Homestead rights - Study guides, Class notes & Summaries

A condominium unit buyer has how long to cancel the purchase contract after signing an agreement with a developer? a. 3 days b. 10 days c. 15 days d. 20 days - Answer-c. 15 days A constitutional homestead is owned by a man who is head of a family consisting of himself, his wife, and their three children. The man dies unexpectedly. After his death, a. the widow owns the homestead in fee simple. b. by operation of law, the widow owns a life estate in the homestead, and the children are ve...

Texas Principles of Real Estate 1 (2023/ 2024) Exam | Guide with Questions and Verified Answers| 100% Correct Q: curtsey rights Answer: right a husband has to his wifes estate upon her death Q: fee simple defeasable Answer: a gift of land by a person or GRANTOR Q: Life Estate Answer: an estate in land for the duration of someones life (always a gift of land/ real estate) Q: Homestead Answer: Texas is a Homestead State. The property that you own an...

Real Estate Law 1309 Ch. 1-6 Questions and Answers 100% Accurate The Texas Constitution contains our a. homestead laws b. certain mechanics' and materialmen's lien laws c. community property rights d. all of the above ALL THE ABOVE "Statutory Law" means a. laws concerning persons under the age of 18 b. written laws created by the legislature c. laws that are unconstitutional d. all of the above B. WRITTEN LAWS CREATED BY THE LEGISLATURE Which of the following can...

a running stream is considered - ANSWER-real property water found on the land in watercourses, such as natural springs, streams, or rivers and in bodies of water, such as ponds or lakes is called - ANSWER-surface water What is riparian rights - ANSWER--riparian property owners have reasonable use of the follow water - the owner of property bordering a stream or river has riparian rights -the owner of adjacent land may not lawfully divert all available waterand thereby deprive a riparian ...

California Legal Aspects of Real Estate Final Exam Questions with Verified and Updated Answers California Legal Aspects of Real Estate Final Exam Questions with Verified and Updated Answers A balloon payment on a real estate loan is: a. the final payment to pay off a loan b. the smallest payment made on the loan c. more than twice the amount of the smallest payment d. a payment made by a guarantor of the loan - Answer c. more than twice the amount of the smalles...

Bundle of rights - ANSWER-PUTEE - Possession, Use, Transfer, Exclusion, Encumbrance Real property - ANSWER-Real estate (land + manmade attachments) + bundle of rights Legal Title - ANSWER-Full ownership of property + bundle of rights Equitable Title - ANSWER-Interest that gives the buyer the right to acquire legal title to a property if certain contractual conditions occur. Homestead - ANSWER-Rights to principal residence Fee simple - ANSWER-Highest form of ownership interest - no...

Syndication - ANSWER Two or more forms joining together as an entity to own real estate Estate in severalty - ANSWER Ownership by one individual Concurrent ownership - ANSWER Two or more persons share ownership with undivided interests Tenancy in common - ANSWER Co-ownership without right of survivorship to other owners Police power - ANSWER The broad right of the government to place reasonable restrictions on the use of privately held land Easement - ANSWER A right of use or enjo...

Fee simple - Also called fee simple absolute or indefeasible fee, this fee estate is the most complete form of ownership without limitations or conditions Life estate - Grants possession and limited ownership of the property to a person for the duration of the recipients life or the life of another person Fee simple qualified estate - Also called fee simple defeasible estate. 3 different types Few simple precedent - Ownership (title) won't pass from one person to another until a partic...

$1,000 - Answer-The declaration of homestead in Oklahoma, filed by the head of a family by March 15, will exempt from the assessed valuation of the property the amount of 1 - Answer-How many base lines intersect each principal meridian in the rectangular survey system 12 - Answer-How many lots, each measuring 72.5 feet wide by 100 feet deep, could be made from a two-acre parcel of land? 4 - Answer-How many years are the Oklahoma Real Estate Commissioners appointed to serve? 40 - Answer-How...

1. which of the following ways of specialization is common in the real estate brokerage business A) by background of client B) by type of property C) by years of experience in the business D) by type of mortgage financing required - correct answer -b 2. which of the following is included in the legal concept of land A) A corn crop B) a lake C) a felled tree D) an abandoned vehicle - correct answer -b 3. a property abuts a non navigable stream. What does the owner own A) land to th...