Texas Real Estate Study

Front 1

A direct agent of the principal who is hired for compensation to perform a service like negotiating the sale of a property is a..?

Back 1

Broker

Front 2

A licensed employee of the broker who is hired by the principal to perform certain duties who must uphold fiduciary duty is owed to the principal

Back 2

Agent

Front 3

Are responsible for finding tenants for properties, collecting rents, rehabbing space for tenants or constructing new space, initiating repairs and maintenance

Back 3

Property managers

Front 4

These individuals give and make loans

Back 4

Lenders

Front 5

These individuals are those who act as officers in a bank

Back 5

Banker

Front 6

sell insurance policies protecting for loss or damage

Back 6

Insurer's

Front 7

Individuals are paid to bring borrowers and lenders together. They do not give loans.

Back 7

Mortgage brokers

Hint 7

Only Mortgage Bankers can sell and give loans

Front 8

These individuals are license to give legal advice and representation

Back 8

Attorney

Front 9

These individuals inspect property and offer an opinion of property condition and state and must be licensed to conduct inspections

Back 9

Inspectors

Front 10

These individuals take formal measurements of boundaries, dimensions, and elevations of Real Estate. They are required by lenders to identify any and all possible encroachments, easements, and flood hazards

Back 10

Surveyors

Front 11

These are individuals offer perspective buyers valid information about the various aspects of purchasing, using, or investing in property

Back 11

Counselors

Front 12

These individuals provide education to real estate professionals

Back 12

Educators

Front 13

This type of property type, is owned and used for habitation.

A) commerical property

B) residential property

C) investment property

D) none of the above

Back 13

Residential property

Front 14

This type of property is a retail or office space, or an industrial space used for Real Estate. This type of real estate can generate income from business usage

A) commercial property

B) investment property

C) residential property

D) none

Back 14

Commercial property

Front 15

This kind of property is held for investment purposes.

Back 15

Investment property

Front 16

When a broker gives advice or information for a fee, salary, or retainer this type of relationship is known as?

A) professional relationship

B) agency relationship

C) investment relationship

D) advisory relationship

Back 16

Advisory relationship

Front 17

The Texas Real Estate Commission (TREC) has how many members? Of those members how many are involved in real estate?

Back 17

9 members. 6 brokers and 3 individuals of the general public

Front 18

D. I. R. T. M. C. Is an acronym for functions that real estate professionals perform, what does this stand for?

Back 18

Demolition, investment ownership, regulation, transfer, management and maintenance, and creation/improvements

Front 19

When Supply equals demand price equals cost and value is identical what state is this Market in?

Back 19

Market Equilibrium

Front 20

The amount of available property that becomes occupied overtime is called what?

Back 20

Absorption

Front 21

A place where supply and demand happen together is known as a?

Back 21

Market

Front 22

This individual has a salesperson's license and is employed by an independent contractor for a broker. The salesperson is authorized to perform Real Estate Services Under the supervision of the broker.

Back 22

Salesperson/agent

Front 23

The education committee has how many board members?

Back 23

12

Front 24

The surface area of Earth, everything beneath the surface area of Earth extended hours to the Center of the Earth, all natural things permanently attached to the surface of the Earth, and the air above the surface extending outward to space can be defined as?

Back 24

Land

Front 25

A portion of land the delienated by boundaries that is eMobile indestructible and heterogeneous is known as?

Back 25

Parcel or tract

Front 26

Land and all man-made structures that are permanent attached to the land is known as?

Back 26

Real estate

Front 27

Man-made structures attached to the land

Back 27

Improvements

Front 28

Something owned by someone in the set of Rights that are accompanied to owning that by the owner.

Back 28

Property

Front 29

Anything that is not real estate and the rights associated with owning the personal item also known as Chattels or personalty

Back 29

Personal property

Front 30

The bundle of Rights associated with owning a parcel of real estate. This is the right of possession. What is the name of this right?

Back 30

Real property rights

Front 31

These rights concerned properties touching bodies of water that are not moving like lakes or Seas.

Back 31

Littoral rights

Front 32

This right is for properties touching moving water such as streams or Rivers.

Back 32

Riparian

Front 33

When real property is converted from personal property by attachment to permanent real estate this is known as?

Back 33

Fixture

Front 34

These are personal property items temporarily attached to real estate in order to conduct business. These are designed to be removed at some point from the location or business.

Back 34

Trade Fixtures

Front 35

These are plants are crabs considered personal property since human interaction is necessary for planting or harvesting.

Back 35

Emblements

Front 36

This is known as the act of transforming real property to personal property through Severance or personal property to real property through affixing.

Back 36

Conversion

Front 37

Federal Housing Act of 1968

Back 37

This prohibits discrimination in housing based on race, religion, color, or national origin.

Front 38

Environmental Protection Agency

Back 38

Establishes protective usage restrictions and guidelines for dealing with hazardous materials and other environmental concerns

Front 39

This individual is a salesperson or a broker from another firm that you cooperate with in order to create a transaction for example when you act as the listing agent this individual will represent the buyer.

Back 39

Sub-agent

Front 40

A transaction involving a cooperating sub-agent is called?

Back 40

Co-brokerage

Front 41

When HUD attempts to resolve the complaint by getting assurance from the person against whom the complaint was filed that he or she will remedy the alleged violation this is called?

Back 41

Conciliation

Front 42

Scaring individuals into selling their property by telling them information that has detrimental results. Also known as panic peddling or panic selling

Back 42

Blockbusting

Front 43

Channeling homebuyers toward or away from homes in certain neighboods in order to preserve or alter the makeup of that neighborhood.

Back 43

Steering

Front 44

Restricting the number of loans in certain areas of a community because of it's racial or ethnic makeup

Back 44

Redlining

Front 45

A person registered under subchapter K

Back 45

Certificate holder

Front 46

One who sells, buys, leases or transfers an easement or other right-of-way for another person and is compensated

Back 46

Right-of-way Agent

Front 47

Where are surplus real estate recovery trust account funds transferred to?

Back 47

The general revenue fund

Front 48

This Runs with the land or stays with the land if sold is called?

Back 48

Appurtenance

Front 49

This is the north and south area between meridian lines and these are always 6 miles wide

Back 49

Range

Front 50

On the rectangular survey system these lines run Notth and south of a parcel of real estate

Back 50

Meridian lines

Front 51

On the rectangular survey system, these lines run East and west

Back 51

Parallels

Front 52

The east west area between two parallels is called a? On a rectangular survey system these are always 6 miles wide

Back 52

Tier

Hint 52

Also known as township strip.

Front 53

A square on a rectangular survey system is called a? These are always 6 miles long and 6 miles wide

Back 53

Township

Front 54

Also known as a land survey plat, this type of survey located and verifies all property concerns and boundaries, shows the location of all improvements in relation to the property lines, includes an area of the overall property and shows existing encroachments.

Back 54

Boundary survey

Front 55

This type of survey is a boundary survey with the additional location of all interior improvements. Prepares a map showing boundaries and improvements, and it may be required for obtaining a loan

Back 55

Location survey

Front 56

This type of survey locates features such as elevations of the land, embankments, Contours, water courses, Roads, ditches, utilities, etc. Used to prepare a site design map, a subdivision map, or an erosion plan

Back 56

Topographic survey

Front 57

This type of survey uses a boundary and topographic survey as a base to design for future improvements.

Back 57

Site planning survey

Front 58

This type of survey is used for construction and recording. It often includes a topographic survey of a parcel of land which will be divided into 2 or more smaller tracts, lots, or estate division

Back 58

Subdivision survey

Front 59

This kind of survey uses surveying techniques to stake out buildings, Roads, walls, utilities, etc.. this includes horizontal and vertical grading, slopes staking, and final as-built surveys.

Back 59

Construction survey

Front 60

Also known as a drive-by survey, this survey is designed to show the location of the house and other large structures on the property, as well as the orientation of those structures in relation to each other

Back 60

House location survey

Front 61

A more detailed version of the house location survey, this type of survey shows exactly where boundaries, easements, and property lines are located.

Back 61

Cadastral land survey

Front 62

Standard elevation reference points

Back 62

Datums

Front 63

Local elevation markers that help with surveying. It provides a valid reference point for surveying other elevations in the immediate area

Back 63

Benchmarks

Front 64

Discrimination against protected classes does not need to be intentional. This term is know as the?

Back 64

Disparate impact

Front 65

When are property surveys most often conducted?

Back 65

When land is being sold

Front 66

Creating a consistent, unchanging standard for location property in the form of writing is called a?

Back 66

Legal description

Front 67

An agreement between two or more parties who, in a "meeting of the minds," have pledged to perform or refrain from performing some act or transaction

Back 67

Contract

Front 68

A contract in which all the terms and covenants of the agreement have been clearly stated and agreed to by all parties, whether verbally or written

Back 68

Express contract

Front 69

A contract in which it an unstated or unintentional agreement that may be considered to exist when the actions of any of the parties suggest the existence of an agreement.

Back 69

Implied contract

Front 70

When a contract is signed, fully performed and fulfilled, this what type of contract

Back 70

Executed contract

Front 71

When a contract is unsigned and performance is yet to be completed this is a? Type of contract

Back 71

Executory contract

Front 72

This type of contract is when both parties promise to perform their respective parts of an agreement in exchange for performance by the other party

Back 72

Bilateral contract

Front 73

This type of contract is when. Only one party promises to do something, provided the other party does something

Back 73

Unilateral contract

Front 74

When a contract is cancelled and then both parties agree to make a new contract to replace the canceled contract this is called?

Back 74

Novation

Front 75

When something is required to be done or met before the contract of a purchase is enforceable, this contract is relying on a?

Back 75

Contingency

Front 76

This type of interest is when two or more individuals share ownership together.

Back 76

Undivided interest

Front 77

If an interest holder also has the right of possession on a property As well as interest in the real estate the interest holder is considered to have? (Right to the land)

Back 77

Estate to the land

Front 78

If a private interest holder does not have the right to posses the land but holds interest in the property, the interest holder is an

Back 78

Encumbrance

Front 79

Eminent domain

Back 79

When the power of the government, or public utility takes private property for public use.

Front 80

Inverse condemnation

Back 80

When a property owner is entitled to compensation from the state when the value of the land is reduced by 25% or more

Front 81

When a property owner dies and there is no heir to will the property to this is called?

Back 81

Escheat

Front 82

An interest that includes the right of possession is?

Back 82

An estate

Front 83

In this type of estate the duration of the owners rights cannot be determined: the rights may endure for a lifetime, for less than a lifetime, or for generations beyond the owners liftime

Back 83

Freehold estate

Front 84

In this type of estate the property owner can only own rights to this estate for a specific duration as represented by the lease duration

Back 84

Leasehold estate

Front 85

In this type of ownership interest everything regarding ownership is transferred during the transaction and it is the buyers from this point forward based on the fee payed to own it

Back 85

Fee simple interest

Front 86

This form of fee simple interest is an estate that is owned completely and Is not conditioned by stipulated or restricted areas. It can also be freely passed on to heirs

Back 86

Fee simple absolute

Front 87

This type of fee simple interest is perpetual only provided that the usage conforms to specific conditions.

Back 87

Fee simple defeasible

Front 88

Fee simple defeasible - determinable

Back 88

Has usuage limitations: if the restrictions are violated, the estate automatically reverse to the grantor or heirs

Front 89

Fee simple defeasible - condition subsequent

Back 89

If any condition is violated, the previous owner may repossess the property. The grantor must re-take physical possession within a certain time frame

Front 90

Remainder man

Back 90

The holder of a retainer interest which is someone who received the title to property upon termination of the life estate.

Front 91

An owners principle residence. The rights to the residence are protected by the Constitution and no laws or contracts can waive this owners rights to the property

Back 91

Homestead

Front 92

The wife's life estate interest in the husband property. When the husband died the wife can make claims to portions of the decendents property

Back 92

Dower

Front 93

The husbands life estate interest on the wife's property. If the wife died the husband can make claims on her property

Back 93

Curtesy

Front 94

This is a state-level statute enabling a surviving spouse to make a minimum claim to the deceased spouses real and personal property in place of the provisions for such property in the decendents will

Back 94

Elective share

Front 95

This is another right to use or take possession of a legal owners property, or to prevent the legal owners from enjoying the full bundle of Rights in the estate

Back 95

Encumbrance

Front 96

This is an interest in real property that gives the holder the right to use portions of the legal owners real property in a defined way. Thisay apply to use of a properties surface, subsurface, or airspace and the area MUST be defined

Back 96

Easement

Front 97

The receiver of the easement right is the?;

Back 97

Benefited party

Front 98

The giver of the easement right is the?

Back 98

Burdened party

Front 99

Easement appurtenant gives property use to?

Back 99

Portions of an adjoining property owned by another party.

Front 100

Dominant tenement vs servient tenement in regards to easements and what's he difference?

Back 100

Dominant tenement is the property enjoying the usuage right of the easement and servient tenement is the property containing the physical easement itself

Front 101

Also means "attaching to"

Back 101

Appurtenant

Front 102

Easement by necessity

Back 102

This is an easement granted by ancpurt of law to a property owner because of circumstances of necessity, most commonly the need for access to a property

Front 103

This type of easement is a personal right that one party grants to another to use the grantors real property. This is only grantor to one specific property or part of the property

Back 103

Easement in gross

Front 104

Easement by prescription

Back 104

If someone uses another's property without permission for a long period of time and under certain conditions, a court order my give the user the easement right by prescription to continue using the owners property regardless of the owners desire's

Front 105

The unauthorized physical intrusiom of one owners real property into that of another.

Back 105

Encroachments

Front 106

License

Back 106

Is a personal right that a property owner grants to another to use the property for a specific purpose

Front 107

This is a creditor's claim against personal or real property as security for debt of the property owner. To secure a debt these claims can seize property if the debt is not paid

Back 107

Lien

Front 108

Real Estate tax lien the local legal taxing authority annually places a real estate tax lien also known as?

Back 108

Ad valorem Tax lien

Front 109

This kind of easement is a personal right that one party grants to another to use the grantors real property. The right does not attach to the grantors estate

Back 109

Easement in gross

Front 110

Subdivision plat

Back 110

A lien on an entire subdivision

Front 111

This can only be created with a transfer of ownership

Back 111

A condition

Front 112

General lien vs specific lien

Back 112

A general lien is one placed against any and all real and personal property owned by a particular debtor. A specific lien attached to a single item of real property

Front 113

What 2 factors determine lien priority?

Back 113

Categorization as superior or junior, the date of the recording of the lien

Front 114

A legal document that forces the sale of attached property and collect the debt

Back 114

Writ of execution

Front 115

Satisfaction of judgement or release of judgement

Back 115

Clear the records of a recorded debt once paid

Front 116

Writ of attachment

Back 116

During a lawsuit this prevents the debtor from selling or concealing property

Front 117

In Texas, a real estate owner may put up real estate instead of cash to pay bail if he/she has been charged with a crime. This is what type of lien?

Back 117

Surety bail bond lien

Front 118

During foreclosure, this gives public notice that the mortgaged property may soon have a judgement against it and allows notice to other lienholders to join the suit against the defendant

Back 118

Lis Pendens

Front 119

Judicial foreclosure vs non-judicial foreclosure?

Back 119

The power of sale provision is the key difference. For judicial foreclosures that do not have the power of sale a lender must file for a foreclosure suit and attend court. For a non judicial foreclosure where a power of sale provision exist, the property can be forced to be sold without a foreclosure suit

Front 120

This type of foreclosure is when the court orders the lender be given the title of the property directly instead of receiving cash proceeds from a public sale.

Back 120

Strict foreclosure

Front 121

This type of foreclosure is when a property owner gives the deed back to the lender in lue of foreclosure proceeding. The title is legally transferred back to the lender

Back 121

Deed in lieu of foreclosure

Front 122

When A lender allows a borrower in debt on a mortgage loan to sell the mortgaged property for less money than necessary to satisfy the loan in order to avoid the delay and expense of foreclosure sale. The lender usually forgives the mortgage balance owed after the sale. This is what type of sale?

Back 122

Short sale

Front 123

For which Homestead projects the following statement is correct? The owner must provide trust funds, which then must be deposited into an escrow account by the contractor at a bank.

A) that total $2,000 or more

B) that total $5,000 or more

C) that total $7,000 or more

D) that total $10,000 or more

Back 123

That total $5000 or more

Front 124

This type of ownership is when the property is held only by one owner

Back 124

Ownership in severalty

(knicknames - sole ownership, tenancy in severalty)

Front 125

This type of ownership is when ownership is held by two or more people

Back 125

Co-ownership

Front 126

This type of ownership is when ownership is held by a third party for the benefit of someone else

Back 126

Ownership in trust

Front 127

There are three types of co- ownership which are, tenancy in common, community property, and?

Back 127

Joint tenancy

Front 128

Unity of time, unity of title, unity of possession, and unity of interest are need to create what type of co-ownership?

Back 128

Joint tenancy

Front 129

Two or more people who combine their financial resources to achieve certain investment objectives

Back 129

Syndicates

Front 130

This type of listing authorizes a broker to represent an owner or landlord

Back 130

Owner listing

Front 131

This type of agreement authorizes a broker to represent a buyer or tenant

Back 131

Buyer agency or tenant representation agreement

Front 132

This type of agreement allows a broker to have exclusive right to market property for a specified period of time

Back 132

Exclusive right to sell agreement

Front 133

This type of agreement gives a broker the right to market and sell property for a specified period of time, while the owner retains the right to find a buyer and sell the property without owing the broker commission. Commission is only paid if the home is sold by the broker or one of his sub-agents

Back 133

Exclusive agency agreement

Front 134

This a non-exclusive contract/agreement, authorizing a broker to serve as the agent for either the sale or the purchase of the property. Also known as a unilateral contract

Back 134

Open listing

Front 135

When an owner sets a minimum amount that he wants to receive from the sale of the property and let's the broker have as commission any amount above the set minimum

Back 135

Net listing

Front 136

This agreement is a legally binding contract that creates an agency relationship authorizing a broker to serve as the agent for a principal in a real estate transaction

Back 136

Listing agreement

Front 137

What is the period of time called that allows a broker the right to a commission if, after the contract expires, the seller should later sell the property to one of the brokers prospects?

Back 137

Protection period

Front 138

What act refers to verifying the accuracy of the statements in the listing regarding the property, the owner, and the owners representations?

Back 138

Due diligence

Front 139

What is the period of time called that allows a broker the right to a commission if, after the contract expires, the seller should later sell the property to one of the broker prospects?

Back 139

Protection period

Front 140

A fulfilment of the contract occurs when?

Back 140

Both parties have performed the actions they promised to perform

Front 141

This states that only brokers may list, sell, or rent property. Agents have authority to list, but all listings must be done in the name of the licensed broker

Back 141

The Texas Real estate Act

Front 142

This requires that certain contracts must be in writing to be enforceable. Real estate contracts that transfer interest in real property fall in this category with the exception of a lease with a term of one year

Back 142

Statute of Frauds

Front 143

This provides for the custody and disbursement of the earnest money deposit, and releases the escorw agent from certain liabilities in the performance of escrow duties

Back 143

Escrow clause in a sales contract

Front 144

When just a few people hold stock in a corporation what is this called?

Back 144

Closely held

Front 145

In what part of a sales contract would you find information regarding that a seller acknowledges that the buyer must withhold 10% of the purchase price at closing if the seller is a foreign person or entity, and forward the withheld amount to the internal revenue service

Back 145

Foreign seller withholding