Texas Real Estate Principles 1 Question & Answers 2024, Exams of Nursing

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Answers 2024

Trec Commision Membership - Correct Answers ✅9 Members ( brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee - Correct Answers ✅ 13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC - Correct Answers ✅18 years old a US citizen or lawfully admitted alien resident of the state A certificate is required seperate of the license when - Correct Answers ✅buying, selling or leasing an easement pertaining to telecommunicaton, utility, railroad or pipeline services. Payments into Trust Account - Correct Answers ✅ensures the availibility of a sufficient amount to pay on anticipated claims on the trust account A commission may suspend or revoke a license for - Correct Answers ✅acting negligently or incompetently, comingling money and soliciting or selling offers for the sale of real estate by means of a lottery

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An appeal can be made on a decision by the commission - Correct Answers ✅it must be taken to the district court in the county where the administrative hearing was held. When dealing with a client it is mandatory to give them - Correct Answers ✅A copy of the "Information about brokerage services" form The three Canons for professional ethics and conduct for Real Estate Licensees - Correct Answers ✅Fidelity, Integrity, Competency Under what circumstances can a person be called a "Realtor?" - Correct Answers ✅That agent has to join the "NAR" National Association of Realtors to be called a "Realtor" What was the Fair Housing Laws or Civil Rights Act of 1866 - Correct Answers ✅FEDERAL LAW that where the only protected class was Race. No one can discriminate because of RACE. Civil Rights Act of 1968 - Correct Answers ✅Amended the Civil Rights Act of 1866 to include race, color, national origin, religion, Civil Rights Act of 1974 - Correct Answers ✅Amended to include Sex (Male or Female)

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Civil Rights Act of 1988 - Correct Answers ✅Amended to include Handicap and Familial status Define Handicapped - Correct Answers ✅having a physical or mental disability (including hearing, mobility, visual impairment, chronic mental illness and AIDS) that substantially limits one or more major life activities. Steering - Correct Answers ✅Illigal practice of directing home seekers to a particular neighborhood based on fair housing protected classes. An agent cannot steer even if asked to by their client. If a seller asks agent to discriminate - Correct Answers ✅agent must refuse to take the listing ADA Americans with Disabilities Act - Correct Answers ✅enacted in 1992 deals with commercial property only Personal Property - Correct Answers ✅Things not attached to the land Chattel - Correct Answers ✅also known as Personal Property

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How is Personal Property sold - Correct Answers ✅Bill of Sale Classification of plants (Annual or fructus industrials or emblements) - Correct Answers ✅Personal Property Appurtenances - Correct Answers ✅right or privilidge to land that goes with the land when ownership changes such as parking lot spaces, easements, right or ways Fixture - Correct Answers ✅was personal property but then became real estate because it has been attached to the land Tests of a fixture - Correct Answers ✅method of attachment (annexation) Fitness or adaptation to property Intention of the parties Trade fixture - Correct Answers ✅attached to the property under a commercial lease Riparian Rights - Correct Answers ✅rights to anothers land who borders a stream or river

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Littoral Rights - Correct Answers ✅rights to anothers land who borders a lake Accretion - Correct Answers ✅land is increased in size because of natural deposit of rock and soil usually caused by water movement Alluvion - Correct Answers ✅the land that has been created by Accretion Reliction - Correct Answers ✅dry land that results when water withdraws from the land Avulsion - Correct Answers ✅suddent removal of land by water Erosion - Correct Answers ✅the gradual wearing away of land and rock by water Physical Characteristics of land - Correct Answers ✅immobility indestructibility nonhomogeneity

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economic characteristics of land - Correct Answers ✅scarcity, modification, improvements, permanence of investment, area preference. Situs - Correct Answers ✅Area Preference Four types of legal descriptions of land - Correct Answers ✅Metes and Bounds Rectangular survey system recorded plats reference to documents other than maps metes and bounds - Correct Answers ✅legal land description most used in the US using distance and direction to define and describe the boundaries of a property Rectangular survey system - Correct Answers ✅legal land description using latitude, longitude lines, standard parallels and base lines to divide the earth into ares How many acres in each square mile - Correct Answers ✅ 640

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How many square feet in an acre - Correct Answers ✅43560 square feet Recorded plat - Correct Answers ✅Legal land description which divides larger plats into smaller plots. When land is divided in lots. Police Power - Correct Answers ✅in real estate applies to planning laws, building codes, fire codes, rent control and health codes. Eminent Domain - Correct Answers ✅government can take privately owned real estate for public use condemnation - Correct Answers ✅the process of eminent domain Escheat - Correct Answers ✅When one dies without a will or heirs the government takes it as it no longer has an owner basically going back to the state. Fee Simple - Correct Answers ✅highest and greatest type of ownership interest (Title) that can be held in real property.

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Bundle of Rights or Bundle of Sticks - Correct Answers ✅the many rights the Fee Simple gives to owners of property-bundles or sticks can be removed but the owner still owns the Fee Simple Encumbrance - Correct Answers ✅When under Fee Simple one of the sticks or bundles has been removed. Ie. mineral rights, lien, encroachment, easement etc freehold estate - Correct Answers ✅An estate in land, fee simple, the most common ownership Dower rights - Correct Answers ✅right a wife has to her husbands estate upon his death curtsey rights - Correct Answers ✅right a husband has to his wifes estate upon her death fee simple defeasable - Correct Answers ✅a gift of land by a person or GRANTOR Life Estate - Correct Answers ✅an estate in land for the duration of someones life (always a gift of land/ real estate)

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Homestead - Correct Answers ✅Texas is a Homestead State. The property that you own and live in. It is a constitutional right that cannot be waived. Urban homestead - Correct Answers ✅homestead limited to 10 acres rural homestead - Correct Answers ✅limited to 200 acres for a married couple 100 for a single person easement - Correct Answers ✅right of one person to use the property that belongs to another types of easements - Correct Answers ✅gross necessity perscription appurtenant easement by necessity - Correct Answers ✅easement given when one property is landlocked and needs to be given access to from someone elses land Easement in gross - Correct Answers ✅is a utility easement

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easement by prescription - Correct Answers ✅easement granted after dominant estate has used the property in a constant continuous and open manner for a prescribed number of years Easement appurtenant - Correct Answers ✅used between two lots to allow the owner of one lot to cross the others property deed restrictions/covenents - Correct Answers ✅put into place by developer and are a private control of property Encroachments - Correct Answers ✅something that extends across a property line onto the property of another Liens - Correct Answers ✅legal claim on someones property as a security for a debt Types of liens - Correct Answers ✅mortgage, property tax lien, mechanics lien, judgement and can be voluntary or involuntary and are either specific or general License - Correct Answers ✅personal priviledge given to someone to use land-not an estate or right to land

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Estate of Severalty - Correct Answers ✅sole ownership of property- not part of community property Tenents in common - Correct Answers ✅two or more people acquire property but ownersship is not equal Joint tenancy - Correct Answers ✅ownership in property where owners own equal shares and has right of suvivorship-cannot be passed on to others upon their death, cannot be sold or given away either-last surviving owner takes property in severalty right of suvivorship - Correct Answers ✅in joint tenancy if one partner dies his share goes to the remaining partners conditions upon which a joint tenancy can be made - Correct Answers ✅there must be unity in time, title, interest and possession time-acquire ownership at the same time tile-acquire title from same source interest-equal interest in property possession-all owners have right to possess property

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Tenancy by entirety - Correct Answers ✅form of ownership used by married couples who do not live in a state with community property- has downer and curtesy rights community property - Correct Answers ✅Texas is a community property state. Partnerships - Correct Answers ✅General and Limited LLC Limited Liability Corp. - Correct Answers ✅blends partnership and corp. corporation - Correct Answers ✅owned by a group of people-owned by stockholders REIT Real Estate Investment Trust - Correct Answers ✅many people can come together and invest in real estate-investors are the beneficiaries who buy shares in the company (beneficial interest)- income tax is only paid at the beneficiaries level Deed - Correct Answers ✅a written document that transfers real estate from one owner to another

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Statute of Frauds - Correct Answers ✅law that requires some documents (deeds included) to be in writing and signed in order to be enforceable by law grantor - Correct Answers ✅person giving up ownership consideration - Correct Answers ✅something of value (dollar amount) habendum clause - Correct Answers ✅Fee Simple, Life Estate, Defeasable Fee (begins with to have and to hold) does grantee need to sign deed - Correct Answers ✅NO Jurat - Correct Answers ✅person signing the document states the info in doc is true (notary public) The deed - Correct Answers ✅must be delivered and accepted for tilte to transfer Types of deeds - Correct Answers ✅General Warrenty-best deed in Texas (grantor gives no defects to title) Special Warrenty-used in commercial trans saying owner has done nothing to encumber the title during ownership

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bargain/sale-no warrenties against encumbrances quitclaim-in divorce gives rights to the property to the other spouse Deed in trust - Correct Answers ✅delivers ownership of property at another date Two ways to record a Deed - Correct Answers ✅occupying/using the land recording docs pertaining to property with county clerks office constructive - Correct Answers ✅recording deed with county clerks office actual notice of anothers interest in property - Correct Answers ✅what heard, seen and read all documents concerning real estate - Correct Answers ✅must be recorded at county clerks office in the county where the property is located Lis penden index - Correct Answers ✅list any lawssuits on property and gives any attachements to theproperty

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Marketable title - Correct Answers ✅title that is free from doubt as to who owns theproperty good and indefeasable title - Correct Answers ✅a title that cannot be defeated by a superior claim chain of title - Correct Answers ✅everyone who has ever owned that property abstract title - Correct Answers ✅condensed history of all docs that have been recorded affecting the title of the property title insurance - Correct Answers ✅policy that will insure against losses from title defects and against errors in title examination title commitment - Correct Answers ✅states what the title covers and does not cover quiet title suit - Correct Answers ✅court holds hearings on ownership of propertyand any invalid claims or disputes will be removed by the court

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mortgagees title police - Correct Answers ✅lenders policy and loan policy Texas Board of Insurance - Correct Answers ✅set insurance premiums based on the sale price of property and is paid at closing of property Alienation - Correct Answers ✅transfer of ownership of property type of alientation - Correct Answers ✅voluntary and involuntary Adverse Possession - Correct Answers ✅when one person takes possession of anothers land and holds that possession for a long enough period of time tobe able to make it theirs and take ownership of it Tracking - Correct Answers ✅claimant can track the time they had possessed the property onto the time the prior claimant possessed the property dedicaton - Correct Answers ✅gifted private property to the public (land to city that is to be used as a park) testate - Correct Answers ✅person who dies leaving a will

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intestate - Correct Answers ✅person who dies without a will devise - Correct Answers ✅real estate left in a will probate court - Correct Answers ✅determines if the will meets the requirement of the law administrator - Correct Answers ✅person who administers the wishes of a will assigned by the court in the event the executor is not will to perform holographic will - Correct Answers ✅handwritten will codicil - Correct Answers ✅a written addition to a will the replaces or revokes what was written in that persons previous will All contracts - Correct Answers ✅expressed-writing or oral OR implied-understanding bilateral contract - Correct Answers ✅promised for a promise (real estate contract)

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unilateral contract - Correct Answers ✅a promise in exchange for an act (option paragraph in a sales contract) executor contract - Correct Answers ✅contract in the process of being performed contracts are - Correct Answers ✅valid, void (made for illegal purposes) voidable (binding against one party but not the other) unenforceable (oral listing agreement) Five elements that make a contract valid - Correct Answers ✅competent parties, legal objective, offer andacceptance, contract in writing and signed the only contract that does not have to be in writing to be enforceable - Correct Answers ✅a lease for one year or less a person holding a power of attorney - Correct Answers ✅Attorney in Fact

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Novation - Correct Answers ✅substitution of a contract with another contract ie. counteroffer breached - Correct Answers ✅when one party fails to perform the duties of the contract-they can be asked by judge to partially perform or substatially perform earnest money - Correct Answers ✅money offered to seller to entice seller to go under contract equitable title - Correct Answers ✅gives buyer the right to demand legal title to the property when the purchase price is paid contract for deed/installment contract - Correct Answers ✅seller financing and buyer does not get deed until the property has been paid for in full if property was built before 1978 seller must disclose - Correct Answers ✅that the property may contain lead based paint-Federal Law