance competent parties legality of object agreement in writing and signed nice
Entering a document into the public record provides which kind of notice
Constructive
constructive notice her actual notice Facts entered into the public record
Constructive notice. Publicly recording the facts about a properties title shifts the burden from the seller onto the prospective buyer, by entering these facts into the public record, a seller is considered to have provided all prospective buyers with some thing called constructive notice
If a lender has either an affiliate relationship or a direct or beneficial ownership interest of more than 1% in a provider of settlement services and the lender directly or indirectly refers business to the provider, this relationship is referred to as a____business arrangement
Controlled business arrangement
Which of the following is a written instrument used to legally transfer ownership from one person to another by voluntary conveyance Title, reversion, deal, coming all
Deed The term title refers to ownership rights in real estate property, having are holding title means that a person owns interest in the property and is entitled to a bundle of rights. A deed is a written instrument used to legally transfer a right from one person to another by voluntary convenience.
The indestructibility of land is referred to as its
Durability
What is a physical characteristic of land
Durability or indestructibility and uniqueness or non-hegemony or physical characteristics of land
What is one of the physical characteristics that make land or real estate a distinctive commodity?
Durability. The physical characteristics that make land or real estate a distinctive commodity are in mobility, durability, and uniqueness.
Tenancy in common
Each owner has partial ownership interest and partial rights in a property
Randy has constructed a fence that ends 1 foot over his lot line into a Neighbors property. The fence is an example of
Encroachment. When a building, or some portion of it, or offense or a driveway illegally extends beyond the land of its owner and cover Sunland of an adjoining owner or a street or Ally, and encroachment occurs
How can parties to a real estate transaction ensure that the facts contained in formal documents are made available to everyone
Enter the documents into the public record What states have laws requiring all parties involved in a real estate transaction to enter all of their formal real estate related documents into the public record so that the fax contained in the documents are made available. This recording process is part of providing legal, public, and constructive notice of ownership interest. The documents that have entered into the public record must also conform to Estates statute of frauds
Liens: Specific, equitable, or statutory? One party charges her property as security for a debt or a loan.
Equitable
Liens: Specific, equitable, or statutory? Created by courts and derived from common law
Equitable. An equitable lien is a right that exist only in equity, with one party charging her property as security for a debt or loan. I could've a laser created by courts and derived from common law
Passage of title of real property to the state of Texas in absence of heirs is called
Escheat.
The real estate settlement procedures act of 1974 places limitations upon the use of
Escrow accounts
Liens: Specific, equitable, or statutory? Execution liens, mechanics liens, mortgages, special assessments, property taxes, and attachments
Examples of specific cleans our vendors light liens, execution liens, vendee's liens, surety bail bonds liens, mechanics liens, mortgages, special assessments, property taxes, and attachments.
If a plaintive can prove that a third-party had actual awareness of the falsity of a representation or promise made by another person, that the third-party failed to disclose the falsity of the representation or promise to the defrauded property, and the third-party benefited from the false representation or promise, the plaintive me recover from the third-party
Exemplary damages only
In Alice's well, a single parcel of land is bequeath to her heir Beau and her heir Catherine for them to share. However, the two heirs disagree about how the land should be divided between them. If they want legal help resolving their disagreement they should
File a suit for partition.
According to the Texas Association of realtors listing agreement, which of the following is not in the improvements included with the property Shutters Flatscreen televisions Television antennas Mounts and brackets for televisions
Flatscreen televisions are not included in this paragraph, paragraph 2b
Why might a tenant be evicted
For damage to the property
What is the statute of limitations in Texas for collecting a return check
Four years
When searching for a real property records there are generally three basic locations in which an individual can look: the tract index, grantor index, grantee index. Is the following an example of tract, grantor, or grantee? The names of individuals who accepted or purchased ownership interest in a given year
Grantee
When searching for a real property records there are generally three basic locations in which an individual can look: the tract index, grantor index, grantee index. Is the following an example of tract, grantor, or grantee? To use this index, you need the name of the seller
Grantor. An individual who is researching a property must know a grantor's name in order to use the index. Once the researcher finds the grantor, sellers, name in the grantors index she can view the grantees, buyers, name because the two parties will be listed as having engaged in the transaction together.
When searching for a real property records there are generally three basic locations in which an individual can look: the tract index, grantor index, grantee index. Is the following an example of tract, grantor, or grantee? List all the names of people who have transferred their ownership interest in a property
Grantor. The grantor index contains part of the information that one can find in attract index. Specifically the grand tour index which is sometimes called a grantors index list all the names of the people who have transferred there ownership interest in a property
Directive zoning
Hey planning tool to encourage the use of land for his highest and best use
Under which circumstances should an agent not use the truck sales contract form
If her client has a contract drafted by an attorney.
Alienation: voluntary or involuntary descent
Involuntary When an individual dies interstate, the title to any property transfers by dissent. Because there is no valid well, a probate court will generally distribute any property to the descendants airs by the statue of dissent and distribution, which is a state statute specifying the basic process for allotting a descendants property
Alienation: voluntary or involuntary Adverse possession
Involuntary Real property that is acquired through unauthorized occupation of another persons property is secured through a process called "adverse possession. "
Which form of coownership explicitly involves the right of survivorship
Joint tenancy
What does the real estate settlement procedures act prohibit
Kickbacks The real estate settlement procedures act of 19 7412 US C2 601-17 became effective on June 20, 1975. The act requires lenders, mortgage brokers, or services of home loans to provide borrowers with pertinent and timely disclosures of the nature and cost of real estate settlement process the act also protects borrowers against certain abusive practices such as kickbacks, and places limitations upon the use of escrow accounts.
Which statement about title theory states is true? The lender is considered the owner of the property until the loan is paid off The virus considered the owner of the property until the loan is paid off A third-party is considered the owner of the property until the loan is paid off Property must be held in trust until the loan is paid off
Ledger is considered the owner of the property until the loan is paid off
What is the difference between lenders who obtain a lien on a property and lenders of unsecured loans
Lenders who obtain lines have a more immediate right to the debtors property
Which states consider borrowers to be the owners of the mortgaged property while lenders only have a lien on the property with no right of possession
Lien theory states Some states are lien theory states because they consider borrowers to be the owners of mortgage property, lenders only have a lien on the property with no right of possession. When the loan is paid in full, the lien is removed. In the event of default, the lender can foreclose on the mortgage property after notice is given and enough time has passed in order to obtain the balance due on the loan. Some states allow a statutory redemption. After foreclosure when debtors may redeem their property
Which judgments specify a certain payment amount
Money judgments
What is required for a contract to be legally enforceable
Mutual assent. In order for contract to be legally enforceable, it must be entered into by legally competent parties, contain mutual assent by all parties to the contract, contain a lawful objective, involve consideration, i.e. something of value given to show acceptance or acknowledgment of a contract, such as funds or a promise, and be in writing, as required by the statute of frauds.
Bilateral contract create___and___obligations
Mutual, reciprocal
Is the following discrimination A landlord Charges the same rent and the same security deposit for all tenants
No. Changing the terms, conditions, or privileges of a sale or rental because of someone's membership in a protected class constitutes a violation of federal law
Is the following discrimination 80% of units in a complex have at least one occupied who is 55 years or older
No. Housing for older persons is exempt from the requirements of the fair housing act if the housing is occupied only by persons who are 62 years of age or older and 80% of the housing units have at least one occupied who is 55 years old or older
Is the following discrimination Landlord allows only disable tenants to keep pets, you special parking lot spots and alter their units
No. Under fair housing laws, the landlord must allow a disabled tenant to make a reasonable accommodations at the tenants own expense. A reasonable accommodation is a modification that allows a handicap person to enjoy his dwelling More fully and that does not impose an undo financial or administrative burden on the landlord
Peggy uses a rental form that requires one months notice of termination and prohibits smoking and pets. The leases are month-to-month. Freddie has finished college and he is moving to another town. How much notice will he have to give Peggy?
One month. While each state dictates the method for giving notice of termination, it is common practice to give notice one. Prior to terminating an agreement. For example, a lease will usually give a weeks notice before terminating a week to week lease or a months notice before determining a month to month lease.
A lease contract may be terminated if
One party has legal authority to terminated.
According to the Texas Association of realtors listing agreement which of the following is not included in the accessories included with property Matching bedding to the draperies Draperies and rods Fireplace screens Blinds
Paragraph to see, matching bedding is not included in the accessories paragraph
According to the legal doctrine of a Street, the estate of a person who dies without a will and no legal airs will pass to ....
Past of the state
In John's complex, the leases are usually month to month. What type of tenancies does John offer
Periodic estate. Or periodic tenancy, is a leasehold estate without a specific expiration date. Is cycles at regulation intervals, usually week to week or month to month for an indefinite period of time.
Taxes: progressive regressive proportional Rich people pay a higher tax rate
Progressive
Taxes: progressive regressive proportional Higher the income the higher the tax rate
Progressive With progressive taxes, a greater percentage of an individuals income is taxed as the income level increases, the higher the income the higher the tax
Taxes: progressive regressive proportional Income tax
Progressive. It is generally understood that the United States income tax is a type of progressive tax. Income tax is a progressive tax because as an individuals income increases the percentage of money that is taxed increases as well, high income earners pay higher income tax rate
Taxes: progressive regressive proportional Fixed tax rate
Proportional
Taxes: progressive regressive proportional Can you pay taxes relative to the amount of income
Proportional With proportional taxes, an individual pays taxes that are proportional to the amount of income at a fixed tax rate
Real or personal property Ownership transferred by a recordable documents such as a deed or a will
Real Ownership to a parcel of real estate is transferred by a recordable documents such as a deed or well
The term "real property quote refers to both____and____.
Real estate owners and an owners bundle of rights
What is the correct term for the process of entering a document into the public record
Recording
Taxes: progressive regressive proportional Poor people pay a higher tax rate
Regressive
For which purpose can Peggy the landlord use Freddy the tenant's security deposit
Replace the stain carpet and broken window. A security deposit is the lessors collateral in the event that the less he defaults on a rent payment, causes damage to the leased property, or does not adhere to some other covenant in the lease agreement. When the lease expires, the remaining balance of the security deposit is usually returned to the lease. A security deposit to the landlord to cover any damage beyond normal wear and tear and that may occur to the property during the course of the occupancy
Support protects borrowers against all of the following except Discrimination, kickbacks, nondisclosure, certain usages of escrow accounts
Respite protects owners against kickbacks, nondisclosure, and certain usages of escrow accounts
Who owns the trees that were cut down
Sellers. Severance is the act of separating some element of the real estate from the land. For example, a tree is real estate, but if the owner cuts down the tree, literally severing it from the earth, the tree is now personal property which can be carried off.
What can Peggy the landlord do if Mandy the tenant refuses to leave
Serve an eviction notice to Mandy A breach of tenancy can occur when the tenant does not vacate the premises after the Exbury of the lease. If the tenant continues to occupy the premises without a renewed lease contract, a holdover tenancy is created. In such a case, the landlord has two options: she can either serve an addiction notice to the tenant, forcing the tenant to vacate, or she can agree to renew the lease under a periodic tenancy agreement.
One goal of RESPA is to teach consumers to be savage judges of which of the following things The real estate market Settlement services' proper costs Agency relationships Appraisal reports
Settlement services' proper costs An important goal of RESPA is to provide information that will teach consumers to be savage judges of settlement services proper costs and thus illuminate referral fees and other questionable tracked on fees that can unnecessarily increase the cost of closing and settlement services
Through what process or method may real property become personal property
Severance is a process by which real property may become personal property
What must a borrower receive at the time of
Special information booklet, good faith estimate, and mortgage servicing disclosure document
Liens: Specific, equitable, or statutory? These lines are claims only against particular parcel of real estate
Specific Specific liens or claims against particular parcels of real estate, they do not affect any other property
Liens: Specific, equitable, or statutory? State or federal law establishes liens for a specific set of circumstances
Statutory Because the lines are in poster statute, they are called statutory lien
___Includes focusing ones market effort in a narrow way that perpetuates the segregation of protected classes
Steering
___Includes using an individual's membership in any protected class as the basis for a suggestion that a person live in a specific section of town
Steering
___Is the practice of providing real estate advice or other real estate services in a manner that perpetuates segregated housing
Steering
According to the TREC residential resale property, the broker is advises The buyer to what regarding the abstract of title
That buyer has the abstract examined by an attorney TREC residential reliant reseller agreement paragraph six E1 abstract or title policy: broker advises buyer to have abstract of title covering the property examined by an attorney of the buyers a selection, or buyer should be furnished with or obtain a title policy. If the title policy is furnished, the commitment should be probably reviewed by an attorney of the buyers choice due to time limitations on the buyers rate to object
What must a bank that receives an application for a federally related mortgage loan disclosures to the borrower in the mortgage servicing disclosure document
The bank must disclose whether the servicing of the loan may be assigned, sold, or transferred, percentages of loans made by the bank in each of the last three calendar years for which servicing has been assigned, sold or transferred, estimate of the percentage of loans that may be made by the bank or assigned sold or transferred during the 12 month period beginning on the date of origination and a summary of the information that will be provided to the borrower if the loan is transferred during the 12 month period beginning on the date of origination, and a summary of the information that will be provided to the borrower if the loan is transferred.
Which items will automatically transfer to the buyer in the sale A 10 foot tall mural And birdcage Vegetables The barn The horses and chickens
The barn. Surface rights our rights and interests with respect to the surface of the earth, including natural elements and structures built on or attached to it
Under eminent domain, the price that the government must pay to the original property owners must be
The current fair market value of the property which statement about leases is false The lease may be terminated before its expiry date At least may be terminated the day before its expiry date At least may continue until it reaches its expiry date All leases are automatically terminated on the date of expiry
What is "title"?
The intangible, legal right to or ownership of property
General Warranty Deed
The most possible protection against past and future claims on the title by carrying all available warrantees and covenants. In A general warranty deed, the grantor essentially guarantees that there are no limitations or encumbrances on the title that are not otherwise expressly listed in the deed
When does title actually transfer from grand tour to grantee
The title actually transfers from the grantor to the grantee when the deed is delivered to an excepted by the grantee
Which of the following statements is true about real estate liens They attached a specific piece of property A debtor can sell her property without the lien accompanying it They do not attach to a specific piece of property. A person who has bought a property that has liens is responsible for paying off the associated debts.
They attached to a specific piece of property, thus a debtor cannot sell her property without a lien accompanying it
In which states are lenders considered the owners of the mortgaged land and hold legal title, while borrower has equitable title?
Title theory states In some states, lenders are considered the owners of mortgage land and hold legal title, while the borrower has equitable title. These states are called title theory states. Legal title is transferred to the borrower when the mortgage has been paid in full. In the event of default, the lender can take Immediate control over the mortgage property. Texas is a title theory state.
When searching for a real property records there are generally three basic locations in which an individual can look: the tract index, grantor index, grantee index. Is the following an example of tract, grantor, or grantee? To use this index, you need to have the legal land description of the property
Tracked. To search for a property, the user needs to have the legal land description of the property. He must have the description that reveals which tract, plat, and block contain the lot that corresponds to the particular property that is being researched the
When searching for a real property records there are generally three basic locations in which an individual can look: the tract index, grantor index, grantee index. Is the following an example of tract, grantor, or grantee? All of the legal transactions related to a particular parcel of land
Tract. I tracked index will generally record all of the legal transactions related to a particular parcel of land, all in one convenient location
Amendment
Used to change the terms after the parties have fully signed and excepted a contract. The promulgated TREC amendment is one for the use of the buyers and sellers after they have fully signed and excepted a contract and then later discover a change that needs to be made to one of the terms, it could be the closing date, the price or some repair the seller agreed to
Which contract can be terminated or rescinded by an innocent party
Voidable contract can be terminated where is the dead by the innocent party
Alienation: voluntary or involuntary Will
Voluntary Valid transfer is usually achieved by employing either a deed or a will
Alienation: voluntary or involuntary Deed
Voluntary Valid transfer is usually achieved by employing either a deed or he will
constructive notice her actual notice Information is made accessible and it can readily be found if you
When people have been given constructive notice of a fact, this effectively means that the information has been made accessible to them and could easily be found if they look out for their own interests properly
When may a landlord be delayed or stopped from affecting a tenant
When the tenant files for bankruptcy and his granted a stay order by the court.
Which document provides the court with authority to seize and maintain custody of a property until it reaches a judgment
Writ of attachment
Is the following discrimination Advising sellers to sell at below market value because of an influx of minorities that may drive down property values
Yes this is called Blockbusting Refers to the practice of encouraging the panic selling of homes below market value, generally by raising fears that an influx of individuals Barton longing to a particular minority group will decrease property values in a neighborhood and affect the area negatively
Can Elise continue even after the property has been sold to a third-party
Yes, but only if the lease contract indicates of this is possible and acceptable
Is the following discrimination Using phrases and images in real estate advertising targeting white Christian Families
Yes. Discriminatory advertising uses words and phrases and symbols and visual aids or media in the advertising of real estate that may indicate the advertisers preference for or prejudice against members of a protected class this type of advertising may result in discriminatory practices and is illegal.
Is the following discrimination Agent shows families with young children only properties in a certain area of town your schools
Yes. The relative unfairness or otherwise detrimental character of discriminatory treatment is judged by comparing the treatment of a given group or individual at issue with the treatment of others who are not members of the same class. This definition does not concern itself with whether a real estate professional meant to be discriminatory.
Freehold or leasehold? Evidenced by a deed
freehold estate maybe evidence by a deed while Leasehold estate maybe evidence by Elise
Taxes: progressive regressive proportional The lower the income, the higher the tax rate.
regressive tax greater percentage of an individuals income is taxed as the income level decreases, the lower the income the higher the tax rate
Taxes: progressive regressive proportional Sales tax
regressive tax because the percentage of money that is taxed increases as income decreases low income earners pay higher regressive tax rate than high income earners
Sesin
the actual possession of real property under claim of a freehold estate, grantor warrants the right to sell or convey
Alienation: voluntary or involuntary Escheat
the descendants ownership interest in any property is transferred to the state, without his or her consent
Metes and Bounds
Sexagesimal system Metes and bounds is a legal method for describing land that gives the exact dimensions and location of a law in reference to a man-made or possibly natural fixed monument. The Sexagesimal system is one form of units used to describe angular measurement. This is a 360° system in a circle, 60 minutes in every degree, and 60 seconds in every minute Uses monuments. Metes and bounds is legal method for describing land that gives the exact dimensions and location of a lot in reference to a man-made or possibly natural fixed monument Compass. Meats and bounds is a Leo method for describing land that gives the exact dimension and location of a lot in reference to a man-made or possibly natural fix monument. To understand how surveyors used degrees, minutes, and seconds to distinguish direction, and that's location just placed the measurement on a 360° circle marked with cardinal directions or a compass compass
According to the TREC residential SELLER agreement, if the commitment an exception documents are not delivered to the buyer within the time specified in the agreement, the time for delivery will be extended by which of the following? 10 days 21 days 15 days or three days before our closing date, which ever is earlier 30 days
TREC residential resale agreement, paragraph 6B, it's a commitment an exception documents are not delivered to the buyer within a specified time, the time for delivery will be automatically extended up to 15 days or three days before the closing day, which ever is earlier.
What should agent Linda do if her client Chris asked her to draft a contract to his specifications
Tell him that she cannot do that and that he should hire a attorney
Valid contract contains all of the following components except Adherence to the statute of limitations Consideration Lawful objective Mutual assent
Valid contract contains consideration lawful objective and mutual assent
When Melinda add factual statements or business details to promulgated earnest money contract
When there is no promulgated forms for that use. A license he may not add to a promulgated earnest money contract form factual statements or business details for with a contract addendum, lease or other form has been promulgated by the commission for mandatory us
Which age group has the highest homeownership rate nationwide
70 to 74-year-olds with 82.5%.
Implied
A conduct in which the parties agreement is demonstrated by there ask and conduct
Land has all of the following economic characteristics except Situs, fixity, immobility, alteration
Immobility. The economic characteristics of land include situs, fixity, and alteration.
Which term identifies an economic preference for a certain location
Status is an economic preference for a particular location and not a geographic one. Durability or indestructibility and uniqueness or non-hegemony are physical characteristics of land
Bilateral
a contract with two promises
Capital gains tax benefits include up to $___ exclusion of profit on the sale of a home owned an occupied as a principal residence for at least two of the five years before the sale
$500,000
How many feet are in an acre
43,560. You can remember by four great looking people driving intrastate 35 at 60 mph
Executed
A contract that is fully performed Once the closing is done and funded the real estate sales contract is an executed agreement. The purchase price is paid, the deed is delivered, and the purchaser has possession of the property
Executory
A contract that is partially performed. And executory contract exist when something remains to be done by one or both parties, that is, the agreement is partially performed
Which of the following statements is true The Texas deceptive trade practices act is the codification of the common law doctrine of caveat emptor The DTPA provides for automatic traveling of awards for actual damages A threshold question under the DTPA is whether an individual seeking remedies under the act as a consumer A licensee is exempt from the DTPA lawsuits because the licensee is rendering a professional service
A threshold question is whether an individual is seeking remedies under the act as a consumer
In order to recover exemplary damages, the plaintiff must prove that the defendant acted with
Actual awareness of the false nature of the representation or promise
In which ownership system is the land owned completely, without an obligation of services or duties to another?
And allodial ownership system is one in which the land is owned completely, without obligation of services or duties to another. In contrast to feudal land tenure with obligations and duties to the owner.
What does the caveat emptor doctrine mean for real estate buyers
At common law, real estate transactions were governed by the doctrine of caveat exempt or a Latin term for let the buyer beware. Essentially the doctrine meant that a buyer could not bring a lawsuit to recover damages for property defects or misrepresentation unless those defects were latent, hidden, and within the knowledge of the seller
Sellers have installed a spiral staircase that they brought back with them from Paris. Now they are selling the house. Who will on the antique spiral staircase after closing
Buyer. A fixture is a chattel down to real estate and refers to an object that was once personal property but which has now been firmly attached to the land in such a way that it becomes part of the real estate
If valuable mineral deposits are discovered a year after closing, who owns them?
Buyer. When substances are still underground, they are considered real estate. But when an owner extracts things from underground and stores them top side, the item is converted from real estate into personal property.
According to TREC resale residential agreement, which party will be responsible for the expense of providing legible copies of any restrictive covenants and documents
Buyers expense TREC residential resale agreement, paragraph 6B, at the buyers expense, legible copies of restrictive covenants and documents evidencing exceptions in the commitment, exception documents other than standard printed exceptions
Bulk zoning
Controls density and prevents overcrowding through restrictions on setback, building height, and percentage of open areas
Short sale addendum
Describes net proceeds and gives the seller an out if the seller won't except the net proceeds as full payment
Community property
During a marriage, each party holds half of the ownership interest in the property
The right of a government body to take ownership of real estate for public land use is called
Eminent domain
What me Linda add to promulgated contract forms
Factual statements and business details when filling out promulgated forms a licensee may only fill in the blanks provided in the contract, and may not add or strike matter from such form, except that license he shall add factual statements and business details designed by the principles and shell strike only such matters as is designed by the principles and as it is necessary to conform the instrument to the intent of the parties
What is the highest type of interest in real estate recognized by law
Fee simple estate. In Texas, a transfer of title or an interest in real property conveys a fee simple estate unless otherwise expressed.
The investment permanence of land is referred to as
Fixity
Freehold or leasehold? Full ownership rights
Freehold. With land or real estate ownership described as a freehold estate, the property owner has ownership of an undetermined or unspecified period of time with full ownership rights and the right of disposition or right to convey the interest here she owns.
According to the TAR listing agreement, a broker may disclose which of the following Information obtained in confidence from the seller Sellers motivation to sell without sellers permission Sellers are contemplating divorce without the sellers permission That the seller has a family member in rehab without the sellers permission
Information obtained in confidence from the seller TAR listing agreements, paragraph 10, 10 confidential information: during this listing or after it ends, broker may not knowingly disclose information obtained in confidence from seller except as authorized by seller or required by law
Which is classified as a general lien
Judgment lien. A judgment becomes a general, involuntary, statutory lien on both real and personal property owned by the debtor, including real and personal property acquired after the judgment is recorded.
Freehold or leasehold? Evidenced by a lease
Leasehold estate
Rectangular survey
Longitude and latitude system Whereas the metes and bounds method of survey requires a physical monument, the rectangular survey method depends upon the longitude and latitude system of mapping Ranges. The rectangular survey method depends upon longitude and latitude two system of mapping. A range is a column created by drawing a parallel line every 6 miles east and west of a principal meridian north to south. Ranges are numbered consecutively east and west from their perspective principal meridians Townships. The rectangular survey method uses ranges in townships. Just as Range columns run parallel to meridians, north to south longitude lines, townships lines run parallel to base lines, thus making the township lines run east to west
Who owns the river
No one. Riparian rights cover in the use of flowing water, such as rivers and streams, the pass-through or border a property. In accordance with riparian rights, a property owner does not on the water, but he or she may use the water and shares those same rates and uses with other property owners whose land also borders the water
Bargain and sale deed
Offers no warranty against defects in the title or encumbrances associated with the title Conveys all of a grantors interest to a grantee but no grantee to defend the title against future claims. A bargain and sale deed, also called a deal without warranty, is a deed that offers no warranty against the defects in the title or encumbrances associated with the title. Grantors declare that they have an actual interest in real property, and the bargain and sale deed conveys all of the grantors interest to a grantee.
According to TAR listing agreement, the seller agrees to pay which of the following closing costs
Paragraph three of the tar listing agreement: listing price: seller instructs broker to market the property at the following price: $listing price. Seller agrees to sell the property for the listing price or any other price acceptable to the seller. Seller will pay all typical closing costs charge to sellers of residential real estate in Texas, sellers typical closing costs are those set forth in the residential contract forms promulgated by the Texas real estate commission.
Variance
Permits an exception to a zoning ordinance, it is for the benefit of one parcel only.
Trade fixtures, such as desks, counters, display racks, and checkout stands
Personal Trade fixtures are items that the tenant owns but has attached and some permanent way to least, especially commercial, real estate. Trade fixtures remain the tenants property when his or her lease expires. Examples of traits fixtures include desks, counters, display racks, and checkout stands.
Real or personal property? Ownership transferred by bill of sale.
Personal Ownership to personal property usually transferred by bill of sale. A bill of sale is a written agreement used to sell, reassign we're transfer ones right to, or interest in personal property
What are the bundle of legal rights that come with property ownership
Possession, control, enjoyment, exclusion. The bundle of legal rights the right to control the property within the framework of the law, the right of exclusion, to keep others from entering or occupying the property, the right of possession, the right of dispossession, to be able to sell or otherwise convey the property, and the right of enjoyment, to use the property in any legal manner.
Real or personal property? Fixtures such as elevators, central air conditioning units, and garage door openers
Real Personal property can be turned into real estate. This is accomplished by making that property a fixture. A fixture is chattel bound to real estate and refers to an object that was one's personal property but which has now been firmly attached to the land in such a way that it becomes part of the real estate
Real or personal property: Everything on, under and above the land plus the set of owners rights associated with it
Real Real estate is the land, including everything on it, under and above the land. Also recall that real property is the definition of real estate plus the son of owners rights associated with it
The right of a defaulted tax pair to recover the property before its sale for under paid taxes is
Statutory right of redemption In addition to the equitable rate of redemption, Texas law provides for a period of redemption after the tax sale during which the defaulted borrower may redeem the property by paying the amount paid at the tax sale, plus interest and other charges.
Chris doesn't have much money and cannot hire other experts like a lawyer so he's asking his agent Linda lots of questions about the legal and tax implications of the sale. She helps him as best as she can without veering into unauthorized practice of law. What forms for Linda using this transaction
TREC forms. Section 537.118 requires a licensee to use only those forms promulgated by Texas real estate commission when negotiating contracts binding the sale, exchange, option, lease or rental of any interest in real estate property
Which lean usually is given higher priority
The annual taxes levied on real estate usually have priority over other previously recorded liens and may be enforced by the court sale of real estate free of such other liens
Texas business in commerce code is commonly known as
The laundry list
According to TAR listing agreement if the property becomes vacant during the listing, the seller must do what?
The seller must notify his, her casualty insurance company and request a quote vacancy". TAR listing agreement paragraph 14 a colon a dot if the property is or becomes vacant during this listing, seller must notify sellers casualty insurance company and request a vacancy clause to cover the property. Broker is not responsible for the security of the property nor for inspecting the property on any periodic basis
Property held in partnership
Two or more parties agree to combine their property and talents to create a for-profit business
Addendum for coastal area
Used with contracts on properties that share a boundary with the submerge lands of the state. The addendum for coastal area property is used with contracts on properties that share a boundary with the submerge lands of the state. The boundary may change because of erosion. A survey is the only way to establish the boundary.
A homeowner who is entitled by Texas law to a homestead exemption is sued by creditors, the general creditors.
Usually have no right to have the debtors home sold. In Texas, the homestead is exempt from for sale by creditors for payment of most debts .
Joint Tenancy
When a joint tenant dies, the surviving joint tenants inherit the decreased co-owners ownership interest in the property. In a joint tenancy, two or more individuals share ownership of the property. Under this form of co-ownership, there is a right of survivorship, when a joint tenant dies, the surviving joint tenants inherit the deceased's ownership interest in the property
Under The Texas mortgage credit certificate MCC program eligible first time home buyers may claim a federal tax credit for up to___percent of annual mortgage interest paid
40
How many acres are there in a square mile
640. Establishing the unique location of a township is the most difficult part. After that, designations become a little easier. Each 36 Square mile township is divided into 36 individual square mile sections, starting in the upper right hand corner. Each square mile contains 640 acres, and every acre has 43,560 ft.²
Which of the following entities is not a consumer under the DTPA A person buying a toaster A corporate licensee with a net worth of 25 million that owns and operates a best realty franchise A billionaire purchasing a 35 million estate as a primary residence Homeowners acting as their own contractor in order to build a $550,000 residence
A corporate licensee with the net worth of 25 million that owns and operates a best realty franchise is not a consumer under the DTPA, section 17.46B of the Texas business in commerce
According to the TAR listing agreement, the seller promises all of the following except Cooperate with the broker who facilitated the sale Agree to the use of the title company required by the broker Not rent or lease the property during the listing without the brokers consent Complete any disclosure notice is required by law
Agree to the title company required by the broker. TR listing agreement paragraph 13 agreeing to title company is not included here Sellers additional promises: seller agrees to: a cooperate with the broker facilitating the showing, marketing in, sale of the property. B. not rent or lease the property during the listing with other brokers prior written approval. C. not negotiate with any prospective buyer who may contact the seller directly, but refer all prospective buyers to the broker. D. not enter into a listing agreement with another broker for the sale, exchange, or lease of the property to become effective during the listing. E maintain any pool and record all required enclosures in compliance with applicable laws and ordinances. F provide broker with copies of any leases or rental agreements pertaining to the property and advise the broker of tenants moving in or out of the property. G completely complete any disclosure or notice is required by TREC or by law or a contract to sell the property H amend any applicable notices and disclosures if any material change occurs during this listing
A general warranty deed offers the grantee the most possible protection against past and future claims on the title by caring all available warrantees and covenants. A general warranty deed binds the grantor to which covenants.
Covenant against encumbrances, covenant of the seisin, covenant of quiet enjoyment, covenant for further assurance, covenant for warranty forever.
Recorded plat
Lot - block - tracked Recorded plots are probably the simplest method of land description. The recorded plot system of land description is also called the lot block tract system and the recorded map method Parcels To understand how they recorded plat system works, we must understand the "pieces quote that make up a plot. Specialized terminology is used to identify these pieces. "Parcels "are the individual lots that are combined to make a "block quote and blocks are combined to make a "tract quote. The tract is the totality of the property represented on the plot
Under riparian rights, Bert, owner of land located along the course of a non-navigable stream May all the land under the water to the exact center of the waterway. Has the right to use the water for any purpose so long as he does not believe it. Made damn the stream for irrigation purposes. Has no water rights because the stream estate property
May owned the land under the water to the exact center of the water weigh
What is most important difference between physical characteristics and economic characteristics of
Origin. Physical characteristics occur naturally, while economic characteristics are man-made.
Consumer information form 1-1
Posted in each real estate office contains information about TREC recovery funds and how to contact TREC
Promulgated resale certificate
Provides information about the property and the financial situation, bylaws, and the rules of the HOA. The resale certificate and the subdivision information are created to be completed by the homeowners association involved in the sale. The resale certificate should be carefully reviewed as it is a snapshot of the financial situation of the HOA. The purchaser should review the bylaws of the HOA to determine the rules for the subdivision.
What to ownership rights are associated with waterfront properties
Riparian and littoral
The exclusion is allowed each time a Home owner sells or exchanges a principal residence but generally no more frequently than once every___years
Two
Freehold or leasehold? Only the right to possession and use of property
leasehold estate, the tenant owns a right to possession in the use of the property. This interest is typically held for a specified or determined. Of time with no ownership rights.
