Term
| The purpose of the Texas Real Estate Licence Act is: |
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Definition
| To protect the public against unscrupulous brokers and salesmen |
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Term
| What is required to obtain a licence in Texas? |
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Definition
* resident of Texas at the time of application
*good moral charater
* show competency by passing the exam |
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Term
| A real estate licence can be revoked or suspended by TREC if the licensee: |
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Definition
| pays a commission to any unlicenced person, places a sign offering property or rent without the permission of the owner, sells real estate by lottery |
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Term
| How long does a consumer have to file a complaint with TREC agains a licensee? |
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Definition
| 4 years from the date of the incident |
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Term
| Who promulgates (makes known) real estate contract forms in Texas? |
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Definition
| TREC (Texas Real Estate Commission) |
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Term
| Which economic characteristic of land describes location preference from an economic point of view? |
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Definition
| Situs (the personal preference of people for one area over another) |
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Term
| What is often considered the most important test of a fixture? |
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Definition
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Term
| What is an example of an encroachment? |
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Definition
| a neighbor's fence on your land |
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Term
| The government's rights in land include: |
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Definition
police power, eminent domain, (right of government to aquire property for public use and determines the compensation to the owner),taxation and escheat (reversion of property to the state because of abandonment or death of owner with no will and no heirs) |
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Term
| A property description that is considered an informal reference is: |
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Definition
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Term
| The highest priority lien against real property is: |
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Definition
| property taxes (because if you don't pay your property taxes, your property will be siezed and sold) |
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Term
| The type of ownership in which a person has the most rights is called: |
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Definition
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Term
| Texas is a community property state. What is true about community property? |
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Definition
| Property inherited by one spouse can remain the seperate property of that spouse. |
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Term
| When property has only one owner this is called: |
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Definition
| an estate in severalty (sole ownership) |
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Term
| Property held by two or more owners with rights of survivorship is: |
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Definition
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Term
| A lease with a specific starting and ending date is called: |
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Definition
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Term
| When the landlord pays all the expenses of the property and the tenant pays only rent, this is called: |
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Definition
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Term
| An easement (right to use land) can be terminated by: |
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Definition
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Term
| Deeds require (among other things): |
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Definition
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Term
| The deed that gives the buyer the greatest protectionis called: |
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Definition
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Term
| Title to real property transfers when the deed is: |
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Definition
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Term
| When a grantor transfers title but retains some rights this is called: |
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Definition
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Term
| A complete history of the title of a piece of property is called: |
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Definition
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Term
| A handwritten will is called: |
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Definition
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Term
| Inheritance of real property without a will is called: |
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Definition
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Term
| Seller financing where the seller retains title until the final payment is made is called: |
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Definition
| contract for deed (land contract; installment land contract) |
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Term
| The duties of a principal include: |
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Definition
indemnification (principal will protect the agent from suffering a loss due to the agents reliance in information recieved from the principal), compensation (money), reimbursment(agent by principal for expenses incurred on behalf of the principal), performance (principal is expected to perform as promised) |
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Term
| When an agent has unlimited authority to act for his client this is called: |
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Definition
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Term
| The duties of an agent include: |
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Definition
obediance (agent obeys all instructions of principal), loyalty (treat third parties fairly but put principal first), disclosure (share important information with principal), confidentiality (must not reveal confidential information about his principal to anyone), accounting and reasonable care (act responsibly in representing the property for a seller) |
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Term
| A contract that meets all the requirements of the law is: |
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Definition
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Term
| A contract that can be canceled by one of the parties is called: |
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Definition
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Term
| Something of value given to induce another to enter into a contract is called: |
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Definition
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Term
| The law requiring real estate contracts to be in writing to be enforcable is called: |
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Definition
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Term
| Contracts that are signed and carried out are called: |
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Definition
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Term
| When one of the parties of a contract dies, the contract is: |
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Definition
| binding to the heirs if possible |
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Term
| If the parties to a contract agree to terminate the contract, this is called: |
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Definition
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Term
| TREC promulgated contract forms are: |
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Definition
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