Exam (elaborations)
Champion School of Real Estate-Law of Contracts.
- Course
- Institution
Champion School of Real Estate-Law of Contracts.
[Show more]
Content preview
Champion School of Real Estate-Law ofContracts
Texas Real Estate Commission - correct answer- TREC-created by the Legislature in 1949. 9 member
commission whose primary purpose is to carry out the provision of the License Act
Real Estate Recovery Trust Account - correct answer- administered by TREC. the purpose of the account
is to protect aggrieved individuals who suffer monetary loss due to illegal acts of license holders
unlawful practice of law - correct answer- license holder is not qualified to add provisions to contracts
that go beyond factual business details.
Promulgated Forms - correct answer- residential contract forms that are mandatory for license holder
Deceptive trade practices Act - correct answer- Texas law that applies to trade and commerce that was
passed in 1973. Part of the Texas Business and Commerce code
Land - correct answer- surface of the earth extending downward to the center and upward above the
surface to infinity
, Real Estate - correct answer- all that encompassed in land with the addition of all man-made additions
to the land (improvements)
Real Property - correct answer- goes beyond physical real estate and includes the rights that a person
has in the land.
Bundle of Rights - correct answer- rights that a person has in the land
severable - correct answer- different rights can be separate
Surface Rights - correct answer- the ability to develop the surface and to use resources extracted from
or near the surface
Subsurface Rights - correct answer- rights to oil, gas and minerals, are commonly conveyed through a
lease, mineral deed or reservation
Air Rights - correct answer- extend above the surface without limitations
improvements - correct answer- man-made additions to the land that is permanent and is considered
to become part of the land
personalty/chattel - correct answer- personal property
bill of sale - correct answer- used to accomplish the transfer of personal property, accompanies the
deed
Fixture - correct answer- personal property that has become attached to the land
, annexation - correct answer- personal property that becomes real property
severance - correct answer- removing fixtures to become personal property
Physical Characteristics of Land - correct answer- Indestructibility-cannot be destroyed
Immobility-cannot be moved
Non-homogeneity-no two parcels are the same
Economic Characteristics of Land - correct answer- Scarcity-supply and demand
Modification-value is affected by man made changes
Fixity-additions take long periods of time to pay
Situs-location, location, location
Estate in Severalty - correct answer- ownership by one individiual
Co-Ownership - correct answer- ownership by two or more
Trust - correct answer- ownership conveyed to a trustee for the benefit of others
tenancy in common - correct answer- ownership by 2 or more with undivided interests
Partition - correct answer- own a distinct tract of land
Joint Tenacy - correct answer- type of co-ownership with the right of surviorship
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Lectdavian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
58716 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now