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Texas Principles Of Real Estate II Final Exam: Questions & Answers: Latest Updated :Compl, Exams of Nursing

Texas Principles Of Real Estate II Final Exam: Questions & Answers: Latest Updated :Complete Version Texas Principles Of Real Estate II Final Exam: Questions & Answers: Latest Updated :Complete Version Texas Principles Of Real Estate II Final Exam: Questions & Answers: Latest Updated :Complete Version

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Download Texas Principles Of Real Estate II Final Exam: Questions & Answers: Latest Updated :Compl and more Exams Nursing in PDF only on Docsity! Texas Principles Of Real Estate II Final Exam: Questions & Answers: Latest Updated :Complete Version Written documents affecting a title to real estate are recorded: A. where the titleholder resides B. where the titleholder has legal residence C. at the county clerk's office where the property is located D. at any county clerk's office in Texas -answer- C. at the county clerk's office where the property is located A person appointed by a court to settle the estate of a deceased person when the executor cannot perform or refuses to perform is: A. another executor B. a legatee C. an administrator D. a devisee -answer- C. an administrator What is an abstract of title? A. title insurance B. a history of all recorded activity affecting a parcel of real estate C. a judgment on real property D. a patent -answer- B. a history of all recorded activity affecting a parcel of real estate A title insurance policy in favor of the mortgagee will insure the: A. owner B. buyer C. buyer and seller D. lender -answer- D. lender A chain of title shows the linkage of property ownership that connects the present owner to the original source of title. In most cases it starts with: A. ownership from 1955 B. chattel C. a suit in federal court D. the original grant of the land from the government to a private citizen -answer- D. the original grant of the land from the government to a private citizen A handwritten will signed by the testator but not witnessed is known as a(n): A. nuncupative will B. holographic will C. oral will D. formal will -answer- B. holographic will A voluntary gift of private land to the public is known as: A. alienantion The Texas Bootstrap Loan Program is a self-help housing construction program for very low-income families. A. True B. False -answer- A. True The Federal Reserve Bank: A. is the most common bank seen in most cities. B. was created to provide the nation with a more stable monetary and financial system. C. provides loans to most residential home buyers. D. was created in 2013. -answer- B. was created to provide the nation with a more stable monetary and financial system. FHA loans are ____________________ and VA loans are ________________________. A. insure by the Federal Housing Administration ----------- guaranteed by the Department of Veteran Affairs. B. backed by conventional banks -------- backed by commercial banks C. only for people with children ------------ only for people without children D. farm loans ------------ lake loans -answer- A. insure by the Federal Housing Administration ----------- guaranteed by the Department of Veteran Affairs. A mortgage that includes real estate and personal property is a: A. reverse mortgage B. package mortgage C. blanket mortgage D. equity mortgage -answer- B. package mortgage A deed is a written document that transfers title to real estate from one person to another. A. True B. False -answer- A. True In a deed the person giving up ownership is the _________________________, and the person receiving ownership is the___________________________. A. grantee--------grantor B. sublessor--------sublessee C. sublessee--------sublessor D. grantor--------grantee -answer- D. grantor--------grantee The highest and best deed used in Texas is the: A. General Warranty Deed B. Special Warranty Deed C. Bargain and Sale Deed D. Quitclaim Deed -answer- A. General Warranty Deed In a _______________________ the owner warrants that the owner has done nothing to encumber the title while the owner owned the property. A. General Warranty Deed B. Special Warranty Deed C. Bargain and Sale Deed D. Quitclaim Deed -answer- B. Special Warranty Deed A ____________________________ is created by using the words "love and affection" as the consideration for the deed. A. Consideration Deed B. Correction Deed C. Guardian Deed D. Gift Deed -answer- D. Gift Deed What a person has seen, heard, or read concerning the property is: A. actual notice B. constructive notice C. due within one year D. due within 30 days -answer- A. actual notice The ___________________ index lists in alphabetical order all sellers named in the documents recorded in a year. A. grantor B. grantee The premiums for the title insurance policy are set by the A. Title Company B. Texas Department of Insurance C. State Department of Premiums D. Texas Real Estate Commission -answer- B. Texas Department of Insurance A statutory year has ______________ days and each month has ____________days. A. 365--------31 B. 365--------28 C. 360--------28 D. 360--------30 -answer- D. 360--------30 When a property has become uninhabitable and the landlord has refused to repair the property the tenant may file a A. constructive eviction B. foreclosure against the owner C. judicial eviction D. must stay in the property until lease is up -answer- A. constructive eviction The legal description that uses distance and direction to describe the shape and boundaries of a property is: A. rectangular survey system B. lot and block C. street address D. metes and bounds -answer- D. metes and bounds In order to become a broker the salesperson must have experience points. The number of experience points required is A. 270 B. 3600 C. 4 D. 300 -answer- B. 3600 Title VIII of Civil Rights Act of 1968 makes it illegal to discriminate on the basis of A. familial status, handicap, race B. color. religion, C. national origin, sex D. all of the above -answer- D. all of the above --- A) familial status B) color, religion C) national origin, sex ALL of the Above Jack has a lien on his home. The lien will be repaid in full by the maturity date without the need for a balloon payment. This type of loan is known as a(n): A. term loan B. straight loan C. amortized loan D. loan point -answer- C. amortized loan Zoning is enforced by A. lenders and appraisers B. streets and roads C. building permits and building codes D. neighbors -answer- C. building permits and building codes Graduate, Realtor Institute (GRI) is a designation presented by A. NAR B. TAR C. TRELA D. IREM -answer- A. NAR The CPM designation is presented by: A. IREM B. NAR-National Association of Realtors C. TREC-TEXAS REAL ESTATE COMMISSION D. equity mortgage -answer- A. reverse mortgage The owners of a cooperative estate hold shares of stock in the cooperative and are issued a: A. proprietary lease B. gross lease C. seller's list D. buyer's list -answer- A. proprietary lease All Fair Housing laws apply to properties for lease as well as properties for sale. A. True B. False -answer- A. True At the closing A. all documents will be signed B. all doors and windows must be locked C. seller will receive the sales price for the property D. both A and C -answer- D. both A and C Possession of the property will be given to the buyer when: A. the seller signs the contract B. the buyer offers earnest money C. the loan funds D. real estate is paid -answer- C. the loan funds In analyzing a mortgage loan application, it is illegal for a lender to consider: A. job stability B. martial status C. income adequacy D. credit rating -answer- B. martial status A legal claim on a property resulting from a debt against the property is called a: A. deed B. lease C. lien D. ownership -answer- C. lien Land plus new construction cost minus depreciation is the formula for the ______________? A. cost approach B. market data approach C. income approach D. capitalization approach -answer- A. cost approach Private Mortgage Insurance was formed as a privately owned business venture to insure home mortgage loans. It insures A. only the top 20% of the sales price B. 100% of the sales price C. 100% of the loan amount D. only the top 20% to 25% of a loan -answer- C. 100% of the loan amount Foreclosure sales are held in each county in Texas on the first Tuesday of each month between 10 a.m. and 4 p.m. How many sales would be held in Travis County in one year? A. 12 B. 30 C. 52 D. 365 -answer- A. 12 A person who leaves no will dies ____________. A. probate B. testate C. codicil D. intestate -answer- D. intestate what is a historical summary of all consecutive grants, conveyances. wills, records, and judicial proceedings that affect the title to a particular property called? A. Deed B. Survey C. Lien