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Texas Real Estate Principles 1 (rated 100% correct).
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Texas Real Estate Principles 1 (rated 100% correct).
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Texas Real Estate Principles 1 (rated100% correct).
There are seven sources of law in the United States, What would be an example of them? ANS -Local
zoning laws, FHA/VA regulations, court decisions
Laws passed by Congress and various other various state legislatures may ANS -Authorize agencies to
pass rules and regulations to enforce the provisions of law
The legal concept of precedent ANS -Grew out of common law
Constitutional provisions ANS -Establish the rights of citizens and delineate government authority
Real estate laws ANS -werte passed to protect the public from possible fraud, dishonesty, and
incompetence of unscrupulous brokers and sales agents
Common Law ANS -Includes both custom and court decisions in application today
A public library is an example of ANS -Special-purpose real estate
Value is best defined as ANS -A measure of the present worth of future benefits as perceived by each
person
The factors that influence the demand for real estate include ANS -Wage levels and employment
opportunities
A factor that affects supply in the real estate market is ANS -construction costs
The real estate market is considered local in character because ANS -Land is fixed or immobile
,In general, when the supply of a certain commodity increases ANS -prices tend to drop
Price is best defined as ANS -the amount a buyer agrees to pay and a seller agrees to accept
Compared with typical markets, the real estate market ANS -is relatively slow to adjust because of its
nonhomogeniety and its immobile characteristics
In general terms, the term market refers to ANS -a place where buyers and sellers come together to
establish prices
An improvement is ANS -an example of economic characteristic
The term area preference refers to ANS -an economic characteristic of land
The term non homogeneity refers to ANS -the fact that no two parcels of land are exactly alike
Relative scarcity implies that ANS -land available for development may be in short supply in some areas
Abandonment ANS -The voluntary surrender or relinquishment a position of real property with the
intention of terminating one's position or interest but without the vesting of this interest in any other
person, such as when a person moves and abandons leased property before the lease term has expired.
Abatement ANS -Elimination or reduction of realistic taxes to attract new business to an area
Abstract of title ANS -The condensed history of a title to a particular parcel of real estate, consisting of a
summary of the original grant and all subsequent conveyances andand encumbrances affecting the
property and a certification by the abstracter that the history is complete and accurate.
Abstract of title with lawyers opinion ANS -An abstract of title that a lawyer has examined and has
certified to be, in his opinion, an accurate statement of fact.
,Acceleration clause ANS -The clause in a mortgage or trust deed or note that can be enforced to make
the entire amount of principle and interest due immediately if the mortgagor defaults on an instalment
payment or other covenant.
Accession ANS -Acquiring title to additions or improvements to real property as a result of the
annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
Accretion ANS -The increase or addition of land by the deposit of Sand or soil washed-up naturally from
a river, lake, or sea.
Accrued items ANS -On a closing statement, items of expense that are incurred but not yet payable such
as an interest on a mortgage loan or taxes on real property.
Acknowledgement ANS -A formal declaration before a notary public or other authorised public officer
that authenticates signatures on the document for the purpose of recording.
Acre ANS -A measure of land equal to 43,560 ft.² , 4840 yd.² , 4047 m² , 160 square rods or 0.4047
Hectare
Actual eviction ANS -The result of legal action originated by lessor whereby a defaulted tenant is
physically ousted from the rented property pursuant to a court order.
Actual notice ANS -Express information or fact; that which is known; direct knowledge
Adjustable rate mortgage ANS -(ARM) A mortgage loan in which the interest rate may increase or
Decrease at specified intervals over the life of a loanloan
Adjusted sales price ANS -For income tax purposes, the actual sales price reduced by allowable sales
expenses
Administrator / administratrix ANS -A man or a woman appointed by the court to settle the estate of a
deceased person when there is no will; contrast with executor or executrix.
, Ad valorem tax ANS -A tax levied according to value; generally used to refer to real estate tax
Adverse possession ANS -The actual, visible, hostile, notorious, exclusive and continuous possession of
another's land under a claim of title. Possession for a statutory period may be a means of acquiring title.
Agency ANS -The relationship between the principal and agent wherein the agent is authorised to
represent the principle in certain transactions.
Agency by ratification ANS -An agency relationship that is established after the fact.
Agent ANS -One who acts or has the power to act for another. A fiduciary relationship is created under
the law of agency when a property owner, as the principal, executes a listing agreement or management
contract authorising a licensed real estate broker to be her/ his agent.
Air lot ANS -A designated airspace over a piece of land. and air lot, Like surface property may be
transferred.
Air rights ANS -The rights to use the open space above a property generally allowing the surface to be
used for another purpose.
Alienation ANS -The act of transferring property to another. Alienation may be voluntary, such as by gift
or sale or involuntary As by eminent domain or adverse possession.
Alienation clause ANS -The clause in a mortgage or deed of trust stating that the balance of the secured
debt becomes immediately due and payable at the mortgagees option if the property is sold by the
mortgagor. In effect, this clause prevents the mortgagor from assigning in the debt without the
mortgagee's approval; also called a due-on-sale Clause
Allodial system ANS -A system of land ownership in which land is held free and clear of any rent or
service due to the government; commonly contrasted with the feudal system in the United States, land
is held under the allodial system
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