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Principles of Real Estate 1 – Champions Exam Questions and Answers
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Principles of Real Estate 1 – ChampionsExam Questions and Answers
Leasehold Estates - -possession and use of property without ownership
-Estate for years (tenancy for years) - -any lease with a specific starting and
ending date. Survives the death or sale of the property
-Periodic Tenancy/periodic estate - -lease that automatically renews itself
for like periods. example month to month. Requires notice to terminate
-Estate at Will - -Very loose agreement, terminates on death or sale of the
property
-Tenancy in Sufferance - -created when a tenant remains on the property
after a lease has expired
-Requirements of a Valid Lease - -Competent parties, let and take
agreement, adequate consideration (rent), legal purpose, property
description
-Emblements - -Annual crops. Even though attached to the land they
remain personal property through harvest
-Recovery Trust Account - -Payments may not exceed $50,000 for single
transaction and $100,000 per licenseholder
-Estate - -the interest or nature of interest a person has in real property.
-Bundle of Rights - -Rights associated with property ownership
-Fee simple absolute - -Best type of ownership - Always a state of
inheritance
-Fee simple defeasible - -Ownership that can be voided if a condition or
requirement for use of land is not met
-Life Estate - -ownership for the duration of someone's life. Owner is called
the life tenant. At the end of the tenant's life the property goes back to the
original grantor ( life tenant with reversion) or to a 3rd party (remainderman)
-TREC time to file a complaint - -4 years from incident date
, -Agency - -relationship that exists when one person (agent) acts on behalf
of another person (the principal or client). Fiduciary relationship based on
trust
-Types of Agency - -Universal - full authority to conduct business on behalf
of the clint - POA. Minors , Imprisonment, Militar
General - right to represent individual in a particular type of transaction.
Property Manager to Owner
Agent to Broker
Special - most limited - agent performs limited duties for the principal. Agent
to Client. Broker to Client
-Legal Descriptioin - -Used in sales contracts and agreement
-IABS (Information about Brokerage Services) - -Provides consumers with
necessary information regarding agency relationships with licenseholders.
Must be provided to all potential parties at first substantive discussion.
-TRELA (Texas Real Estate License Act) - -The purpose is to protect the
public against unscrupulous brokers and agents
-Fixtures - -Personal property that has become attached to the land in such
a way as to become real property., Annexation - attaching, Severance -
removing
Fixtures are transferred to new owner unless specifically excluded.
-Intermediary - -broker who appoints agents to represent parties in an in
house transaction. Remains neutral Must have written consent of both
parties
-Steering - -Taking buyers away from any neighborhood based on race,
color, religion, national origin, sex, familial status or handicap
-Blockbusting - -attempt to induce panic selling in a neighborhood for
financial gain
-Termination of Listing - -upon completion, by mutual rescission,
condemnation of property, revocation of broker's license, at anytime by
broker or principal, expiration of contract, death or incapacity of either party,
bankruptcy of either party, abadoment by the agent
-Familial Status Exemption - -Specifically designated for elderly under. HUD,
is occupied by person 62 and older, 80% is occupied by person 55 and older
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