Texas Real Estate State Exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Course
Texas Real Estate State
Institution
Texas Real Estate State
Federal interstate land sells Full Disclosure Act - applies to all unimproved land sold interstate. If a
buyer or tenant does not receive this report before signing, he may void his contract or lease
Appraisers Principles to Value (9) - Highest and Best use, Principle of Substitution, Principle o...
Federal interstate land sells Full Disclosure Act - applies to all unimproved land sold interstate. If a
buyer or tenant does not receive this report before signing, he may void his contract or lease
Appraisers Principles to Value (9) - 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
4 Characteristics of Value (DUST) - Demand, Utility,Scarcity,Transferability
4 leasehold estates - Estate for years, periodic Tenancy, Estate at will, tenancy at sufferance
Abstract of title - complete history of all recorded events affecting the title
Acceleration Clause - in the state of default whole amt of principal is due
Accesion - Acquiring trade fixtures by non removal prior to termination of lease
Acre - 43,560 square feet
Adverse Possession (Squatters rights) - occurs when property is acquired from the rightful owner
through the State of Limitations
Agents duties (OLD CAR) - Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable
Care *Trust is not a duty
Alienation Clause - Due on sale clause states balance is due if sold w/o mortgagee's approval
, Annexation - Process of attaching personal property to real property making it a fixture
Appraisers - must follow USPAP (Uniform standards of Professional Appraisal Practice) some
lenders require Fannie Mae appraisal
Assemblage or plottage - combining several parcels of land into one
Assessed Value - value of property for tax purposes
Assumption clause - if loan is assumed new buyers obligated to pay off loan
Bilateral contract - exchange promises which binds two birds ex sales contract
Blanket loan - Covers one than one piece of property
Blockbusting - panic selling
Broker Lawyer Committee - writes promulgated contracts 13 members 6 are brokers 6 lawyers
and 1 public member
Brokers edu requirements - 900 classroom hrs 30hrs in RE Brokerage 4yrs active sales licensee
Budget loan - includes PITI examples are FHA,VA, and most amortized fixed rate loans are budget
mortgages
Buffer zone - area of land separating one land use for another
CERCLA - passed 1980 est. superfund to clean up hazardous waste
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