Texas Real Estate Law - Sae Champions
School Of Real Estate Questions And
Answers With Verified Solutions 100%
Correct!!!
CERCLA Liability Rules - ANSWER✔✔ Hazardous Substance Liability
1. Owner 2. Prop Manager 3. Cleaner of the Facility
Fair Credit Reporting Act - ANSWER✔✔ A federal law that established
procedures that consumer-reporting agencies must follow in order to ensure that
records are confidential, accurate, relevant and properly used.
Truth in Lending Act - ANSWER✔✔ An act which requires lenders to inform
borrowers of all direct, indirect and true costs of credit.
Equal Credit Opportunity Act (ECOA) - ANSWER✔✔ The federal law that
prohibits discrimination in the extension of credit because of race, color, religion,
national origin, sex, age, or marital status.
CERCLA - ANSWER✔✔ Comprehensive Environmental Response,
Compensation, and Liability Act
Title Theory - ANSWER✔✔ Legal concept that vests title to mortgaged property
in the mortgagee (lender) or a third party.
Lien Theory - ANSWER✔✔ Some states interpret a mortgage as being purely a
lien on real property. The mortgagee thus has no right of possession but must
, foreclose the lien and sell the property if the mortgagor defaults. (Texas is a Lien
Theory State)
Extraterritorial Jurisdiction - ANSWER✔✔ Unincorporated land area beyond the
geopolitical boundaries of a city over which the city exercises limited plat review
of development.
Intermediary Relationships - ANSWER✔✔ Broker reps both the buyer and seller
Broker remains neutral and avoids negotiating. The broker must first get written
consent of both parties
Sources of Law - ANSWER✔✔ statutory law- state and federal law. In the Area of
real estate State law has been the controlling law as the uniqueness and
backgrounds in each state.
Control of Land Used by City- Primary Method - ANSWER✔✔ zoning statutes
indirect municipal power use
Types of Ownership - ANSWER✔✔ Ownership in Severalty, Tenancy in
Common, Joint Tenancy
Texas Homestead - ANSWER✔✔ Texas Homestead laws are created by the Texas
Constitution to provide special protections to land and the improvements thereon.
Only certain land in certain amounts can qualify for these special protections and
interests.
Effective Dates Contracts - ANSWER✔✔ The date all parties sign
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