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Texas Real Estate State Exam review with correct answers guaranteed success. Qs encroachment - n Ans✔ structure or improvements overlaps onto another's property Qs easement - n Ans✔ limited use or enjoyment of another's land written or verbal or implied Qs easements can be terminated - n Ans✔ merger of adjacent property, release, or abandonment
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Qs encroachment - n Ans✔ structure or improvements overlaps onto another's property Qs easement - n Ans✔ limited use or enjoyment of another's land written or verbal or implied Qs easements can be terminated - n Ans✔ merger of adjacent property, release, or abandonment Qs Easement appurtenant - n Ans✔ Dominant estate uses driveway of servient estate to access their property Qs Easement in Gross - n Ans✔
belongs to a person or corporation example would be utility easement Qs License - n Ans✔ permission to do a particular act , go fishing or ticket to Football game Qs Adverse Possession (Squatters rights) - n Ans✔ occurs when property is acquired from the rightful owner through the State of Limitations Qs Estate - n Ans✔ interest in real property Qs Freehold estate - n Ans✔ ownership, Bundle of Rights, for indeterminate length,Ownership with the greatest bundle of rights Fee Simple or Fee Simple Absolute Qs Non-Freehold estate or lease-hold - n Ans✔ has a termination date
Ownership by two or more without rights of survivorship goes to your heirs not the other owners Qs Joint Tenancy - n Ans✔ Ownership by two or more with rights of survivorship goes to other owners overrides a will Qs Trust - n Ans✔ if a property is held by one party for the benefit of another Qs Syndicate - n Ans✔ when two or more parties join together to create and operate a real estate investment Qs 4 leasehold estates - n Ans✔ Estate for years, periodic Tenancy, Estate at will, tenancy at sufferance Qs Estate for years - n Ans✔
lease with specific starting and ending date EX.12 Month lease on a Apt. Qs Periodic Tenancy - n Ans✔ fixed period of time that automatically renewed EX. Month to Month Qs Estate at will - n Ans✔ Lease can be terminated by either party at will without notice Qs Tenancy at Sufferance - n Ans✔ Lease expires and tenant refuses to move out Qs Holdover Tenancy - n Ans✔ holdover tenant pays rent and it is accepted Qs Statutory Estate - n Ans✔ created by law,vary from state to state, in TX community property and homestead are statutory estate
Qs Eminent Domain - n Ans✔ The right of the government to take private property for public use through the action of condemnation Qs Inverse Condemnation - n Ans✔ When an individual forces the govt to buy his property Qs Taxation - n Ans✔ Property taxes are the highest priority lein on real property Qs Assessed Value - n Ans✔ value of property for tax purposes Qs Special assessment tax - n Ans✔ Ex. Govt provides new side walk in neighborhood can charge the owner's of neighborhood this tax
Qs Escheat - n Ans✔ Property reverts to the state dies with no will,no heirs, no kindred. Also property is abandoned Qs Riparian rights - n Ans✔ rights for rivers,streams, small bodies of water Qs Littoral rights - n Ans✔ Lakes, Oceans, large bodies of water Qs Prior Appropriation Theory - n Ans✔ first landowner to claim riparian rights exclusive rights Qs Market Value - n Ans✔ price a willing seller will sell for, and price willing buyer will pay
Qs Cost approach - n Ans✔ also know as summation approach how much it would cost to reproduce or build examples are churches or govt buildings,new construction Qs 3 types of depreciation in cost approach - n Ans✔ Physical deterioration,Functional obsolescence, Economic obsolescence Qs Appraisers Principles to Value (9) - n Ans✔ Highest and Best use, Principle of Substitution, Principle of Conformity, Principle of Increasing and Decreasing Returns, Principle of Contribution, The Principle of Regression, The principle of Competition, The Principle of Change, The Principle of Anticipation Qs Assemblage or plottage - n Ans✔ combining several parcels of land into one Qs Steps in Appraisers process (5) - n Ans✔
1.Purpose 2. Collect and Verify info 3. Est. value using as many approaches as needed 4. Reconciliation 5. Prepare report Qs Appraisers - n Ans✔ must follow USPAP (Uniform standards of Professional Appraisal Practice) some lenders require Fannie Mae appraisal Qs Chronological age - n Ans✔ age of property in years Qs Deferred Maintenance - n Ans✔ type of physical depreciation (ordinary wear and tear) Qs Straight line method - n Ans✔ a method of depreciation of equal annual installment amounts. Qs Real Property - n Ans✔
required to carry out a business example would be commercial cooking equipment in a restaurant Qs Accesion - n Ans✔ Acquiring trade fixtures by non removal prior to termination of lease Qs Land 3 physical characteristics - n Ans✔ nonhomogeneity, immobility, indestructibility Qs Nonhomogeneity - n Ans✔ no to pieces are exactly alike Qs immobility - n Ans✔ land cannot be moved - a person must go to the land Qs indestructibility - n Ans✔ durability - it will always be there
Qs Land 4 economic characteristics - n Ans✔ scarcity, modification, fixity, situs Qs scarcity - n Ans✔ short supply where demand is great example lot in Manhattan v. a lot in upstate NY Qs modification - n Ans✔ land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land Qs fixity - n Ans✔ land and buildings and other improvements to land are consideration fixed or permanent investments- they are not liquid assets Qs Situs - n Ans✔ location preference location,location,location
Qs Section - n Ans✔ 640 Acres 1 square mile Qs Acre - n Ans✔ 43,560 square feet Qs Plat - n Ans✔ map of a town, section, or subdivision Qs Plot - n Ans✔ map or layout of improvements on a property site. The property site is also called a lot or parcel Qs Encumbrance - n Ans✔ limitation on your rights. It may also called cloud on a title.
Qs Voluntary lein - n Ans✔ created by the borrowers actions such as taking out a mortgage Qs Involuntary lein - n Ans✔ created by law ie. ad valorem tax lein Qs Specific lein - n Ans✔ attaches to one or more specific properties ex mortgage Qs General lein - n Ans✔ attaches to all property of the debtor example tax lien Qs Lein - n Ans✔ created by recording a judgement Qs writ of execution - n
Texas uses instead of traditional mtg contains "Power of Sale" Clause that allows for "Non- judicial foreclosure" quick foreclosure Qs Acceleration Clause - n Ans✔ in the state of default whole amt of principal is due Qs Alienation Clause - n Ans✔ Due on sale clause states balance is due if sold w/o mortgagee's approval Qs Defeasance clause - n Ans✔ release of lein when debt is repaided Qs Escalation Clause - n Ans✔ allows lender to raise existing interest rate Qs Prepayment Clause - n Ans✔ Prepayment of mtg there is fee
Qs Subordination Clause - n Ans✔ allows lender to move or take a lower lien position Qs Assumption clause - n Ans✔ if loan is assumed new buyers obligated to pay off loan Qs straight assumption - n Ans✔ new buyer responsible, can not impact seller's credit score Qs subject to assumption - n Ans✔ buyer not liable for loan can impact seller's credit score Qs FHA Loan - n Ans✔ require occupancy, assumable, insures the loan, the insurance on a FHA loan MIP- mtg ins. Premium
