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Texas Real Estate Principles 2 (Allied) questions & correct answers.
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Texas Real Estate Principles 2 (Allied) questions & correct answers.
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Texas Real Estate Principles 2 (Allied)questions & correct answers.
1. Real property can be acquired or conveyed via ANS -transfer
wills and trust
intestate succession
adverse possession
by natural causes
The transfer of the title to real property and possession of lands, tenements, or other things, from one
person to another. ANS -Alienation
Property is acquired by transfer when ANS -by an act of the parties or law, title is conveyed from one
person to another by means of a written document.
The most common method of transferring real property is ANS -with a deed
Recording a deed is important, especially during property transfers because it ANS -protects the chain of
title
Hint: The purpose of recording a deed is to protect the chain of title, which is a sequential record of
changes in ownership showing the connection from one owner to the next. A complete chain of title is
desirable whenever property is transferred and required by title insurance companies if they are writing
a policy on a property.
What is the legal transfer of a person's interest in property according to the laws of descent and
distribution ANS -Succession
What is the gradual addition of land to a parcel by the deposition and accumulation of alluvium ANS -
Accretion
,Adverse possession is a means of ANS -involuntary transfer
Hint: Adverse possession requires that the property to be adversely possessed be used by the adverse
possessor openly, notoriously, continuously, and hostile to the original owner all for a period of five
years. In addition, the adverse possessor must pay all property taxes.
The public record of prior transfers and encumbrances affecting the title of a parcel of land is the: ANS -
Chain of title
Hint: The chain of title is the public record of prior transfers and encumbrances affecting the title of a
parcel of land. The chain must not have any gaps in order for title to be insurable. Any gap in the chain
will require quitclaim deeds to be signed or a court action called a "suit to quiet title."
The Texas Department of Insurance (TDI) requires licensing of ANS -title insurance companies
Hint: The Texas Department of Insurance (TDI) is the state agency that regulates the title insurance
industry and the entire insurance industry as a whole. The TDI requires licensing of any title insurance
company that does business in the state, whether or not it resides in the state.
What is the legal process to prove that a will is valid ANS -Probate
Hint: Probate is the legal process to prove that a will is valid. Probate proceedings are held in the
superior court to determine creditors' claims and beneficiaries' interests in an estate upon the owner's
death.
What is the most frequently used instrument to transfer
title? ANS -general warranty deed
Texas recognizes two types of wills ANS -attested wills and holographic wills
In the event that an individual dies without leaving behind a testamentary instrument, he or she is
considered to have died ANS -intestate
, A trust is a three-party arrangement involving... ANS -a trustor (or settlor), a trustee, and
a beneficiary.
______ is the legal transfer of a person's interests in real and personal
property under the laws of descent and distribution. ANS -Succession
insurance policy below is designed to benefit the lender? ANS -Loan Policy (T-2)
The loan policy ensures that the loan is a valid first lien (or second) against the property. A loan policy
will repay the balance of the mortgage if a claim against the property voids the title.
_____ is a process by which there is an addition to property by the efforts
of man or natural forces ANS -Accession
Hint: The land itself can be enlarged or reduced by natural
forces—gradually through accretion and reliction or quickly through avulsion.
2. Zoning laws can address the regulation of ANS -the buildings and structures located thereon..
Which of the following agencies is responsible for managing public lands? ANS -The National Park
Service
The Fish and Wildlife Service
The Bureau of Land Management (BLM)
The federal __________ is a consumer protection statute that regulates the sale or lease of subdivided
property through the use of interstate commerce. ANS -Interstate Land Sales Full Disclosure Act (ILSA)
When the government actually takes and physically occupies private land, it is called a ANS -physical
taking
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