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RE LAW SAE ACEABLE FINAL EXAM
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RE LAW SAE ACEABLE FINAL EXAM
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RE LAW SAE ACEABLE FINAL EXAMWhich of these is a bilateral contract? - Answers-Richard signs a contract to buy
James's house.
What does severalty mean? - Answers-sole ownership
What agency is responsible for enforcing TRELA? - Answers-TREC
What is the difference between a subdivider and a developer? - Answers-A subdivider
parcels out the land; a developer builds things on it.
If a landlord has the power to retake the property after the lease term has expired, this
means they have a: - Answers-A landlord has a reversionary right; this means that the
landlord has the power to retake the property after the lease term has expired.
Therefore, the landlord's interest in the property is known as a leased fee estate plus
reversionary right.
Alex defaulted on his loan and lost his house to foreclosure. This is an example of: -
Answers-Involuntary Alienation
The concept of escheat means that property: - Answers-`reverts to the state when a
person dies without a will, an heir, or a creditor
Which of the following has a long lease term and is often used in the development of
commercial property? - Answers-Ground lease
What is adverse possession? - Answers-A method of gaining legal title to real property
by the actual, open, hostile, and continuous possession of it.
What is a contour map used for? - Answers-it shows hills, valleys, plateaus, and other
patterns that may affect water drainage, runoff, or other development issues
What type of contract is a real estate sales contract? - Answers-bilateral contract
The payment that the prospective buyer makes to the seller in exchange for the
exclusive option to terminate the sales contract within a specified period of time without
penalty is called the: - Answers-Option money
What can the seller do if a buyer defaults on a real estate contract, and the seller
decides to forfeit the contract? - Answers-keep the earnest money and any payments
they have received from the buyer
What is chattel? - Answers-an unattached, moveable asset not considered real estate
, Which of the following best defines the term "recording"? - Answers-the placing of
documents about the claims and ownership of real estate in the county clerk's office at
the courthouse
Grandpa Bobby, conveys his property to his granddaughter Pamela. The deed contains:
(1) Pamela's name; (2) a statement that he has received $10 and Pamela's love and
affection; and (3) a statement that the property is conveyed to Pamela "to have and to
hold." Identify, in order, these elements of the deed? - Answers-grantee; consideration;
habendum clause
What is a general warranty deed? - Answers-a type of deed containing the strongest
and broadest form of guarantee of title; provides the greatest protection of any deed to
the grantee
What is something of value exchanged by the parties as evidence of agreement to the
terms of a contract? - Answers-consideration
The process in which funds and/or financial documents are held by a third party on
behalf of the other two parties in the real estate transaction is called: - Answers-Escrow
What is bargain and sale deed? - Answers-a deed without any warranty against
encumbrances; only implies that the grantor holds the right to convey title
The Texas Real Estate License Act (TRELA) can be found within what larger law
governing real estate occupations? - Answers-Texas Occupations Code
Which of the following is NOT one of the six TREC promulgated contracts? - Answers-
Buyer Representation Agreement
Alec puts his property up for sale of his own free will. He goes through with the sale,
and an opera singer now owns his property. This transaction is an example of: -
Answers-voluntary alienation
How do insurance companies find past claims filed by people or on property to
determine their insurability? - Answers-get a CLUE report
TREC regulates all of the following except: - Answers-insurance companies
Which of these liens is most likely to be the senior lien? - Answers-property tax lien
You are leasing a home that has recently been renovated to make a larger living/family
room. If the room is now 11 ft. by 14.5 ft., what is the total square footage of the room? -
Answers-159.5 sq. ft.
What is the purpose of the Interstate Land Sales Full Disclosure Act? - Answers-to
protect consumers from fraud
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