Texas Principles of Real Estate II Final Exam: Questions & Answers: Latest Updated.

Texas Principles of Real Estate II Final Exam: Questions & Answers: Latest Updated. Written documents affecting a title to real estate are recorded: A. where the titleholder resides B. where the titleholder has legal residence C. at the county clerk's office where the property is located D. at any county clerk's office in Texas C. at the county clerk's office where the property is located A person appointed by a court to settle the estate of a deceased person when the executor cannot perform or refuses to perform is: A. another executor B. a legatee C. an administrator D. a devisee C. an administrator What is an abstract of title? A. title insurance B. a history of all recorded activity affecting a parcel of real estate C. a judgment on real property D. a patent B. a history of all recorded activity affecting a parcel of real estate A title insurance policy in favor of the mortgagee will insure the: A. owner B. buyer C. buyer and seller D. lender D. lender A chain of title shows the linkage of property ownership that connects the present owner to the original source of title. In most cases it starts with: A. ownership from 1955 B. chattel C. a suit in federal court D. the original grant of the land from the government to a private citizen D. the original grant of the land from the government to a private citizen A handwritten will signed by the testator but not witnessed is known as a(n): A. nuncupative will B. holographic will C. oral will D. formal will B. holographic will A voluntary gift of private land to the public is known as: A. alienantion B. dedication C. reliction D. annexation B. dedication The General Warranty Deed contains: A. the covenant of seisin B. the covenant against encumbrances C. both A and B D. neither A or B C. both A and B In order to convey title to real property, a deed must be signed by the: A. grantee B. grantor C. agent D. buyer B. grantor Sam has moved onto a property owned by Fred. Sam is not leasing the property. If Sam holds possession of the property for a long period of time, he will own the property thru adverse possession. A. True B. False A. True The act passed in 1968 to protect the consumer from land scams is the: A. Buyers Land Protection Act B. Interstate Land Sales Full Disclosure Act (ILSFDA or LISA) C. Federal Land and Housing Act D. Texas Public Ownership B. Interstate Land Sales Full Disclosure Act (ILSFDA or LISA) The trustee in a deed of trust: A. writes the contract for the buyer. B. shows the property to the buyer C. forecloses on the property in the event of default. D. collects the monthly payments. C. forecloses on the property in the event of default. Removing the original borrower's name from the note and substituting the new buyers name is called: A. novation B. substitute C. covenants D. subdividing A. novation The right to redeem the property before a mortgage foreclosure sale is called: A. equitable redemption B. buyer redemption C. statutory redemption D. never used in Texas C. statutory redemption The Texas Bootstrap Loan Program is a self-help housing construction program for very low-income families. A. True B. False A. True The Federal Reserve Bank: A. is the most common bank seen in most cities. B. was created to provide the nation with a more stable monetary and financial system. C. provides loans to most residential home buyers. D. was created in 2013. B. was created to provide the nation with a more stable monetary and financial system. FHA loans are ____________________ and VA loans are ________________________. A. insure by the Federal Housing Administration ----------- guaranteed by the Department of Veteran Affairs. B. backed by conventional banks -------- backed by commercial banks C. only for people with children ------------ only for people without children D. farm loans ------------ lake loans A. insure by the Federal Housing Administration ----------- guaranteed by the Department of Veteran Affairs.