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TEXAS REAL ESTATE PRINCIPLES 2024 ACTUAL FINAL EXAM AND PRACTICE QUESTIONS 250 QUESTIONS, Exams of Real Estate Management

TEXAS REAL ESTATE PRINCIPLES 2024 ACTUAL FINAL EXAM AND PRACTICE QUESTIONS 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+

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2023/2024

Available from 08/27/2024

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Download TEXAS REAL ESTATE PRINCIPLES 2024 ACTUAL FINAL EXAM AND PRACTICE QUESTIONS 250 QUESTIONS and more Exams Real Estate Management in PDF only on Docsity! TEXAS REAL ESTATE PRINCIPLES 2024 ACTUAL FINAL EXAM AND PRACTICE QUESTIONS 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+ A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of... - ....ANSWER...Converted use property An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years. - ....ANSWER...$250,000 The employer of an agent is referred to as the... - ....ANSWER...principal An agency relationship created by oral or written agreement between principal and the agent is known as... - ....ANSWER...Express Agency A contract whereby a property owner employs a real estate broker to market the property described in the contract is referred to as the... - ....ANSWER...Listing Contract When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts? - ....ANSWER...Buyer Representation Agreement As a seller's agent in a transaction, the agent is required to do which of the following? - ....ANSWER...Inform the seller of any material information, present all offers to the seller, and answer to the seller. The "L" in the acronym COALD stands for which fiduciary duty? - ....ANSWER...loyalty The Deceptive Trade Practices Act discourages agents from which of the following acts? - ....ANSWER...Puffing This federal law requires all federally regulated lender to describe the geographic market area that they serve. - ....ANSWER...Community Reinvestment Act Which of the following is a means to prevent steering? - ....ANSWER...Ask the client to describe where they want to live based on geographical boundaries. Any medical disorder, condition, disfigurement or loss affecting one of the body systems is known as... - ....ANSWER...physical impairment Blockbusting is also called _______________. - ....ANSWER...panic selling The laws governing fair housing are also referred to as... - ....ANSWER...Equal opportunity housing The point of origin in a metes and bounds survey is also known as a... - ....ANSWER...point of commencement Metes and bounds is an example of... - ....ANSWER...Legal Description When using the metes and bounds method to describe a property, the origin point is also the... - ....ANSWER...end point This refers to a term used in describing the boundary linked of land, setting forth all the boundary lines together with their terminal points and angles... - ....ANSWER...Metes and Bounds A territorial subdivision six miles long, six miles wide and containing 36 sections, located between two range lines and two township lines is known as... - ....ANSWER...Township A subdivision plot method describing property includes which of the following... - ....ANSWER...Lots and blocks The sale of a property as an alternative to damages is an example of... - ....ANSWER...Specific Performance Until a purchase contract is closed upon, it is considered... - ....ANSWER...executory contract The amount of goods offered for sale within a given market at a given price during a given time period. - ....ANSWER...supply A property manager is an example of what type of agent? - ....ANSWER...General Agent A real estate agent is an example of what type of agent? - ....ANSWER...Special Agent The general uses of real property include the following: - ....ANSWER...Residential, Commercial, and Industrial A means of comparing similar type properties would have recently sold to the subject property is known as: - ....ANSWER...Market Comparison Approach Mineral rights are typically considered dominant to which of the following rights - ....ANSWER...Surface Rights Land and everything permanently attached to land is defined as - ....ANSWER...real estate All property that is not land and is not permanently attached to land is known as - ....ANSWER...Personal Property The right of exclusion which allows a landowner to prevent others from entering or occupying their property is included in the - ....ANSWER...Bundle of Rights Which of the following is an example of a fixture - ....ANSWER...Kitchen cabinets Which of the following is considered a legal test for determining if an item is a fixture or not - ....ANSWER...Intentions of the party, adaption of the item, mold and permanence of house item was attached This refers to the party the agent brings to the principal as seller or buyer of the property. - ....ANSWER...customer An agent with full authority over one property of the principal is known as a - ....ANSWER...General Agent An agent with limited authority to act on behalf of the principal is referred to as a - ....ANSWER...Special Agent A seller's agent is entitled to a commission after - ....ANSWER...The agent finds a buyer who is ready, willing, and able to purchase the property. A broker will work for a client and with a - ....ANSWER...customer The "C" in the acronym COALD stands for which fiduciary duty? - ....ANSWER...Care The fiduciary duty of care when representing a buyer includes - ....ANSWER...Assisting with counteroffers. A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty? - ....ANSWER...loyalty A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of what fiduciary duty? - ....ANSWER...disclosure The right of a surviving tenant or tenants to succeed the entire interest of the deceased tenant is known as... - ....ANSWER...Right of Survivorship Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse... - ....ANSWER...Community Property An ownership of realty by two or more persons, each of whom has an undivided interest without the "right of survivorship" is known as... - ....ANSWER...Tenancy in Common property owned by one person only is referred to as... - ....ANSWER...Severalty Ownership Which of the following is required to create a joint tenancy? - ....ANSWER...Time, title, interest A joint tenancy is terminated when which of the following cease to exist? - ....ANSWER...Interest, possession, title Co-ownership in a property can be terminated by which of the following? - ....ANSWER...Foreclosure How is ownership is a community property between a husband and wife divided? - ....ANSWER...Ownership is divided equally among the owners. Which entity produces the most commonly used exclusive rights to sell agreements in Texas? - ....ANSWER...Texas Association of Realtors If an additional contract term does not belong I. The contract addendum, it will most likely get listed in the... - ....ANSWER...Special Provisions A broker's compensation is... - ....ANSWER...negotiable Which of the following listing contracts is discouraged throughout the state of Texas? - ....ANSWER...Net Listing A listing contract exists between the real estate broker and the... - ....ANSWER...Client This type of contract gives the broker the greatest chance at receiving commission... - ....ANSWER...Exclusive Right to Sell This type of listing provides that the agency may retain a compensation for the agent's services, all sums receives over and over and above the net price to the owner. - ....ANSWER...Net Listing Trec Commision Membership - ....ANSWER...9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee - ....ANSWER...13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC - ....ANSWER...18 years old a US citizen or lawfully admitted alien resident of the state A certificate is required seperate of the license when - ....ANSWER...buying, selling or leasing an easement pertaining to telecommunicaton, utility, railroad or pipeline services. Payments into Trust Account - ....ANSWER...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 - ....ANSWER...acting negligently or incompetently, comingling money and soliciting or selling offers for the sale of real estate by means of a lottery An appeal can be made on a decision by the commission - ....ANSWER...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 - ....ANSWER...A copy of the "Information about brokerage services" form The three Canons for professional ethics and conduct for Real Estate Licensees - ....ANSWER...Fidelity, Integrity, Competency Under what circumstances can a person be called a "Realtor?" - ....ANSWER...That agent has to join the "NAR" National Association of Realtors to be called a "Realtor" Accretion - ....ANSWER...land is increased in size because of natural deposit of rock and soil usually caused by water movement Alluvion - ....ANSWER...the land that has been created by Accretion Reliction - ....ANSWER...dry land that results when water withdraws from the land Avulsion - ....ANSWER...suddent removal of land by water Erosion - ....ANSWER...the gradual wearing away of land and rock by water Physical Characteristics of land - ....ANSWER...immobility indestructibility nonhomogeneity economic characteristics of land - ....ANSWER...scarcity, modification, improvements, permanence of investment, area preference. Situs - ....ANSWER...Area Preference Four types of legal descriptions of land - ....ANSWER...Metes and Bounds Rectangular survey system recorded plats reference to documents other than maps metes and bounds - ....ANSWER...legal land description most used in the US using distance and direction to define and describe the boundaries of a property Rectangular survey system - ....ANSWER...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 - ....ANSWER...640 How many square feet in an acre - ....ANSWER...43560 square feet Recorded plat - ....ANSWER...Legal land description which divides larger plats into smaller plots. When land is divided in lots. Police Power - ....ANSWER...in real estate applies to planning laws, building codes, fire codes, rent control and health codes. Eminent Domain - ....ANSWER...government can take privately owned real estate for public use condemnation - ....ANSWER...the process of eminent domain Escheat - ....ANSWER...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 - ....ANSWER...highest and greatest type of ownership interest (Title) that can be held in real property. Bundle of Rights or Bundle of Sticks - ....ANSWER...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 - ....ANSWER...When under Fee Simple one of the sticks or bundles has been removed. Ie. mineral rights, lien, encroachment, easement etc freehold estate - ....ANSWER...An estate in land, fee simple, the most common ownership Dower rights - ....ANSWER...right a wife has to her husbands estate upon his death curtsey rights - ....ANSWER...right a husband has to his wifes estate upon her death fee simple defeasable - ....ANSWER...a gift of land by a person or GRANTOR Life Estate - ....ANSWER...an estate in land for the duration of someones life (always a gift of land/ real estate) Homestead - ....ANSWER...Texas is a Homestead State. The property that you own and live in. It is a constitutional right that cannot be waived. tile-acquire title from same source interest-equal interest in property possession-all owners have right to possess property Tenancy by entirety - ....ANSWER...form of ownership used by married couples who do not live in a state with community property-has downer and curtesy rights community property - ....ANSWER...Texas is a community property state. Partnerships - ....ANSWER...General and Limited LLC Limited Liability Corp. - ....ANSWER...blends partnership and corp. corporation - ....ANSWER...owned by a group of people- owned by stockholders REIT Real Estate Investment Trust - ....ANSWER...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 - ....ANSWER...a written document that transfers real estate from one owner to another Statute of Frauds - ....ANSWER...law that requires some documents (deeds included) to be in writing and signed in order to be enforceable by law grantor - ....ANSWER...person giving up ownership consideration - ....ANSWER...something of value (dollar amount) habendum clause - ....ANSWER...Fee Simple, Life Estate, Defeasable Fee (begins with to have and to hold) does grantee need to sign deed - ....ANSWER...NO Jurat - ....ANSWER...person signing the document states the info in doc is true (notary public) The deed - ....ANSWER...must be delivered and accepted for tilte to transfer Types of deeds - ....ANSWER...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 bargain/sale-no warrenties against encumbrances quitclaim-in divorce gives rights to the property to the other spouse Deed in trust - ....ANSWER...delivers ownership of property at another date Two ways to record a Deed - ....ANSWER...occupying/using the land recording docs pertaining to property with county clerks office constructive - ....ANSWER...recording deed with county clerks office actual notice of anothers interest in property - ....ANSWER...what heard, seen and read all documents concerning real estate - ....ANSWER...must be recorded at county clerks office in the county where the property is located Lis penden index - ....ANSWER...list any lawssuits on property and gives any attachements to theproperty Marketable title - ....ANSWER...title that is free from doubt as to who owns theproperty good and indefeasable title - ....ANSWER...a title that cannot be defeated by a superior claim chain of title - ....ANSWER...everyone who has ever owned that property abstract title - ....ANSWER...condensed history of all docs that have been recorded affecting the title of the property title insurance - ....ANSWER...policy that will insure against losses from title defects and against errors in title examination title commitment - ....ANSWER...states what the title covers and does not cover Five elements that make a contract valid - ....ANSWER...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 - ....ANSWER...a lease for one year or less a person holding a power of attorney - ....ANSWER...Attorney in Fact Novation - ....ANSWER...substitution of a contract with another contract ie. counteroffer breached - ....ANSWER...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 - ....ANSWER...money offered to seller to entice seller to go under contract equitable title - ....ANSWER...gives buyer the right to demand legal title to the property when the purchase price is paid contract for deed/installment contract - ....ANSWER...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 - ....ANSWER...that the property may contain lead based paint-Federal Law Prohibits only and all racial discrimination - ....ANSWER...Civil Rights Acts of 1866 Directing Home Seekers to particular neighborhoods based on the the fair housing protected classes - ....ANSWER...Steering Real estate agents creating fear in a neighborhood in order to induce the owner of the houses to sell the properties at a loss to the agents - ....ANSWER...Blockbusting Prohibits discrimination based on race color, etc. and receipt of income from a public assistance program. - ....ANSWER...Equal Credit Opportunity Act of 1974 Land, improvements and the rights to own them - ....ANSWER...Real Property/ Real Estate Anything put on the land with the intent of improving the land. - ....ANSWER...Improvements Personal Property - ....ANSWER...Chattel Right or privilege attached to land that goes with the land when ownership of the land changes. - ....ANSWER...Appurtenances Something that was personal property and has now become real estate because it has been attached to the land. - ....ANSWER...Fixture A) Method of annexation B)Fitness or adaptation to the property C) Intention of the parties - ....ANSWER...Three tests of a fixture Something that is attached to a property under a commercial lease. - ....ANSWER...Trade Fixture The fact that improvements to the land will take a long time to pay for them. - ....ANSWER...Fixity or Permanence of Investment Uses distance and directions to define and describe the shape and boundaries of the property. - ....ANSWER...Metes and Bounds Used to mark elevation - ....ANSWER...Datum Uses latitude, longitude, standard and baselines to divide earth into areas - ....ANSWER...Rectangular Survey System Areas of earth = 36 Sq. Miles - ....ANSWER...Townships 1 sq. mile or 640 acres - ....ANSWER...Unit 43,560 - ....ANSWER...Acre When land is divided into plots - ....ANSWER...Recorded Plat not a legal description. - ....ANSWER...Informal Reference Charged to property owners who benefit from an improvement - ....ANSWER...Special Assessment Taxes/ Improvement Taxes Centralized agency established in each county to appraise each property in the county for ad valorem taxes - ....ANSWER...Central Appraisal District (CAD) Done by dividing the budget requirements by the total value of all the property to be taxed. - ....ANSWER...Tax Rate Taxes charged per unit. Texas taxes per hundred dollars of value - ....ANSWER...Mill Rate Lowers tax bill by lowering the value of the property. - ....ANSWER...Exemption Exemption for people who live or will live on the property they own = $15,000 - ....ANSWER...Homestead Exemption Exemption for being over 65 = $10,000 - ....ANSWER...Age Exemption Exemption given to people with a disability = $10,000 - ....ANSWER...Disability Exemption The difference between the tax paid on the land and the tax that would have been paid if the agricultural appraisal had not been placed. Plus 7 percent per year since tax was placed - ....ANSWER...Rollback tax Reduced several federal income taxes on Capital Gains - ....ANSWER...Taxpayer Relief Act of 1997 Gives the owner many rights to the property. Said to be the greatest type of ownership interest that can be held in the real property. - ....ANSWER...Fee Simple Absolute The rights an owner has for the property they own - ....ANSWER...Bundle of Rights Each right in a bundle - ....ANSWER...Stick Fee Simple Estates, life estates and estates created by statute. - ....ANSWER...Freehold Estates A gift of land by a person who wishes to control what the property is used for after the land is given. - ....ANSWER...Defeasible Fee Estate/ Qualified fee / Simple Fee Defeasible Person who gives land as a gift but decides how it is used. - ....ANSWER...Grantor If the gift land is no longer being used for the purpose it was given, the grantor had the right to get the property back but will have to go to court to regain the title. - ....ANSWER...Fee Simple Determinable / Fee Simple Subject to a Condition Subsequent Conveys an estate in land for the duration of someones life - ....ANSWER...Life Estate The person whose life is how long they have the land for - ....ANSWER...Life Tenant If the life tenant dies, the land reverts back you, making you the Reversionary Interest - ....ANSWER...Reversionary Interest Person who is not the owner of the property but will receive it after the life tenant passes - ....ANSWER...Remainderman The interest a remainderman has in a property - ....ANSWER...Remainder Interest "For the life of another" a person who lives on the life estate but someone elses life determines the length of ownership - ....ANSWER...Pur Autre Vie Claim on a property that limits the fee simple estate, a stick that has been removed from the bundle - ....ANSWER...Encumbrance A right or privilege one person has to the use of a property that belongs to another person - ....ANSWER...Easement Example: Utility easement is the right the utility company has to place utility poles, lines, and pipes across private property - ....ANSWER...Easement of Gross When a property has become landlocked and there is no ingress or egress to the property, the owner has a right to an easement across the other property to a road or street - ....ANSWER...Easement by Necessity Each owner has a right of possession to the entire property - ....ANSWER...Undivided Interset The owners do not have unequal shares in the property and they may not sell, give away or leave the property to someone upon their death. The remaining owners own the property upon the death of one of the owners. - ....ANSWER...Joint Tenancy with the Right of Survivorship Unity of Time, Title, Interest and Possession - ....ANSWER...Four Unities that must be present with Joint Tenancy Each owner must acquire ownership at the same time - ....ANSWER...Unity of Time Each owner must acquire title from the same source - ....ANSWER...Unity of Title Owners may not have an unequal interest in the property - ....ANSWER...Unity of interest All of the owners have the right to possess the property - ....ANSWER...Unity of Possession Form of ownership used for married couples that do not have community property. The four unities plus the unity of person - ....ANSWER...Tenancy by the Entirety Loan Payment: Principal, Interest, Taxes and Insurance - ....ANSWER...PITI Comprehensive Loss Underwriting Exchange: History of all the insurance claims made on a property - ....ANSWER...CLUE Organize the partnership, work in and manage the business, contribute money to the business and are financially liable for the business - ....ANSWER...General Partners Contribute money to the business but have little say about the operation of the business - ....ANSWER...Limited Partners Flexible form of a company that blends elements of partnership and corporation ownership. - ....ANSWER...Limited Liability Companies Group of people who are allowed to run their business in the name of the corporation - ....ANSWER...Corporations Many people who can go together and invest in real estate. - ....ANSWER...Real Estate Investment Trust Individuals who invest in real estate - ....ANSWER...Beneficiaries Shares that investors buy in the company - ....ANSWER...Beneficial Interset Contract that is in writing or in oral where the parties state the terms and conditions of the contract as well as the duties each will carry out. . - ....ANSWER...Expressed Contracts an understanding between parties - ....ANSWER...Implied Contract a promise in exchange for a promise: Ex: Seller and Agent - ....ANSWER...Bilateral Contracts Promise in exchnge for an act: Seller and Buyer - ....ANSWER...Unilateral Contract Contract that has been completely performed - ....ANSWER...Executed Contract Contract that is being carried out - ....ANSWER...Executory Contract A good contract that meets all of the legal requirements for a contract and is enforceable in a court of law - ....ANSWER...Valid Contract Was never a contract and will never be a contract. - ....ANSWER...Void Contract binding against one part but not against the other party - ....ANSWER...Voidable Contract one that cannot be enforced in a court of law. - ....ANSWER...Unenforceable Contract Competent parties, legal objective, consideration, offer and acceptance, contract in writing and signed . - ....ANSWER...Five Essential Elements that make a contract valid Landmark statute of competition law. Prohibits certain business activities that reduce competition in the market place - ....ANSWER...Sherman Antitrust Act Several Brokers all agree to set a commission rate that wil lbe charged for their services - ....ANSWER...Price Fixing Refusing to deal with other brokers or organizations - ....ANSWER...Boycotting Dividing the market between companies and not competing with each other. - ....ANSWER...Allocation of customers PRACTICE EXAM Courses for the renewal of an active real estate broker or sales agent license are called - ....ANSWER...continuing education (CE) What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in full by the license holder? - ....ANSWER...$100,000 Which is owned by the tenant? - ....ANSWER...a trade fixture Which of the following terms refers not only to the surface of the earth but also below to the center of the earth, above to infinity, and natural things permanently attached but does NOT refer to artificial things permanently attached? - ....ANSWER...land If the court learns that the seller placed a sign that said "Not Included" on the stove every time a buyer looked at the property, the court will consider which of the following in determining whether the stove is a fixture, absent a written agreement? - ....ANSWER...Intention of the parties What type of estate is complete ownership and exists for an unlimited time? - ....ANSWER...fee simple If a condition of ownership is violated, title to the subject property automatically reverts to the original owner in - ....ANSWER...a determinable fee estate An urban homestead is limited to a lot or lots NOT to exceed how many acres? - ....ANSWER...10 The method used to describe real estate by distance, direction, and boundaries is - ....ANSWER...metes-and- bounds method Which equals one square mile or 640 acres? - ....ANSWER...section Under the federal Fair Housing Act, real estate organizations, such as multiple listing services, may NOT do which because someone is in a protected group? - ....ANSWER...refuse membership or put conditions on participation Which aspect of the Canons of Professional Ethics and Conduct requires the broker or sales agent to be informed on market conditions and national, state, and local developments affecting the real estate business? - ....ANSWER...competency. A complaint of discrimination brought under the Texas Fair Housing Act can be filed with the U.S. Department of Housing and Urban Development or with - ....ANSWER...the Texas Workforce Commission Civil Rights Division An aggrieved person who believes illegal discrimination has occurred may file a complaint within what time frame following the alleged discriminatory act? - ....ANSWER...ONE YEAR Appurtenant easement rights transfer with - ....ANSWER...the dominant tenement An owner sells part of his land that has no access to a public road but does have access over his remaining land. This creates an easement by - ....ANSWER...necessity When there are two or more liens on a property, the order in which the liens will be satisfied when the property is sold will be determined by - ....ANSWER...the priority of the liens other real estate firms in the area. The broker may - ....ANSWER...be guilty of price-fixing A sales agent has which agency relationship with the sponsoring broker? - ....ANSWER...A general agency relationship A consumer has sent a complaint to the Texas Real Estate Commission (TREC) against a real estate agent, claiming a violation of the Canon of Integrity. The agent is accused of - ....ANSWER...misrepresenting the condition of the property by omitting pertinent facts Which action is permitted under the federal Fair Housing Act? - ....ANSWER...Refusing to sell a home to a minority individual because of a poor credit history Which law prohibits all discrimination based on race in any real estate transaction without exception? - ....ANSWER...Civil Rights Act of 1866 The federal Fair Housing Act of 1968 - ....ANSWER...prohibits discrimination in residential housing based on race, color, national origin, and religion Which family is NOT protected under the familial status provisions of the Fair Housing Act? - ....ANSWER...A 55- year-old father, 40-year-old mother, and 17-year-old son who want to purchase a home in an age-restricted adults- only community "I hear they're moving in. There goes the neighborhood! Better put your house on the market before values drop!" This is an example of - ....ANSWER...blockbusting Where are subdivision plats filed? - ....ANSWER...In the county clerk's office of the county in which the land is located The act of channeling homeseekers to a particular area either to maintain or to change the character of a neighborhood is - ....ANSWER...steering The priority of a mechanic's lien is established from the date - ....ANSWER...work was begun or materials were delivered, in whole or in part Randy has constructed a fence that extends 1 foot over his lot line onto the property of a neighbor. The fence is an example of - ....ANSWER...an encroachment Encumbrances on real estate - ....ANSWER...may include liens, easements, and deed restrictions Which of the following BEST refers to the type of lien that affects all real and personal property of a debtor? - ....ANSWER...General lien The right of defaulted taxpayers to recover their property before its sale for unpaid taxes is the - ....ANSWER...equitable right of redemption Which of the following is (are) considered a lien on real estate? - ....ANSWER...Unpaid mortgage loans Which of the following is NOT included in the bundle of legal rights regarding real property? - ....ANSWER...Right of first refusal What is a section of land? - ....ANSWER...640 acres An acre consists of how many square feet? - ....ANSWER...43,560