Texas Real Estate State Exam Questions and Answers (Latest Update 2024), Exams of Nursing

Download Texas Real Estate State Exam Questions and Answers (Latest Update 2024) and more Exams Nursing in PDF only on Docsity! Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Real Property - Correct Answer ✅ land, Improvements attached to the land, and the rights to use them Personal Property - Correct Answer ✅ right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE Fixture - Correct Answer ✅ Personal Property attached in such a way to make it real property. Annexation - Correct Answer ✅ Process of attaching personal property to real property making it a fixture Severed or Severance - Correct Answer ✅ Real property being removed becoming personal property Trade Fixtures - Correct Answer ✅ required to carry out a business example would be commercial cooking equipment in a restaurant Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Accesion - Correct Answer ✅ Acquiring trade fixtures by non removal prior to termination of lease Land 3 physical characteristics - Correct Answer ✅ nonhomogeneity, immobility, indestructibility Nonhomogeneity - Correct Answer ✅ no to pieces are exactly alike immobility - Correct Answer ✅ land cannot be moved - a person must go to the land indestructibility - Correct Answer ✅ durability - it will always be there Land 4 economic characteristics - Correct Answer ✅ scarcity, modification, fixity, situs scarcity - Correct Answer ✅ short supply where demand is great example lot in Manhattan v. a lot in upstate NY Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Encumbrance - Correct Answer ✅ limitation on your rights. It may also called cloud on a title. Voluntary lein - Correct Answer ✅ created by the borrowers actions such as taking out a mortgage Involuntary lein - Correct Answer ✅ created by law ie. ad valorem tax lein Specific lein - Correct Answer ✅ attaches to one or more specific properties ex mortgage General lein - Correct Answer ✅ attaches to all property of the debtor example tax lien Lein - Correct Answer ✅ created by recording a judgement Texas Real Estate State Exam Questions and Answers (Latest Update 2024) writ of execution - Correct Answer ✅ party wins and is unable to collect,he can secure a writ of execution from the courts to enforce payment. reservation - Correct Answer ✅ withholds title of part of the land Ex. easement or mineral rights encroachment - Correct Answer ✅ structure or improvements overlaps onto another's property easement - Correct Answer ✅ limited use or enjoyment of another's land written or verbal or implied easements can be terminated - Correct Answer ✅ merger of adjacent property, release, or abandonment Easement appurtenant - Correct Answer ✅ Dominant estate uses driveway of servient estate to access their property Easement in Gross - Correct Answer ✅ belongs to a person or corporation example would be utility easement Texas Real Estate State Exam Questions and Answers (Latest Update 2024) License - Correct Answer ✅ permission to do a particular act , go fishing or ticket to Football game Adverse Possession (Squatters rights) - Correct Answer ✅ occurs when property is acquired from the rightful owner through the State of Limitations Estate - Correct Answer ✅ interest in real property Freehold estate - Correct Answer ✅ ownership, Bundle of Rights, for indeterminate length,Ownership with the greatest bundle of rights Fee Simple or Fee Simple Absolute Non-Freehold estate or lease-hold - Correct Answer ✅ has a termination date Defeasible Fee, Conditional Fee, Qualified Fee, Qualified Defeasible Fee - Correct Answer ✅ ownership with conditions or terms which if violated could cause the ownership interest to be defeated or terminated. Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Holdover Tenancy - Correct Answer ✅ holdover tenant pays rent and it is accepted Statutory Estate - Correct Answer ✅ created by law,vary from state to state, in TX community property and homestead are statutory estate Government rights in land (PETE) - Correct Answer ✅ Police Power, Eminent Domain,Taxation, Escheat Police Power - Correct Answer ✅ Power given to a municipality to regulate and control the character and use of property for the health,safety,and general welfare of the public Zoning - Correct Answer ✅ Common example of Police Power, non conforming use still grandfathered in, Example Old Apartment building in a now all residential neighborhood Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Variance - Correct Answer ✅ if you violate zoning you can request this in order to fix or prevent a violation Buffer zone - Correct Answer ✅ area of land separating one land use for another Eminent Domain - Correct Answer ✅ The right of the government to take private property for public use through the action of condemnation Inverse Condemnation - Correct Answer ✅ When an individual forces the govt to buy his property Taxation - Correct Answer ✅ Property taxes are the highest priority lein on real property Assessed Value - Correct Answer ✅ value of property for tax purposes Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Special assessment tax - Correct Answer ✅ Ex. Govt provides new side walk in neighborhood can charge the owner's of neighborhood this tax Escheat - Correct Answer ✅ Property reverts to the state dies with no will,no heirs, no kindred. Also property is abandoned Riparian rights - Correct Answer ✅ rights for rivers,streams, small bodies of water Littoral rights - Correct Answer ✅ Lakes, Oceans, large bodies of water Prior Appropriation Theory - Correct Answer ✅ first landowner to claim riparian rights exclusive rights Market Value - Correct Answer ✅ price a willing seller will sell for, and price willing buyer will pay Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Appraisers - Correct Answer ✅ must follow USPAP (Uniform standards of Professional Appraisal Practice) some lenders require Fannie Mae appraisal Chronological age - Correct Answer ✅ age of property in years Deferred Maintenance - Correct Answer ✅ type of physical depreciation (ordinary wear and tear) Straight line method - Correct Answer ✅ a method of depreciation of equal annual installment amounts. MAI designation - Correct Answer ✅ Member, Appraisal Institute Licensed appraiser is required - Correct Answer ✅ for any property worth 250,000 or more Texas Real Estate State Exam Questions and Answers (Latest Update 2024) mortgage - Correct Answer ✅ a pledge of real property as security for a promissory note Deed of trust - Correct Answer ✅ Texas uses instead of traditional mtg contains "Power of Sale" Clause that allows for "Non-judicial foreclosure" quick foreclosure Acceleration Clause - Correct Answer ✅ in the state of default whole amt of principal is due Alienation Clause - Correct Answer ✅ Due on sale clause states balance is due if sold w/o mortgagee's approval Defeasance clause - Correct Answer ✅ release of lein when debt is repaided Escalation Clause - Correct Answer ✅ allows lender to raise existing interest rate Prepayment Clause - Correct Answer ✅ Prepayment of mtg there is fee Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Subordination Clause - Correct Answer ✅ allows lender to move or take a lower lien position Assumption clause - Correct Answer ✅ if loan is assumed new buyers obligated to pay off loan straight assumption - Correct Answer ✅ new buyer responsible, can not impact seller's credit score subject to assumption - Correct Answer ✅ buyer not liable for loan can impact seller's credit score FHA Loan - Correct Answer ✅ require occupancy, assumable, insures the loan, the insurance on a FHA loan MIP- mtg ins. Premium VA Loan - Correct Answer ✅ Guarantees repayment of loan, The guarantee is for the top 25% of the loan, assumable, require occupancy Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Mtg Banker - Correct Answer ✅ person or firm not otherwise in banking that normally provides his/its own funds for mortgage Usury - Correct Answer ✅ charging an interest rate higher than the legal limit protects consumers Predatory lending - Correct Answer ✅ lender takes advantage of a consumers lack of knowledge regarding lending practices Lien Theory state - Correct Answer ✅ TX the lender has a lien and the borrower has title Principals duties (CRIP) - Correct Answer ✅ Compensation, Reimbursement, Indemnification, Performance Agents duties (OLD CAR) - Correct Answer ✅ Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care *Trust is not a duty Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Blockbusting - Correct Answer ✅ panic selling Exclusive Agency - Correct Answer ✅ broker exclusive agent but owner can sell Exclusive Right to sell - Correct Answer ✅ broker exclusive agent receives commission no matter who sells the property Ratification - Correct Answer ✅ agent acts w/o permission Estoppel - Correct Answer ✅ court prevents the principal from denying that agency, agency by estoppel To be a Valid and enforceable (COLIC) - Correct Answer ✅ competent parties, Offer and Acceptance, Legal Purpose, In writing, Consideration Sherman Anti-Trust Act - Correct Answer ✅ prohibits monopolies Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Radon mitigation - Correct Answer ✅ term used to describe methods used to lower levels of radon in homes and other buildings HUD does not require radon testing for FHA loans Unilateral contract - Correct Answer ✅ binds only one party example an option Bilateral contract - Correct Answer ✅ exchange promises which binds two birds ex sales contract Effective date - Correct Answer ✅ contract is the date on which the last party signs Chain of title - Correct Answer ✅ list of all owners of the property Abstract of title - Correct Answer ✅ complete history of all recorded events affecting the title Texas Real Estate State Exam Questions and Answers (Latest Update 2024) HOW program - Correct Answer ✅ Home owners warranty corporation for new construction 10 yr plan covering defects in material, faulty workmanship, and structural problems Lead Based Paint Disclosure - Correct Answer ✅ prior 1978 CERCLA - Correct Answer ✅ passed 1980 est. superfund to clean up hazardous waste Void/Invalid contract - Correct Answer ✅ ex. with a person who is documented as insane Voidable - Correct Answer ✅ one party has the right to withdraw (a minor, or under the influence) Unenforceable - Correct Answer ✅ ex oral contract Express contract - Correct Answer ✅ written or stated Texas Real Estate State Exam Questions and Answers (Latest Update 2024) implied contract - Correct Answer ✅ actions or evidence REAL ESTATE TRUST ACCT - Correct Answer ✅ below 1,000,000 access a fee 10.00 to bring balance to 1,700,000 invest in Treasury bills or notes,exceeds 3.5 million goes to state's general fund Paid out by the RE Trust Acct - Correct Answer ✅ 100,000 per license and 50,000 per transaction Salesman education requirements - Correct Answer ✅ 180 hrs w/min 180 core real estate courses, 60 hrs prin, 60 hrs contracts, 30 hrs law of agency,30 hrs finance Brokers edu requirements - Correct Answer ✅ 900 classroom hrs 30hrs in RE Brokerage 4yrs active sales licensee Renewal Sae - Correct Answer ✅ 90 core hrs in the nxt 2 years Texas Real Estate State Exam Questions and Answers (Latest Update 2024) Conversion - Correct Answer ✅ spending commingled funds Senate Bill 489 - Correct Answer ✅ allows broker to act as intermediary, must give IABS at first substantive dialogue, must disclose representation oral or written Seller's Disclosure - Correct Answer ✅ must be given to a buyer before he signs an offer, not given has 7 days to terminate his offer MLS - Correct Answer ✅ a licensee has 5 days to enter new listing into MLS Rule P53 - Correct Answer ✅ Title companies are not permitted to provided food and beverages for a picnic or party for a single firm may have annual party