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real estate
| Question | Answer |
|---|---|
| how many points do you need to get a brokers license? | 3600 |
| area preferences in the location of land is described as? | situs |
| mrs baker holds a life estate in the home in which she lives. during her lifetime she may not? | commit waste on the property |
| the responsibilities of TREC are? | granting licenses protect public interest regulate activities of licensees |
| an easement acquired by constant use is called easement by? | prescription |
| person who dies without a will or hairs their land goes to? | the state |
| how many members are on the real estate broker lawyer committee | 13 |
| legal action to force the breaching party to carry out the remainder of a contract is called a suit for? | specific performance |
| ownership in severalty occurs when? | property is owned by one person |
| easements, right of way, and condominium parking stalls are examples of? | appurtenances |
| Americans with disabilities act deals primarily with? | commercial property |
| a purchasers right to acquire legal title to real property under the terms of a valid agreement is know as? | equitable title |
| what type of mortgage is used to fiance the purchase of raw land or subdivision | blanket mortgage |
| the following is defined as the mortgage payment plus all recurring debt | back-end ratio |
| what is the advantage to the lender for going FHA | mortgage insurance |
| loans that meet the loan requirments of both fannie mae and freddie mac are? | conforming loans |
| which of the following is a clasue in a mortgage | alienation due-on-sale defeasance |
| who must sign the mortgage and the note | mortgagor |
| settlement statement is also called | HUD-1 |
| approval of the applicant , property, and the final closing is the job of the | underwriter |
| systematic and continuous repayment of an obligation through periodic installments until the debt has been repaid in full | amortization |
| the good faith estimate is required by | RESPA |
| usury most nearly means | illegal interest |
| a right, lien, or claim attached to real property that passes with the title is called | encumbrance |
| liquidation of debt by periodic installments is best described as | amortization |
| buying loans and issuing mortgaged backed securities are two examples of | the secondary market |
| what is the opposite of an alienation clause? | assumption |
| what does FNMA exchange for a block or pool of mortgages? | mortgage backed securities |
| when a borrower defaults on a mortgage the lender proceeds to cure the default by invoking the | acceleration clause |
| HUD-1 form is required by | RESPA |
| the process some lenders have to approve FHA loans in house is called? | direct endorsement |
| which is true about discount points | they increase the effective yield to the investor |
| TREC was created in what year? | 1949 |
| info about brokerage services must always be printed in | 10 point font |
| exclusive agency? | seller list there house with a broker, the broker will not receive a commission if the owner finds a buyer themself |
| price fixing is a violation of? | sherman antitrust act |
| the seller authorizes the broker to act as an intermediary in the? | listing agreement |
| steering | directing home seekers to a neighborhood because of race, religion, color, national origin. |
| jones v. alfred h mayer company and the title VIII of the civil act both occurred in? | 1968 |
| when an agent offers free advice he is responsible for advice free agency is | gratuitous agency |
| TAR residential buyer/tenant representation agreement states | if the buyer buys one of the brokers listings, the broker will look to the seller for the commission |
| the canons of professional ethics and conduct for real estate licensees include | fidelity, integrity, and competency |
| fiduciary relationship is | a relationship founded on trust |
| a deed is a written document that transfer real title to real estate from one person to another. T or F ? | TRUE |
| the trustee in deed of trust | forecloses on the property in the event of default. |
| special warranty deed | the owner warrants that the owner has done nothing to encumber the title while the owner owned the property |
| prorations of items in real estate closing are made usually as of the date of? | Closing |
| dedication | a voluntary gift of private land to the public |
| in order to convey title to real property a deed must be signed by the? | Grantor |
| removing the original borrowers name from the note and substituting the new buyers name is called? | Novation |
| the CPM designation is presented by? | IREM |
| what a person has seen, heard, and read? | actual notice |
| The premiums for the title insurance policy are set by the? | Texas department of insurance |
| zoning is enforced by? | building permits and building codes |
| expenses, which a lender incurs while processing a mortgage loan application are recoverd from the borrower as? | origination fee |
| written documents affecting title to real estate are recorded where? | at the the county clerks office where the property is located? |
| a person who leaves no will dies? | Intestate |
| the right to redeem the property before a mortgage foreclosure sale is called? | equitable redemption |
| FHLMC provides a secondary market for? | conventional loans |
| mortgage that includes real estate and personal property is a? | package mortgage |
| A hand written will signed by the testator but not witnessed is know as? | Holographic Will |
| Jack has a lien on his home. the lien will be paid in full by the maturity date without the need for a balloon payment. This type of loan is known as? | Amortized loan |
| The loan the requires equal payments of sufficient size and number to pay all interest and principal by the end of the loan is? | an Amortized loan |
| what is an abstract title? | a history of all recorded activity affecting a parcel of real estate. |
| General warranty deed contains | the covenant of seisin and the covenant against encumbrance |
| land plus new construction cost minus depreciation is the formula for? | cost approach |
| a title insurance policy in favor of the mortgage will insure the? | the Lender |
| the highest and best deed used in Texas is the? | General warranty deed |
| The right to redeem the property after a tax foreclosure sale is called? | statutory redemption |
| the owners of a cooperative estate hold shares of stock in the cooperative and are issued a? | proprietary lease |
| a construction loan is also called? | interim loan |
| The borrower is required to be notified when the note is sold and the servicing rights are not sold. T or F ? | false |
| At the closing? | all documents will be signed and seller will receive the sales price for the property. |
| the deed of Trust has several advantages for the lender including? | time between default and foreclosure is short and the non-judicial foreclosure is inexpensive. |
| who must sign the option fee receipt? | seller of listing broker |
| TREC promulgates a short sale addendum to be used in a short sale this short sale addendum is to be signed by the? | buyer and seller |
| if your are selling a foreclosed property, you will need to make the change from general warrenty deed in paragrgh 9 to? | special warranty deed |
| your buyers have signed a contract t buy a new house the contract is subject to the sale of their present house. this is called? | contingency |
| prepaid items may include? | interest, taxes, insurance. |
| who is responsible for sending the contract to any attorneys that are named in the contract? | Broker |
| The majority of lawsuits come from the issue of? | non-disclosure |
| when a fixture in a property does not remain for the buyer, how do you inform the buyer of this fact? | list items in the "residential contract" |
| seller and buyer agree to all terms of a contract but later agree to a change. what form should the agent use to make this change? | an amendment |
| all changes from the original contract are completed on the "amendment" addendum. T or F | True |
| what must a buyers representation agreement have? | a termination date |
| a contract in which both parties have fulfilled their promises and performed on the contract is a? | executed contract |
| earnest money must be deposited with the title company or attorney by | end of the second business day |
| a suit for a specific performance is? | to force either the buyer or seller to perform on the terms of the contract |
| TREC 1-4 family residential contract states that if the cost of the lender required repairs and treatments exceeds___% of the sales price. the buyer may terminate the contract and the earnest money will be refunded. | 5% |
| when should earnest money be deposited | by the end of the second bushiness day after the last party has signed the contract and initialed all changes. |
| what type of deed is used in a standard conventional sale? | a general deed |
| third party financing condition addendum is used for conventional, FHA, VA financing options. T or F | true |
| what is the name of the clause that states that the buyer will NOT be held responsible to complete the purchase if the buyer cannot obtain sufficient financing? | contingency clause |
| if an agent does not let the buyer know that he should get a title policy or an abstract, what can occur? | it precludes the payment of or recovery of any commission to be paid on the sale |
| seller promises a broker a bonus if the broker brings the buyer a full price offer within 30 days this is called? | uni-laterl agreement |
| sisters buying a house together. to ensure that if one dies her share will go to her children they should purchase the property as? | tenants in common |
| when a grantor warrants that they are the owner of the property and has the right to convey title to it best describes? | covenant of seisin |
| which agency consists of two brokers and one client? | sub agency |
| agreement that is often used to eliminate most procuring cause controversies is? | exclusive right to sell. |
| a promise in exchange for a promise supported by consideration is the basis for? | a valid binding bilateral agreement |
| In a deed the clause which sets forth the extent of the title being conveyed is? | the Habendum clause |
| the largest estate or ownership in real property is? | Fee simple estate |
| a contract that has no legal effect because it does not have all the essential elements of a contract is? | void |
| whose signature is required on a deed? | Grantor |
| consideration to bind a contract may be in the form of? | money, promises, services |
| an instrument which guarantees against defects in title and conveys title is? | warranty deed |
| it is legal for the listing broker to assign the listing agreement to another broker? Y or N | NO |
| whenever fraud, misrepresentation or duress can be proven the contract becomes? | voidable |
| when two people signed a real estate contract, what interest does the purchaser have? | equitable title |
| title of real property transfers at the time the deed is? | delivered |
| an instrument conveying title to real property which guarantees title is good and promises to forever defend that title is? | A general warranty deed |
| by agreement one party to a contract was discharged and another party took there place. an act know as? | Novation |
| Listing contracts obtained by real estate salesman are considered to be? | the property of the employment broker |
| the term "right of survivor ship" is closely associated with? | joint tenancy |
| the deed that provides the buyer with the greatest protection is the ? | general warranty deed |
| what is a residential contract? | A homeowners warranty |
| according to TREC 1-4 family residential contract. who is responsible for paying the owner policy of the title insurance fee? | the party stipulated in the contract. |
| the tests of a fixture include the method of annexation to the real estate, adaption to a particular use of the premises, and? | the intention of the parties |
| a contract that is in the process of being carried out is? | executory |
| the process that brings the loan into legal existence is called the? | closing |
| A FHA loan is supplied by? | a qualified lending institution |
Created by:
shields1