Download Real Estate Principles 1 – Texas and more Exams Nursing in PDF only on Docsity!
questions and answers2024-
Civil Rights Acts of 1866 - correct answers Prohibits only and al l racial discrimination Steering - correct answers Directing Home Seekers to particular neighborhoods based on the the fair housing protected classes. Blockbusting - correct answers 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 Equal Credit Opportunity Act of 1974 - correct answers Prohibits discrimination based on race color, etc. and receipt of income from a public assistance program. Real Property/ Real Estate - correct answers Land, improvements and the rights to own them Improvements - correct answers Anything put on the land with the intent of improving the land. Chattel - correct answers Personal Property
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Appurtenances - correct answers Right or privilege attached to land that goes with the land when ownership of the land changes. Fixture - correct answers Something that was personal property and has now become real estate because it has been attached to the land. Three tests of a fixture - correct answers A) Method of annexation B)Fitness or adaptation to the property C) Intention of the parties Trade Fixture - correct answers Something that is attached to a property under a commercial lease. Fixity or Permanence of Investment - correct answers The fact that improvements to the land will take a long time to pay for them. Metes and Bounds - correct answers Uses distance and directions to define and describe the shape and boundaries of the property. Datum - correct answers Used to mark elevation Rectangular Survey System - correct answers Uses latitude, longitude, standard and baselines to divide earth into areas
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Open Beach Act - correct answers The public has the free and unrestricted right to use the open beach. Accretion - correct answers Land is increased in size because of hte natural deposit of rock and soil Alluvion - correct answers Land that has been created by accretion Reliction - correct answers The dry land that results when water withdraws from the land. Avulsion - correct answers Sudden removal of land by water Erosion - correct answers Gradual wearing away of land or rock by water Allodial System - correct answers Ownership of real property that is independent of superior landlord. PETE - correct answers Police power, eminent domain, taxation and Escheat
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Police Power - correct answers Right the state government has to enforce order and to protect the general welfare, health, safety and morals of the public Enabling Acts - correct answers State rights are passed to the counties through this legislation Zoning - correct answers Separate the use of property Eminent Domain - correct answers Right the government has to take privately owned property for public use Condemnation - correct answers Process to take land through Eminent Domain Severance Damages - correct answers What the owner receives through Eminent Domain Inverse Condemnation - correct answers When an owner asks to be condemned due to their land value lowering because of negative changes made by neighboring land by the government
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Age Exemption - correct answers Exemption for being over 65 = $10, Disability Exemption - correct answers Exemption given to people with a disability = $10, Rollback tax - correct answers 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 Taxpayer Relief Act of 1997 - correct answers Reduced several federal income taxes on Capital Gains Fee Simple Absolute - correct answers 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. Bundle of Rights - correct answers The rights an owner has for the property they own Stick - correct answers Each right in a bundle
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Freehold Estates - correct answers Fee Simple Estates, life estates and estates created by statute. Defeasible Fee Estate/ Qualified fee / Simple Fee Defeasible - correct answers A gift of land by a person who wishes to control what the property is used for after the land is given. Grantor - correct answers Person who gives land as a gift but decides how it is used. Fee Simple Determinable / Fee Simple Subject to a Condition Subsequent - correct answers 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. Life Estate - correct answers Conveys an estate in land for the duration of someones life Life Tenant - correct answers The person whose life is how long they have the land for Reversionary Interest - correct answers If the life tenant dies, the land reverts back you, making you the Reversionary Interest
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Easement by Prescription - correct answers When the dominant estate has used the property in a constant hostile, continuous and open manner for a staturtorily prescribed number of years (10) Easement Appurtenant - correct answers Used between two lots to allow the owner of one lot to cross the others property Dominant Estate - correct answers Estate that benefits from the easement Servient Estate - correct answers Estate that is burdened by the easement Deed restrictions / Deed Covenants - correct answers A restriction put in place by the developer of a property and are a private control Encroachment - correct answers Something that extends across a property line onto the property of another Lien - correct answers Legal Claim on someones property as security for a debt.
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Voluntary Lien - correct answers Lien placed on the property by the owner of the property Involuntary Lien - correct answers placed on the property by operation of law Specific Lien - correct answers Against only one specific property General Lien - correct answers against all of the properties the person owns Mortgage Lien - correct answers Lien that is placed against a property when the property owner borrows money on the property Property Tax Lien - correct answers Placed on all properties at the beginning of the year and is superior to any other lien. Mechanics Lien - correct answers Lien placed on the property by anyone who furnished labor or materials for the property if payment has not been received. Judgment Lien - correct answers Lien placed on the property for money damages
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Unity of Time - correct answers Each owner must acquire ownership at the same time Unity of Title - correct answers Each owner must acquire title from the same source Unity of interest - correct answers Owners may not have an unequal interest in the property Unity of Possession - correct answers All of the owners have the right to possess the property Tenancy by the Entirety - correct answers Form of ownership used for married couples that do not have community property. The four unities plus the unity of person PITI - correct answers Loan Payment: Principal, Interest, Taxes and Insurance CLUE - correct answers Comprehensive Loss Underwriting Exchange: History of all the insurance claims made on a property
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General Partners - correct answers Organize the partnership, work in and manage the business, contribute money to the business and are financially liable for the business Limited Partners - correct answers Contribute money to the business but have little say about the operation of the business Limited Liability Companies - correct answers Flexible form of a company that blends elements of partnership and corporation ownership. Corporations - correct answers Group of people who are allowed to run their business in the name of the corporation Real Estate Investment Trust - correct answers Many people who can go together and invest in real estate. Beneficiaries - correct answers Individuals who invest in real estate Beneficial Interset - correct answers Shares that investors buy in the company
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Voidable Contract - correct answers binding against one part but not against the other party Unenforceable Contract - correct answers one that cannot be enforced in a court of law. Five Essential Elements that make a contract valid - correct answers Competent parties, legal objective, consideration, offer and acceptance, contract in writing and signed. Novation of Contracts - correct answers the substitution of a contract for a contract Partial Performance - correct answers The parties have not completed everything required in the contract but what is done is accepted by the wronged party Substantial Performance - correct answers Considerable amount of the contract has been performed and is accepted by the parties Specific performance - correct answers A person who does not accept the partial or substantial performance who asks the court to force the defaulting party to perform on the contract.
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One to Four Family Residential Contract - correct answers Most often used sales contract in real estate. Equitable Title - correct answers Gives the buyer the right to demand legal title to the property when the purchase price is paid. Exclusive Right to Sell Listing - correct answers The broker will receive a commission if the property sells while the listing is in effect no matter who produces the buyer. Exclusive Agency Listing - correct answers The seller may sell the property himself and not pay a commission to the broker Open Listing - correct answers No exclusive rights. Net Listing - correct answers Seller states the amount of money they require from the sale of the property and allows the broker to keep all money above this amount received from the sale. Agency - correct answers Legal relationship involving a person and another who acts for the person
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Price Fixing - correct answers Several Brokers all agree to set a commission rate that wil lbe charged for their services Boycotting - correct answers Refusing to deal with other brokers or organizations Allocation of customers - correct answers Dividing the market between companies and not competing with each other.
