• The law requiring real estate contracts to be in writing is called the...? statue of frauds
• Statute of Frauds: law that requires some documents (deeds included) to be in writing and signed in order to be enforceable by law
• Illegal practice of directing home seekers to a particular...
TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE
WELL RESEARCHED
The law requiring real estate contracts to be in writing is called the...? statue of frauds
Statute of Frauds: law that requires some documents (deeds included) to be in writing
and signed in order to be enforceable by law
Illegal practice of directing home seekers to a particular neighborhood based on
fair housing protected classes? Steering
Taking buyers to or away from a particular area based on any of the protected
categories under Fair Housing Laws is called...? steering or channeling
When a buyer purchases a property and takes over the payments and liability on
an existing loan it is called a(n)...? straight assumption
A property description that is considered an informal reference is............tax: tax rate x
assessed value = a street address
Which of the following is not a characteristic of value of land? (type out the answer)
-Demand -Utility -Scarcity -Taxes -Transferability? taxes
How do you calculate Tax? tax rate x assessed value
form of ownership used by married couples who do not live in a state with
community property-has downer and curtesy rights? Tenancy by entirety
two or more people acquire property but ownership is not equal? Tenants in common
person who dies leaving a will? testate
method of attachment (annexation) Fitness or adaptation to
, TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE
WELL RESEARCHED
property Intention of the parties? Tests of a fixture
sets insurance premiums based on the sale price of property and
is paid at closing of property? Texas Board of Insurance
has 13 Members (6 brokers, 6 lawyers, 1 public) ? Texas Real
Estate Borker Lawyer Committee
Under what circumstances can a person be called a "Realtor?" That agent has to join
the "NAR" National Association of Realtors
Under Federal Law, if a property was built before 1978 the seller must disclose... ? that
the property may contain lead based paint
states what the title covers and does not cover? title commitment
policy that will insure against losses from title defects and against errors in
title examination? title insurance
Part / the percentage(%) = total
Areas of earth = 36 Sq. Miles ? townships
claimant can track the time they had possessed the property onto the time the
prior claimant possessed the property? Tracking
attached to the property under a commercial lease? Trade fixture
has 9 Members (6 brokers, 3 public) appointed by governor.
They serve 6 year staggered term ? Trec Commision Membership
, TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE
WELL RESEARCHED
gross, necessity, prescription, and appurtenant are all...? types of easements
-mortgage, property tax lien, mechanics lien, judgement -can be voluntary or involuntary
-are either specific or general? Types of liens
a promise in exchange for an act (option paragraph in a sales contract)? unilateral contract
1 sq. mile or 640 acres = unit
When an agent has unlimited authority to act on behalf of the client it is called...
? universal authority
homestead limited to 10 acres? Urban homestead
percent (%) x total area = usable area
Easement in gross is a(n) easement? utility
1. How much is the largest fine for any single violation of the Fair Housing Act? $110,000
2. What is a point? 1% of the loan amount
3. If you believe you are a victim of discrimination under the Federal Fair Housing laws,
how long do you have to file a complaint? 1 year
4. What is the sentence that is used to remember how many sq. ft. are in one acre? 4
nuns driving 35 in a 60 mph
5. How long does a consumer have to file a complaint with TREC against a licensee? 4 years
6. interest rate x loan amount = yearly interest
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