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37 Cards in this Set
- Front
- Back
- 3rd side (hint)
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RMLOs in Texas are licensed through: |
Texas Department of Savings and Mortgage Lending |
a. TREC b. NMBA c. TDSML d. TSLB |
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Indestructability, a physical characteristic of land , is also known as: |
Durability |
a. Quality b. Enduring c. Durability d. Immobility |
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A freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase is in sales an example of the economic characteristic of: |
Modification |
a. scarcity b. fixity c. situs d. modification |
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Texas attourneys who specialize in real estate are listed by: |
Texas Board of Legal Specialization |
a. TREC b. Texas Board of special attourneys c. Texas board of legal specialization d. Texas Department of Legal Standards |
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Factory built housing that is built to local building codes include: |
Modular homes |
a. modular homes b. manufactured homes c. condos d. site built homes |
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Buildings, roads and fences are examples of? |
Improvements |
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If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through: |
Accession |
a. Remediation b. Adverse possession c. Accession d. Decent |
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Effective in 1976, manufactured homes have been built according to a building code administered by: |
HUD |
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Homes that are built in sections according to local building codes and assembled on the job site. |
modular homes |
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Manufactured home dealers are licensed by? |
the TDHCA |
a. TREC b. The TDHCA c. The TALCB d. TRELA |
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The gain on the sale of an asset for the seller is known as? |
Capital gain |
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T or F:The gain on the sale of a property is the difference between the initial purchase price and the final sales price |
False |
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Discrimination in housing based upon race or color has been a violation of federal law since: |
1866 |
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The agency that is responsible for the enforcement of federal consumer financial law is: |
CFPB-- Consumer Financial Protection Beareau |
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All realestate brokers and inspectores must display, in a prominent location is the: |
Consumer Information Form 1-1 |
a. TILA disclosure b. Consumer Information Form 1-1 c. IABS d. License Act |
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The most commom method of desribing real estate ina subdivision is: |
Lot and Block |
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A method of propert desription that consists of terminal points and angles is: |
Metes and bounds |
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The most common method of surverying the western public lands of the US is? |
Metes and bounds |
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Government Survey System |
AKA Rectangular survey system. Uses townships. "Western Frontier" |
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Townships |
Divided into sections of 1 sq mile (640 acres) There are a total of 36 sections. 36 square miles all together. |
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A contract for the purpose of performing an illegal act is a... |
Void Contract.. Its acted as if it never existed in the first place. |
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What is an example of police power? |
Zoning, Wetlands legislation, health and fire codes. |
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If the intended use of a property violates zoning, then theh owners must request what? |
A variance |
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Fee simple or fee simple absolute |
Best type of ownership, it has the least number of limitations. Fee simple is ALWAYS a state of ineritence. |
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Conditional, defeasible or determinable fee |
Type of ownership where ownership could be voided if a condition is not met. |
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Easements can be terminated by...? |
Merger, abandonment, release or death |
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Avulsion occurs when: |
water washes away the land from one property to the next |
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T or F:An easement in gross belongs to the land, not a person or corporation. |
False |
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The following are all categories of estates except: a. freehold estate b. executory c. statutory d. leasehold |
b |
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The right of redemtion for homestead property sold at a tax auction in Texas is how many years? |
2 |
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A property is owned by 2 unmarried individuals without the right of survivorship. The form of ownership is mostlikely..? |
Tenancy in common |
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A trust that is created in the lifetime of the trustor is an... |
Inter Vivos trust |
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A trust that is created under the terms of a will is... |
Testamentary Trust |
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Open listing |
Gives the seller the right to list the property with multiple competing brokers and to sell the property themselves to avoid paying commission, |
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Exclusive Agency |
Agrees to list the property with only one brokerduring the listing term, with the provision that the seller can sell personoally without paying commission. |
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Exclusive right to sell |
Recommended! A commission is paid even if the property is sold personally by the seller. |
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Net listings |
Seller establishes a minimum sales price. The brokers commission is the difference between the 2. |
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