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How long of a period for a statutory period of redemption occurs on a homeowners' association assessment lien 180 days 0 gettarb Tue, 31 Aug 2010 21:15:58 GMT view revision history
Texas does have a what period on homestead property two-year statutory redemption period 0 gettarb Tue, 31 Aug 2010 21:15:58 GMT view revision history
Texas law contains no provisions for what for property after a sale to satisfy a home equity lien or a power-of-sale clause in a deed of trust statutory redemption 0 gettarb Tue, 31 Aug 2010 21:15:58 GMT view revision history
Foreclosure under what simplifies and expedites foreclosure and eliminates costly court fees. power of sale clause 0 gettarb Tue, 31 Aug 2010 21:15:58 GMT view revision history
If real property is how long is defaulting property owner given to cure default before notice of sale is given. 30 days 0 gettarb Tue, 31 Aug 2010 21:15:58 GMT view revision history
Provision in a deed of trust authorizing trustee to sell property in the event of borrower's default. power-of-sale clause 0 gettarb Tue, 31 Aug 2010 21:15:58 GMT view revision history
Top three reasons for loan delinquency Job loss
Illness or death in the family
excessive obligations
0 gettarb Tue, 31 Aug 2010 04:22:56 GMT view revision history
Proceeding provides that property pledged as security may be sold by court order after mortgagee gives sufficient public notice judicial foreclosure 0 gettarb Tue, 31 Aug 2010 04:22:56 GMT view revision history
Two general types of foreclosure proceedings recognized in Texas are judicial and nonjudicial foreclosure 0 gettarb Tue, 31 Aug 2010 04:22:56 GMT view revision history
Property thus sold is free of Mortgage and all junior liens. 0 gettarb Tue, 31 Aug 2010 04:22:55 GMT view revision history
foreclosure under a deed of trust and is done out of court power of sale 0 gettarb Tue, 31 Aug 2010 04:22:55 GMT view revision history
Legal procedure whereby property used as security for debt is sold to satisfy debt in the event of default in payment of mortgage note or default of other terms in mortgage document
Close
foreclosure 0 gettarb Tue, 31 Aug 2010 04:22:55 GMT view revision history
first lender subordinates his or her lien to that of second lender subordination agreement 0 gettarb Tue, 31 Aug 2010 04:22:55 GMT view revision history
Represent greater risk to lender and are usually issued at higher interest rates. Second Loans 0 gettarb Tue, 31 Aug 2010 04:22:55 GMT view revision history
If owner of land executes another loan on the same property, for additional funds, the new loan becomes a second mortgage or junior lien 0 gettarb Tue, 31 Aug 2010 04:22:55 GMT view revision history
Mortgage or deed of trust on land that has no prior mortgage lien on it First mortgage or first deed of trust 0 gettarb Tue, 31 Aug 2010 04:22:55 GMT view revision history
Recorded in county clerk's office where real estate is located and gives constructive notice to the world of the borrower's obligations and establishes lien's priority recording deed of trust 0 gettarb Sun, 29 Aug 2010 01:16:54 GMT view revision history
Document developed to protect seller who allows someone to assume his or her loan deed of trust to secure assumption 0 gettarb Sun, 29 Aug 2010 01:16:54 GMT view revision history
Collateralizing instrument that ties performance of obligation to a certain piece of property deed of trust 0 gettarb Sun, 29 Aug 2010 01:16:54 GMT view revision history
Clause in mortgage or deed of trust that states that balance of secured debt becomes immediately due and payable at mortgagee's option if property is sold by mortgagor. In effect this clause prevents mortgagor from assigning debt without mortgagee's approval; also called a due-on-sale clause alienation clause 0 gettarb Sun, 29 Aug 2010 01:16:54 GMT view revision history
If proceeds from foreclosure sale on property were NOT enough to pay debt, a lender may be entitled to obtain a deficiency judgment in which a borrower's personal assets may be attached to pay balance of the debt T/F True 0 gettarb Sun, 29 Aug 2010 01:02:01 GMT view revision history
A mortgagee is party who borrows money to finance purchase of land and mortgagor is party who provides funds T/F? False 0 gettarb Sun, 29 Aug 2010 01:02:01 GMT view revision history
Foreclosure procedures for defaulted deeds of trust are usually slower and more complex than those for regular mortgages T/F? False 0 gettarb Sun, 29 Aug 2010 01:02:01 GMT view revision history
Duties of mortgagor in deed of trust mortgage document includes promise NOT to introduce hazardous materials to property T/F? True 0 gettarb Sun, 29 Aug 2010 01:02:01 GMT view revision history
When property is sold "subject to" the mortgage or deed of trust, purchaser is personally obligated to pay debt in full T/F? False 0 gettarb Sun, 29 Aug 2010 01:02:01 GMT view revision history
Buyers may be attracted by prospect to retain a more favorable interest rate, thereby saving money assumption of mortgage 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
grantee becomes personally obligated for payment of the entire debt when they assume to pay seller's debt 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
When property is sold, courts hold that purchaser is not personally obligated to pay debt in full subject to mortgage or deed of trust 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
(PITI) Principle, Interest, Tax, Insurance 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
To make future payments for real estate taxes, property insurance premiums, and, when applicable, homeowners' dues and mortgage insurance premiums escrow account 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
Document that transfers all rights given trustee under a trust deed loan back to grantor after loan has been fully repaid release deed 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
Document acknowledging payment of a debt. satisfaction of mortgage 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
Instrument indicating that a previously existing lien has been released and is no longer enforceable. release of lien 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
Provision in leases and mortgages that cancels specified right on occurrence of a certain condition, such as cancellation of mortgage on repayment of mortgage loan. defeasance clause 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
When note is sold to third party, the mortgagee endorses note to third party and executes an assignment deed of trust 0 gettarb Tue, 24 Aug 2010 04:56:17 GMT view revision history
Lender invokes power of sale, Lender or Trustee shall give notice of time, place and terms of sale by posting and filing notice at least 21 days prior to sale as provided by Applicable Law Power-of-sale clause 0 gettarb Mon, 23 Aug 2010 18:08:36 GMT view revision history
If borrower defaults on payments provisions of deeds of trust include an assist to the lender in foreclosure acceleration clause 0 gettarb Mon, 23 Aug 2010 18:08:36 GMT view revision history
trust deed may provide a grace period of how long on the Fannie Mae/Freddie Mac deed of trust during which the borrower can meet the obligation and cure the default 30 days 0 gettarb Mon, 23 Aug 2010 18:00:24 GMT view revision history
RESPA Real Estate Settlement Procedures Act 0 gettarb Mon, 23 Aug 2010 18:00:24 GMT view revision history
insurance protecting Lender against the nonpayment of, or default on loan Mortgage Insurance 0 gettarb Mon, 23 Aug 2010 18:00:24 GMT view revision history
Because Texas is a lien theory state, who is considered the owner of the property? the borrower 0 gettarb Mon, 23 Aug 2010 18:00:23 GMT view revision history
Three parties involved in deed of trust mortgage transaction are Borrower, Lender, and neutral third party or trustee 0 gettarb Mon, 23 Aug 2010 17:43:39 GMT view revision history
Texas law prohibits a prepayment penalty on any personal, family, household, or agricultural note having an interest rate of 10 percent or more 0 gettarb Mon, 23 Aug 2010 17:43:39 GMT view revision history
Charge imposed on borrower who pays off loan principal early and compensates lender for interest and other charges that otherwise lost prepayment penalty 0 gettarb Mon, 23 Aug 2010 17:43:39 GMT view revision history
Money available for borrowing is a commodity subject to the economic laws of supply and demand 0 gettarb Mon, 23 Aug 2010 17:43:39 GMT view revision history
Parties to written contract that is primarily for personal, family, household, or agricultural use may agree to any rate of interest that does not exceed 18 percent per year 0 gettarb Wed, 18 Aug 2010 17:45:29 GMT view revision history
Under Texas state law, maximum rate of interest is determined by buyer's use of the property 0 gettarb Wed, 18 Aug 2010 17:45:29 GMT view revision history
Charging interest rate higher than maximum rate established by state law. usury 0 gettarb Wed, 18 Aug 2010 17:45:29 GMT view revision history
Interest payments under mortgage loan on taxpayer's residence are WHAT for federal income tax purposes? deductible 0 gettarb Wed, 18 Aug 2010 17:45:29 GMT view revision history
Most residential notes specify that interest is paid as it accrues (or in arrears) 0 gettarb Mon, 16 Aug 2010 18:32:46 GMT view revision history
Interest due at beginning of each payment period payment in advance 0 gettarb Mon, 16 Aug 2010 18:32:46 GMT view revision history
Interest due at end of each payment period known as payment in arrears 0 gettarb Mon, 16 Aug 2010 18:32:46 GMT view revision history
calculated on a 30-day month/360-day year basis interest on all monthly amortized notes 0 gettarb Mon, 16 Aug 2010 18:32:46 GMT view revision history
(P&I) monthly mortgage payment-amortized loan 0 gettarb Mon, 16 Aug 2010 18:32:46 GMT view revision history
Monthly mortgage payment remains the same from first payment until last payment on a fixed-rate note and is called a monthly direct reduction 0 gettarb Mon, 16 Aug 2010 18:32:46 GMT view revision history
Calculated by computing total yearly interest, based on unpaid balance, and dividing that figure by number of payments made each year Amount of interest due on any one installment payment date 0 gettarb Mon, 16 Aug 2010 18:32:46 GMT view revision history
Charge made by a lender for the use of money or type and extent of ownership in property. interest 0 gettarb Mon, 16 Aug 2010 18:19:45 GMT view revision history
transferee, or new holder of the note, is known as a holder in due course 0 gettarb Mon, 16 Aug 2010 18:19:45 GMT view revision history
individual who holds note is referred to as the payee 0 gettarb Mon, 16 Aug 2010 18:19:45 GMT view revision history
Written instrument, such as a note, that may be transferred by endorsement or delivery. negotiable instrument 0 gettarb Mon, 16 Aug 2010 18:19:45 GMT view revision history
must be executed to create an enforceable mortgage loan. note and deed of trust 0 gettarb Mon, 16 Aug 2010 17:12:44 GMT view revision history
Pledge of specific real or personal property as security for an obligation without surrendering possession of it. hypothecation 0 gettarb Mon, 16 Aug 2010 17:12:44 GMT view revision history
instrument used to create mortgage lien by which mortgagor (borrower) conveys his or her title to trustee, who holds it as security for benefit of lender (beneficiary) deed of trust 0 gettarb Mon, 16 Aug 2010 17:12:44 GMT view revision history
2 parts to a mortgage loan debt itself and security for debt 0 gettarb Mon, 16 Aug 2010 17:12:44 GMT view revision history
Step 5, the final step, in the cost approach for estimating value of property is to ADD ESTIMATED LAND VALUE TO THE DEPRECIATED COST OF THE BUILDING AND OTHER SITE IMPROVEMENTS 0 gettarb Mon, 16 Aug 2010 01:50:40 GMT view revision history
Residential property is BEST suited to the gross rent multiplier approach. 0 gettarb Mon, 16 Aug 2010 01:50:40 GMT view revision history
To arrive at a property's value using the cost approach, calculate the value of the land put to the highest and best use 0 gettarb Mon, 16 Aug 2010 01:50:40 GMT view revision history
When the appraiser evaluates the facts and forms a final opinion of value for a property, he or she is collecting and analyzing the data 0 gettarb Mon, 16 Aug 2010 01:50:40 GMT view revision history
The note creates the debt 0 gettarb Sun, 15 Aug 2010 02:22:00 GMT view revision history
Promise, or agreement, to repay debt in definite installments with interest. Promissory note 0 gettarb Sun, 15 Aug 2010 02:22:00 GMT view revision history
A person cannot convey greater rights in property than he or she actually has basic principle of property law 0 gettarb Sun, 15 Aug 2010 02:22:00 GMT view revision history
Some states' interpretation of mortgage to mean that lender is owner of mortgaged land. On full payment of mortgage debt, borrower becomes landowner (not recognized in Texas) title theory 0 gettarb Sun, 15 Aug 2010 02:22:00 GMT view revision history
Texas' interpretation of a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults. lien theory 0 gettarb Sun, 15 Aug 2010 00:50:55 GMT view revision history
A lender in a mortgage loan transaction. mortgagee 0 gettarb Sun, 15 Aug 2010 00:50:55 GMT view revision history
A borrower who conveys his or her property as security for a loan. mortgagor 0 gettarb Sun, 15 Aug 2010 00:50:55 GMT view revision history
Buyer borrows major portion of purchase price by securing loan and pledging real property involved as security (collateral) for loan mortgage loan 0 gettarb Sun, 15 Aug 2010 00:50:55 GMT view revision history
Final step in estimating property value using the income approach is to APPLY THE CAP RATE TO PROPERTY'S NOI 0 gettarb Sat, 14 Aug 2010 23:30:50 GMT view revision history
When appraiser evaluates facts and forms a final opinion of value for a property, he or she is RECONCILING VALUATION APPROACHES 0 gettarb Sat, 14 Aug 2010 23:26:30 GMT view revision history
Susan estimated the value of the Jones's new house by comparing it to the cost of buying a similar lot and constructing similar improvements. She used the Cost approach 0 gettarb Sat, 14 Aug 2010 23:26:30 GMT view revision history
Residential property is BEST suited to the gross rent multiplier approach. 0 gettarb Sat, 14 Aug 2010 23:26:30 GMT view revision history
A five-year-old building with defective air conditioning equipment is an example of what type of depreciation? Physical deterioration 0 gettarb Sat, 14 Aug 2010 23:26:30 GMT view revision history
Step 1 in estimating property value using the income approach is to estimate annual potential gross income 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
According to the income approach, if the capitalization rate increases, the property value decreases 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
Adding more bathrooms to a three-bedroom house that has only one bathroom may be an example of INCURABLE FUNCTIONAL OBSOLESCENCE 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
An old house with two bedrooms where one of the bedrooms is only accessible through the other bedroom. INCURABLE FUNCTIONAL OBSOLESCENCE 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
A building redesign that may cost more to complete than the value it will add INCURABLE FUNCTIONAL OBSOLESCENCE 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
Investor would seek a higher return on a property that has? Greater Risk 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
Gross income multiplier relates sales price to Annual Income from all sources 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
To arrive at a property's value using cost approach, calculate value of the land highest and best use 0 gettarb Sat, 14 Aug 2010 23:16:48 GMT view revision history
Adding a shower to the bathroom of a house that only has bathtubs is an example of reversing CURABLE FUNCTIONAL OBSOLESCENCE 0 gettarb Sat, 14 Aug 2010 23:05:46 GMT view revision history
The answer is . This is changing a feature of the house that is not fashionable, but can be corrected at a reasonable cost. CURABLE FUNCTIONAL OBSOLESCENCE 0 gettarb Sat, 14 Aug 2010 23:05:46 GMT view revision history
Brokers and salespeople often use a simplified version of the sales comparison approach for residential real estate called a competitive Market Analysis 0 gettarb Sat, 14 Aug 2010 23:05:46 GMT view revision history
Also called "comps" or CMA, this approach helps agent working with a seller to set a likely selling price for property. MARKET ANALYSIS 0 gettarb Sat, 14 Aug 2010 23:05:46 GMT view revision history
VALUE = Cost to Construct the Building and Site Improvements - Depreciation + Land Value cost approach estimating value of property 0 gettarb Fri, 13 Aug 2010 22:25:55 GMT view revision history
Reconciliation consists of simply taking the average of three value estimates. False 0 gettarb Fri, 13 Aug 2010 20:13:48 GMT view revision history
Reproduction cost is dollar amount required to construct a replacement for subject building for original price T/F False 0 gettarb Fri, 13 Aug 2010 20:13:48 GMT view revision history
Uses gross rent multiplier in valuing single-family residences income approach 0 gettarb Fri, 13 Aug 2010 20:00:04 GMT view revision history
Estimates accrued depreciation cost approach 0 gettarb Fri, 13 Aug 2010 20:00:04 GMT view revision history
Most helpful in appraising newer or special-purpose buildings cost approach 0 gettarb Fri, 13 Aug 2010 20:00:04 GMT view revision history
Based on present value of rights to future income income approach 0 gettarb Fri, 13 Aug 2010 20:00:04 GMT view revision history
Capitalization rate (or "cap" rate) is determined by comparing relationship of asking price with net income of similar properties that have sold in current market. False 0 gettarb Fri, 13 Aug 2010 19:31:42 GMT view revision history
appraiser would probably use cost approach for estimating value of five-year-old house T/F False 0 gettarb Fri, 13 Aug 2010 19:31:42 GMT view revision history
Reproduction cost approach is best way to estimate current construction costs of improvements on subject property T/F False 0 gettarb Fri, 13 Aug 2010 19:31:42 GMT view revision history
Competitive market analysis may only be prepared by professional appraiser or by licensed real estate appraiser working under supervision of professional appraiser T/F False 0 gettarb Fri, 13 Aug 2010 19:31:42 GMT view revision history
loss of value in property due to any cause, including physical deterioration, functional
obsolescence, and external obsolescence
depreciation (in appraisal) 0 gettarb Thu, 12 Aug 2010 20:43:33 GMT view revision history
Divide net operating income (NOI) by the capitalization rate. subject property's indicated value 0 gettarb Thu, 12 Aug 2010 20:32:05 GMT view revision history
In appraisal of churches, libraries, museums, schools, and other special-use properties where there are few sales and little or no income Cost Approach 0 gettarb Thu, 12 Aug 2010 00:24:35 GMT view revision history
appraisal of income or investment property income approach 0 gettarb Thu, 12 Aug 2010 00:24:35 GMT view revision history
Given greatest weight in valuing single-family residences Sales Comparison Approach 0 gettarb Thu, 12 Aug 2010 00:19:15 GMT view revision history
Determined by comparing relationship of net income with sales prices
of similar properties that have sold in the current market.
"cap" rate 0 gettarb Thu, 12 Aug 2010 00:19:15 GMT view revision history
Depreciation that can be corrected at an economically feasible cost. Curable depreciation 0 gettarb Thu, 12 Aug 2010 00:19:15 GMT view revision history
Eliminates obsolete features and takes advantage of current construction materials and
techniques
Replacement Cost Approach 0 gettarb Thu, 12 Aug 2010 00:19:15 GMT view revision history
Art of analyzing and effectively weighing the findings from the three
approaches to value
reconciliation 0 gettarb Thu, 12 Aug 2010 00:12:42 GMT view revision history
Implies that data and logic applied in each of the approaches are equally
valid, reliable and should therefore be given equal weight
Average 0 gettarb Thu, 12 Aug 2010 00:12:42 GMT view revision history
depreciation that has already occurred Accrued depreciation 0 gettarb Thu, 12 Aug 2010 00:12:42 GMT view revision history
Economic life refers to the period over which a building can be profitably utilized. True 0 gettarb Thu, 12 Aug 2010 00:12:42 GMT view revision history
loss due to features not on subject property external 0 gettarb Wed, 11 Aug 2010 23:37:49 GMT view revision history
Annual operating expenses are deducted from annual effective gross income to arrive at annual
net operating income T/F?
True 0 gettarb Wed, 11 Aug 2010 23:37:49 GMT view revision history
loss in building utility including features that make building outdated functional 0 gettarb Wed, 11 Aug 2010 23:37:49 GMT view revision history
loss in value due to wear and tear physical 0 gettarb Wed, 11 Aug 2010 23:37:49 GMT view revision history
loss in value due to wear and tear physical 0 gettarb Wed, 11 Aug 2010 19:35:31 GMT view revision history
The annual operating expenses are deducted from the annual effective gross income to arrive at the annual net operating income T/F? True 1 gettarb Wed, 01 Sep 2010 00:29:36 GMT view revision history
Loss of value to improved real property due to inadequate, outmoded, or inappropriate improvements. functional obsolescence 0 gettarb Wed, 11 Aug 2010 18:39:55 GMT view revision history
reflects actual amount of money paid for property Price 0 gettarb Wed, 11 Aug 2010 18:39:55 GMT view revision history
represents measure of past expenditures, cost 0 gettarb Wed, 11 Aug 2010 18:39:55 GMT view revision history
estimate of future benefits Value 0 gettarb Wed, 11 Aug 2010 18:11:35 GMT view revision history
variation of sales comparison approach that is prepared by real estate agents to assist
sellers and buyers with determination of listing prices and offering prices also known as a comparative market analysis
competitive market analysis (CMA) 0 gettarb Wed, 11 Aug 2010 18:05:41 GMT view revision history
Final step in appraisal process, in which appraiser weighs estimates of value received from sales comparison, cost, and income approaches to arrive at a final estimate of market value for subject property. reconciliation 0 gettarb Wed, 11 Aug 2010 18:05:41 GMT view revision history
used in appraising industrial and commercial properties gross annual income 0 gettarb Wed, 11 Aug 2010 18:05:41 GMT view revision history
**Net Operating Income ÷ Capitalization Rate = Indicated Value 0 gettarb Wed, 11 Aug 2010 18:05:41 GMT view revision history
Ratio used to convert annual income into market value in appraising industrial and commercial
properties
Gross income multiplier 0 gettarb Wed, 11 Aug 2010 17:38:42 GMT view revision history
probable sales price of a building may be estimated by Considering sales of similar properties 0 gettarb Wed, 11 Aug 2010 17:38:42 GMT view revision history
Gross Monthly Income × GRM = Indicated Market Value 0 gettarb Wed, 11 Aug 2010 17:38:42 GMT view revision history
Process of estimating value of property by capitalization of annual
net income expected to be produced by property during its remaining useful life
income approach 0 gettarb Wed, 11 Aug 2010 17:38:42 GMT view revision history
Rate of return a property will produce on owner's investment capitalization rate 0 gettarb Wed, 11 Aug 2010 07:47:03 GMT view revision history
Reduction in property's value caused by factors outside subject property, such as social or
environmental forces; also called economic or locational obsolescence.
external obsolescene 0 gettarb Wed, 11 Aug 2010 05:52:24 GMT view revision history
Period of time during which a structure may reasonably be expected to perform the function for
which it was designed or intended
economic life 0 gettarb Wed, 11 Aug 2010 05:52:24 GMT view revision history
estimate made of quantities of raw materials needed to replace subject structure (lumber,
plaster, brick, and so on) as well as current price of such materials and their installation
costs
quantity-survey method 0 gettarb Wed, 11 Aug 2010 05:52:24 GMT view revision history
Replacement cost of structure estimated based on cost per unit of measure of individual
building components, including cost of material, labor, overhead, and profit.
unit in place method 0 gettarb Wed, 11 Aug 2010 05:52:24 GMT view revision history
Cost per square foot of recently built comparable structure multiplied by number of square feet
in subject building
square foot method 0 gettarb Wed, 11 Aug 2010 05:52:24 GMT view revision history
Construction cost at current prices of property that is not necessarily an exact duplicate of
subject property but serves same purpose or function as original
replacement cost 0 gettarb Wed, 11 Aug 2010 05:52:24 GMT view revision history
When determining market value of a property, you must assume that property has been on the open market for a reasonable period of time. 0 gettarb Wed, 11 Aug 2010 05:01:32 GMT view revision history
The construction cost at current prices of an exact duplicate of the subject property reproduction cost 0 gettarb Wed, 11 Aug 2010 05:01:32 GMT view revision history
Estimate of value based on current reconstruction or construction costs, less depreciation, plus land value cost approach to value 1 gettarb Thu, 12 Aug 2010 20:20:08 GMT view revision history
An appraisal cannot be guaranteed or proven True 0 gettarb Wed, 11 Aug 2010 05:01:32 GMT view revision history
Becomes important if a sale is not financed by a standard mortgage procedure. Terms and Conditions of Sale 0 gettarb Fri, 06 Aug 2010 21:49:46 GMT view revision history
May cause adjustments including age of building; size of lot; landscaping; construction; number of rooms; square feet of living space; interior and exterior condition; the presence or absence of a garage, fireplace, or air conditioner; and so forth. Physical Feature 0 gettarb Fri, 06 Aug 2010 21:49:46 GMT view revision history
May be necessary to compensate for locational differences Location 0 gettarb Fri, 06 Aug 2010 21:49:46 GMT view revision history
Must be made if economic changes occur between date of sale of comparable property and date of appraisal; sales of comps should be within the past six months. Date of Sale 0 gettarb Fri, 06 Aug 2010 21:49:46 GMT view revision history
4 principal factors for which adjustments must be made..... Date of Sale
Location
Physical Feature
Terms and Conditions of Sale
0 gettarb Fri, 06 Aug 2010 21:49:46 GMT view revision history
Process of estimating value of property by examining and comparing actual sales of comparable properties. sales comparison approach or market data approach 0 gettarb Fri, 06 Aug 2010 21:49:46 GMT view revision history
To arrive at an accurate opinion of value, three basic approaches or techniques are traditionally used by appraisers....... sales comparison approach, cost approach, and income approach. 0 gettarb Thu, 05 Aug 2010 05:44:11 GMT view revision history
principle states that excess profits tend to attract competition 0 gettarb Thu, 05 Aug 2010 05:44:11 GMT view revision history
Value of any component of a property measured by amount it contributes to value of whole or the amount its absence detracts from that value Contribution 0 gettarb Thu, 05 Aug 2010 05:44:11 GMT view revision history
Process of merging two lots under one owner assemblage 0 gettarb Thu, 05 Aug 2010 05:44:11 GMT view revision history
Increase in value or utility resulting from consolidation of two or more adjacent lots into one larger lot. plottage value 0 gettarb Thu, 05 Aug 2010 04:39:58 GMT view revision history
Point where additional improvements produce no proportionate increase in income or value


ID: RE3006276S_C0230816
law of diminishing returns 0 gettarb Thu, 05 Aug 2010 04:39:58 GMT view revision history
As long as money spent on improvements produces an increase in income or value the law of increasing returns 0 gettarb Thu, 05 Aug 2010 04:39:58 GMT view revision history
This principle holds that value can increase or decrease in some future benefit or detriment affecting the property Anticipation 0 gettarb Thu, 05 Aug 2010 04:39:58 GMT view revision history
Influences outside a property that may have a positive or negative effect on its value Principle of externalities 0 gettarb Thu, 05 Aug 2010 00:12:44 GMT view revision history
Maximum value is realized if the use of land conforms to existing neighborhood standards Conformity 0 gettarb Thu, 05 Aug 2010 00:12:44 GMT view revision history
states that value of property will increase if supply decreases and demand either increases or remains constant—and vice versa supply and demand 0 gettarb Thu, 05 Aug 2010 00:12:44 GMT view revision history
states that the maximum value of a property tends to be set by the cost of purchasing an
equally desirable and valuable property
substitution 1 gettarb Thu, 05 Aug 2010 02:46:34 GMT view revision history
What a property actually sells for—its selling price Market Price 0 gettarb Wed, 04 Aug 2010 23:21:05 GMT view revision history
Most probable price a property should bring—not the average price, highest price, or lowest
price
Market Value 0 gettarb Wed, 04 Aug 2010 23:21:05 GMT view revision history
Although a given parcel of real estate may have many different kinds of value at the same time
the goal of an appraiser is to
develop opinion of market value 0 gettarb Wed, 04 Aug 2010 23:21:05 GMT view revision history
The relative ease with which ownership rights are transferred from one person to another Transferability 0 gettarb Wed, 04 Aug 2010 23:17:56 GMT view revision history
A finite supply Scarcity 0 gettarb Wed, 04 Aug 2010 23:17:56 GMT view revision history
An aggrieved person who believes illegal discrimination has occurred may file a complaint
within how long of the alleged discriminatory act?
One Year 0 gettarb Wed, 04 Aug 2010 23:17:56 GMT view revision history
The capacity to satisfy human needs and desires Utility 0 gettarb Wed, 04 Aug 2010 23:17:56 GMT view revision history
The need or desire for possession or ownership backed up by the financial means to satisfy that
need
Effective Demand 0 gettarb Wed, 04 Aug 2010 23:11:40 GMT view revision history
When a condition of ownership is violated and title to the subject property automatically
reverts it is known as a
Determinable Fee Estate 0 gettarb Wed, 04 Aug 2010 23:11:40 GMT view revision history
to have monetary worth based on desirability in the Real Esate Market Value 0 gettarb Wed, 04 Aug 2010 23:11:40 GMT view revision history
Mortgage document generally used in Texas to secure payment of debt evidenced by promissory
note
deed of trust 0 gettarb Wed, 04 Aug 2010 23:11:40 GMT view revision history
ACE Appraiser Continuing Education 0 gettarb Wed, 04 Aug 2010 09:49:33 GMT view revision history
Attempts to collect debts owed to the federal government, such as unpaid student loans and
deficiencies resulting from foreclosure on FHA or VA loans
Federal judgment liens 0 gettarb Wed, 04 Aug 2010 09:42:45 GMT view revision history
USPAP Uniform Standards of Professional Appraisal Practice 0 gettarb Wed, 04 Aug 2010 09:42:45 GMT view revision history
TALCB Texas Appraiser Licensing and Certification Board 0 gettarb Wed, 04 Aug 2010 09:42:45 GMT view revision history
FIRREA? (to regulate the appraisal industry nationwide) Financial Institutions Reform, Recovery, and Enforcement Act 0 gettarb Wed, 04 Aug 2010 09:42:45 GMT view revision history
percentage of value to be loaned loan-to-value ratio 0 gettarb Wed, 04 Aug 2010 07:29:25 GMT view revision history
Involuntary, specific liens against real estate Vendors' and Vendees' liens 0 gettarb Wed, 04 Aug 2010 07:29:25 GMT view revision history
Estimate of quantity, quality, or value of something or process through which conclusions of
property value are obtained
Appraisal 0 gettarb Wed, 04 Aug 2010 07:29:25 GMT view revision history
That possible use of land that would produce greatest return and thereby develop highest land
value and optimum use of site used in appraisal
highest and best use 0 gettarb Wed, 04 Aug 2010 07:29:25 GMT view revision history
Attaches to all real and personal property, with the exception of homestead property, belonging
to an employer who owes back wages to an employee
A TWC wage lien 0 gettarb Sat, 31 Jul 2010 17:25:40 GMT view revision history
Purchaser claim against a seller who has not conveyed title under the terms of an installment
contract or contract for deed
Vendee's lien 0 gettarb Sat, 31 Jul 2010 17:25:40 GMT view revision history
Seller's claim against a purchaser who has not paid the entire purchase price in cash Vendor's lien 0 gettarb Sat, 31 Jul 2010 17:25:40 GMT view revision history
Involuntary, specific liens against real estate Vendors' and Vendees' liens 0 gettarb Sat, 31 Jul 2010 17:25:40 GMT view revision history
When property encumbered by abstract of judgment lien is sold to satisfy the debt, or when judgment is paid in full by the debtor, debtor should demand from judgment holder a legal document known as a........... release of judgment 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Recorded notice that lawsuit is awaiting trial in court and may result in a judgment that will affect title to parcel of real estate Lis pendens 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Means of preventing defendant from conveying his or her unsecured real estate before completion of a suit in which a judgment is sought Writ of attachment 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
a legal document for creditor to pursue collection on judgment, directing sheriff to seize and sell as much of the debtor’s nonexempt real or personal property as is necessary to pay debt and expenses of sale writ of execution 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
court decree obtained by creditor, usually for monetary award from debtor judgment 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Involuntary, specific liens that give security to persons or companies that perform labor or furnish material to improve real property Mechanics' liens 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Mortgage document generally used in Texas to secure payment of debt evidenced by promissory note deed of trust 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Texas law provides for a period after tax sale during which defaulted owner may redeem property by paying amount paid at the tax sale, plus interest and other charges Statutory Right Of Redemption 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Delinquent taxpayer can redeem property at any time prior to tax sale by paying delinquent taxes plus interest and charges (court costs or attorney fees) Equitable Right Of Redemption 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Held pursuant to published notice after court has rendered judgment for tax, penalties, and interest and ordered the property to be sold Tax Sales 0 gettarb Wed, 28 Jul 2010 21:16:06 GMT view revision history
Do not have a specific priority and are general liens but usually attach only to the taxpayer’s equity interest in his or her property. IRS tax liens 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
Order in which creditors are paid if property goes through court sale to satisfy unpaid debts Priority of liens 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
Lien created by law involuntary lien 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
Monetary encumbrance that affects the title to real estate Lien 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
When an improvement on one property illegally extends beyond the land of its owner and covers some land of an adjoining owner Enroachment 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
Permission to enter another's property for a specific purpose License 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
after ten years' continuous use prescription 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
allow property owners to access their land, preventing property from becoming landlocked necessity 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
implied by the parties' actions implication 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
* written agreement,
* express grant in a deed,
* reservation in a deed,
* implication
*necessity
*prescription
Ways to create Easements 1 gettarb Wed, 28 Jul 2010 15:43:05 GMT view revision history
Personal interest in or right to use the land of another Easement in gross 0 gettarb Wed, 28 Jul 2010 01:34:32 GMT view revision history
tract subject to easement is servient tenement 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
tract benefited is dominent tenement 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
Involves two adjacent tracts owned by different parties Easement Appurtenant 1 gettarb Wed, 11 Aug 2010 00:50:30 GMT view revision history
*interests in real estate but are not estates in land and may be appurtenant or in gross classifications of easements 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
rights acquired by one person to use another's real estate Easement 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
(1) type of building; (2) use to which the land may be put; (3) type of construction, height, setbacks, and square footage; and (4) cost Restrictive Covenants 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
(1)Affecfts use of property, such as deed restrictions, easements, licenses, and encroachments

(2) liens (usually monetary) that affect title
2 classifications of Encumbrances 1 gettarb Tue, 24 Aug 2010 00:30:26 GMT view revision history
Claim, charge, liability that attaches and binding and is a right or interest held by party who is not fee owner of property on real estate is encumbrance 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
Unlawful actions, threats, coercion, and intimidation are punishable by civil action or the local police department 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
ALJ Administrative Law Judge 0 gettarb Sun, 25 Jul 2010 21:16:52 GMT view revision history
attempting to obtain an agreement ending dispute conciliation 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
HUD U.S. Department of Housing and Urban Development 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
TWCCRD? Texas Workforce Commission Civil Rights Division 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
Common complaints that minority persons received less favorable treatment in the sale or rental of residential property Less Favorable Treatment 1 gettarb Tue, 24 Aug 2010 00:31:57 GMT view revision history
Printed or published advertisements of property for sale or rent that includes language that indicates a preference, limitation, or discrimination with regard to any fair housing-protected classification Discriminatory advertising 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
Passed to counteract redlining Home Mortgage Disclosure Act of 1975 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
Illegal practice of lending institution’s denying loans or restricting number in certain areas of a community Redlining 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
Channeling or directing home seekers or renters to particular areas on basis of race, religion, country of origin, or other protected class to maintain the homogeneity of the area Steering 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
marital status,
age,
occupation, and
sexual orientation
groups not covered by the Fair Housing Act 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
Defined as covering an adult(s) with children under 18, a person who is pregnant, and a person who has legal custody of a child or is in the process of securing legal custody Familial Status 0 gettarb Sun, 25 Jul 2010 18:13:11 GMT view revision history
Defined as physical, mental, or a history of impairment
that substantially limits one or more of a person’s major life activities
Handicap 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Greatly expanded fair housing coverage to affect the majority of housing in the
country.
federal fair housing act of 1968 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Guaranteed nondiscrimination in all housing financed by FHA and
VA loans.
prohibits discrimination in all housing that receives
federal funding.
Civil Rights Act of 1962 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
*Was earliest federal fair housing act *Prohibits any type of discrimination based on race or color in any real estate transaction (sale or rental)
without exception
*Little was done to enforce this law until the 1960s.
Civil Rights Act of 1866 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Authorized to represent principal in one specific act or business
transaction
special agent 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
CIIA means? Compensation, Information,
Indemnification, and Availability
0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Empowered to represent principal in broad range of matters and may
bind principal to contracts within scope of authority.
general agent 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
May be classified based on the authority
delegated.
general agent or special agent 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Compensation, Information,
Indemnification, and Availability—remembered by the acronym CIIA.
Duties of principal to agent or broker 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
COALD means? care, obedience, accounting, loyalty and disclosure 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Agent placed in position of trust and confidence
and normally is responsible for money or property of another
Fiduciary Relationship 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Party in real estate transaction at time of first substantive dialogue Information About Brokerage Services form 1 gettarb Sat, 07 Aug 2010 00:32:56 GMT view revision history
*Clarifies role of broker or salesperson in all transactions
*Texas legislature
requires licensee makes clear to all parties he or she is acting for
Laws agency relationships 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
The Federal Fair Housing Act of 1968 applies to hotels, restaurants, offices, and factories. T/F The statement is FALSE. The Federal Fair Housing Act prohibits discrimination in the sale or lease of residential housing. 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Includes the rights of control, possession, enjoyment, exclusion, and disposition and are also called "bundle of legal rights" Property Rights 1 gettarb Sat, 07 Aug 2010 00:31:10 GMT view revision history
Land and Real Estate as well as interests, benefits, and rights inherent in real estate ownership Real Property 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Estate in which holder has fee simple title divested on occurrence or non-occurrence of specified event Defeasible fee estates 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Prohibits discrimination in the sale or lease of residential housing Federal Fair Housing Act 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
Conveyed by a bill of sale Personal property 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
*Adopted by TREC
*Includes fidelity, integrity, and competency
*Requires display of
Consumer Information Form 1-1
*Prohibits discrimination
The Canons of Professional Conduct 0 gettarb Thu, 22 Jul 2010 04:08:19 GMT view revision history
For whom does the broker/agent work? Seller/Client 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
Contingent on the broker's performing successfully the service for which he or she was employed, which generally is negotiating a transaction (a third party, customer, prospective purchaser, seller, lessor, or lessee—who is ready, willing, and able to complete the contract Broker Compensation 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
Acts as the agent of the principal, and may use other licensed brokers to assist as subagents and the principal usually compensates with
a commission or fee.
Real estate broker 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
The person who employs the broker
(may be a seller, a prospective buyer, an owner who wishes to lease his or her property, or a person seeking
property to rent)
Principal/ Client 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
Defines rights and duties of parties of a real estate transaction
(Principal, agent, or customer)
Law of Agency 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
Agreement between brokers to divide markets or refrain from
competing against each other. (brokers agreeing to specific territories within which they will operate or
division of market along property-value lines would be illegal)
Allocation of customers or markets 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
When brokers are unfairly excluded from real estate professional associations or when two or more businesses conspire against other
businesses or agree to withhold their patronage to reduce competition. (An agreement among brokers not to work with "discount" brokers or buyer brokers
would be illegal)
Boycotting competitors 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
*Avoid any impression at price-fixing
*Hinting a "going rate" of commission or fee implies or that rates are standardized.
*Clarify to clients
that rates stated is only what that firm charges
How a broker avoids charges of price-fixing 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
Setting prices for products or services rather than letting competition in the open market establish those prices.
(In real estate it occurs when brokers agree to set sales commissions, fees, or management rates, and it is illegal)
Price-Fixing 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
price-fixing, boycotting competitors, and allocating customers or markets common antitrust violations 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
Prohibits monopolies, contracts, combinations, and conspiracies that unreasonably restrain trade. Anti-Trust Law 0 gettarb Wed, 21 Jul 2010 01:59:16 GMT view revision history
Under Section 15F of the License Act, parties to a contract and licensees are protected from Misrepresentation of other agents 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
Limited to economic damages—costs of repair and replacement Damages awarded in a DTPA lawsuit 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
Claims based on the rendering of professional services that involve providing advice, judgment, or opinion
except for situations involving misrepresentation, unconscionable conduct, or breach of warranty
Exemptions to the DTPA 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
This act declares, among other things, that "false, misleading or deceptive acts or practices" in the
advertising, offering for sale, selling, or leasing of any real or personal property are unlawful. As
set forth in the act, false, misleading, or deceptive acts or practices are included in a "Laundry List"
of 27 items Consumer rights, Chapter 17, Subchapter E, Business and Commerce Code
Texas Deceptive Trade Practices—Consumer Protection Act (DTPA) 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
Notifies consumers and service recipients of availability of real estate recovery fund and
shall be displayed in prominent location in each place of business broker or inspector maintains
Consumer Information Form 1-1 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
Adopted by TREC and includes fidelity, integrity, and competency, along with a requirement to display
Consumer Information Form 1-1, and a prohibition against discrimination
The Canons of Professional Conduct 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
A code of conduct that establishes standards, integrity and competence in dealing with
consumers of an industry's services and defines a code of conduct for relations within the
industry, among its professionals.
Code of Ethics 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
Adjective meaning "moral, decent, honorable, right, proper, just, fair scrupulous Ethical 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
Adjective meaning "lawful, permissible, constitutional, valid Legal 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
A record filed in county clerk's office of county in which land is located and shows division into blocks,size, location, and
designation of lots; and specifies the location and size of streets to be dedicated to public
use and any public easements
Recorded Subdivision Plats 0 gettarb Fri, 16 Jul 2010 20:35:19 GMT view revision history
The fixed objects placed at the corners or at points where directions change..... Monument 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
An acre consists of 43,560 square feet of land. 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
A quarter of quarter-sections equals 40 acres 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
A quarter-sections equals 160 acres 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
A section equals one square mile or 640 acres 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
What is a section of land? Sections are measurements used in Texas rural land descriptions 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
In a metes-and-bounds description, the actual location of monuments takes precedence over The written linear measurement in a document. 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
What marks the point at which a direction changes in a legal description? Monument 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
The description always must enclose a tract of land which means.... the boundary line must end where it started, at
the point of beginning.
0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
The surveyor sets out the distance and direction to reach? Place Of Beginning (POB) 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
Is the oldest type of legal description, the surveyor describes the perimeter of the subject property in terms
of distance, direction, and boundaries
metes-and-bounds 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
The 2 methods of describing land in Texas Metes and Bounds and Recorded Subdivision Plat 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
A precise method of identifying a parcel of land Legal description 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
Conveyed by a bill of sale Personal property 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
A natural object, like a tree or boulder, or an artificial object, like a steel rod or stake driven
into the ground.
Monumnet 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
*Protect the public
*Prescribe certain minimum standards and qualifications
*maintain high real estate standards
*protect from unfair or improper competition
Primary purposes of the License Act 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
Prohibits discrimination in the sale or lease of residential housing The Federal Fair Housing Act 0 gettarb Tue, 13 Jul 2010 03:09:55 GMT view revision history
Consists of all other property, real and personal, acquired by either spouse during the marriage Community property 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
Property owned solely by either spouse before the marriage or acquired by gift or inheritance after the marriage Seperate Property 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
The rights to occupy the homestead and protect it from forced sale continue for the life of the husband and wife and their survivors and for minor children until they reach 18 years of age Rights acquired by the owner of a homestead property in Texas 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
Created by the Texas Constitution, land that is owned and occupied as the family home Legal Life Estate 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
A person who has full enjoyment of the ownership for the duration of his or her life, and when they die,
the estate ends and its ownership passes to another designated individual or returns to the previous owner
Life Tenant 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
Established by a deed from an owner of a fee simple estate to an individual Conventional Life Estate 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
What are the two types of life estates? Conventional Life Estates and Legal Life Estates 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
Property that will come to an end after a court action by the grantor for reentry; for example, the grantor reserves for himself or herself the right to regain title to the property if alcoholic beverages are sold in the ballpark that the grantor deeded to the county. fee simple subject to a condition subsequent 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
Property that will come to an end immediately on the occurrence of a designated event, the time of such occurrence being uncertain; for example, title will remain with the grantee or his heirs so long as the property continues to be used as a public park determinable fee estates 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
An estate in which the holder has a fee simple title that may be divested on the occurrence or nonoccurrence of a specified event Defeasible fee estates 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
There is no time limit on its existence and it is said to run forever Complete Ownership 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
Highest type of interest in real estate recognized by law; one in which the holder is entitled to all rights incident to the property Fee simple 1 gettarb Tue, 24 Aug 2010 00:32:56 GMT view revision history
The degree, quantity, nature, and extent of interest a person holds in real estate Estate 0 gettarb Sun, 11 Jul 2010 23:41:26 GMT view revision history
When an owner signs mortgage documents that create a lien on the property. Voluntary Lien 0 gettarb Fri, 09 Jul 2010 17:51:46 GMT view revision history
Made with the owner's consent and is considered to be an equitable lien. Voluntary Lien 0 gettarb Fri, 09 Jul 2010 17:51:46 GMT view revision history

includes the right to control the property within the framework of the law including exclusion, possesion, disposition and enjoyment
Bundle of rights
1 gettarb Fri, 09 Jul 2010 17:41:08 GMT view revision history

Relates to Land and Real Estate as well as the interests, benefits, and rights inherent in real estate ownership
Real Property 1 gettarb Fri, 09 Jul 2010 17:41:28 GMT view revision history

A portion of the Earth's surface including all things permantely attached whether by nature or persons
Real Estate 1 gettarb Thu, 08 Jul 2010 22:01:31 GMT view revision history

The surface of the earth extending downward to the center of the earth and upward infinitely into space
Land 1 gettarb Thu, 08 Jul 2010 22:01:55 GMT view revision history

A real estate agent is not used, discriminatory advertising is not used, the owner is not living in the dwelling, and no other exempt sale has occurred in the previous 24 months
Exemptions to The Fair Housing Act of 1968 2 gettarb Fri, 09 Jul 2010 17:42:04 GMT view revision history
Steering or channeling home seekers to particular areas based on a protected class is illegal 0 gettarb Mon, 05 Jul 2010 18:02:24 GMT view revision history
Protected classes under the Fair Housing Act include color, race, national origin, religion, sex, familial status, and mental or physical handicap. 0 gettarb Mon, 05 Jul 2010 18:02:24 GMT view revision history

The attempt to make a profit by inducing homeowners to sell below market prices by representing that members of a protected class are moving into the area.
Blockbusting 1 gettarb Fri, 09 Jul 2010 17:42:45 GMT view revision history
A rural homestead is limited to 200 acres for a family and 100 acres for a single person and must include the owner's home. 1 gettarb Thu, 15 Jul 2010 18:14:22 GMT view revision history
Encumbrance Reduces a property's value as well as restrict how it can be used, but it does not necessarily prevent a transfer of title 0 gettarb Mon, 05 Jul 2010 18:02:24 GMT view revision history
protects the family against eviction by general creditors and protects spouses by requiring that both husband and wife jointly execute a deed or voluntary lien.
The Texas Homestead Law
1 gettarb Fri, 09 Jul 2010 17:43:19 GMT view revision history

include conventional life estates and legal life estates (the homestead)
Noninheritable freehold estates 1 gettarb Fri, 09 Jul 2010 17:43:45 GMT view revision history
Affect only one parcel of real estate.
Specific Lien
1 gettarb Thu, 08 Jul 2010 22:04:02 GMT view revision history
Affect all real and personal property of a debtor.
General Lien
2 gettarb Fri, 09 Jul 2010 17:44:16 GMT view revision history

prohibits discrimination on the basis of disability in employment, transportation, and telecommunications.
The Americans with Disabilities Act 1 gettarb Thu, 08 Jul 2010 22:04:44 GMT view revision history
Deed Restrictions also known as restrictive covenants may be created by individual parties to affect a particular property or by developers to affect entire subdivisions. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history

Also called a "bundle of legal rights." They include the rights of control, possession, enjoyment, exclusion, and disposition.
Property Rights 1 gettarb Thu, 08 Jul 2010 22:05:08 GMT view revision history
Exemptions to the Fair Housing Act of 1968 apply only if a real estate broker is NOT used. T/F The statement is TRUE. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
A rural homestead is limited to............. 200 acres for a family and 100 acres for a single person. 1 gettarb Thu, 08 Jul 2010 05:44:54 GMT view revision history
Statements like "the neighborhood is changing," made by brokers to homeowners, are too general to be considered__________by the courts. Even general statements can be considered blockbusting. 1 gettarb Thu, 08 Jul 2010 05:46:05 GMT view revision history
An encumbrance will reduce a property's _______and may restrict how it can be _________but does not neccessarily prevent..................? An encumbrance may reduce a property's value as well as restrict how it can be used, but it does not necessarily prevent a transfer of title. For example, a seller could include in a deed a restriction which retains the rights to minerals on the land, thus potentially reducing the land's value. 3 gettarb Fri, 09 Jul 2010 17:45:17 GMT view revision history
If there is NOT a notice of a mechanic's lien in the public records, there may still be a mechanic's lien on a property. T/F The statement is TRUE. A notice of lien must be filed in the public records. A purchaser of property must be cautious, though, since a mechanic's lien may be unrecorded, but still enforceable. Texas law permits a person claiming a mechanic's lien to file within a limited time after the work was completed, but the lien attaches as of the date the work was started or the materials delivered. Because of the time frame for recording mechanic's liens, a purchaser could close on a house and a lien could be filed after closing for work done prior to closing. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
Liens can be classified as either voluntary or involuntary, depending on how they are created. T/F The statement is TRUE. 1 gettarb Fri, 09 Jul 2010 17:49:07 GMT view revision history
An owner can hire anyone to list his property for sale. T/F The statement is FALSE. Listing property for sale requires a real estate license. An owner can hire any licensed agent to list his property. The owner does not need a license to sell his or her own property. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
The Federal Fair Housing Act of 1968 applies to hotels, restaurants, offices, and factories. T/F The statement is FALSE. The Federal Fair Housing Act prohibits discrimination in the sale or lease of residential housing. 1 gettarb Mon, 12 Jul 2010 20:24:05 GMT view revision history
Deed restrictions are created by government entities and affect all property. T/F The statement is FALSE. Deed restrictions (also known as restrictive covenants) may be created by individual parties to affect a particular property or by developers to affect entire subdivisions. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
The Texas Real Estate Commission may suspend or revoke the license of a real estate licensee who makes a false promise that is likely to influence a person to enter into an agreement when the license holder is unable or does NOT intend to keep the promise T/F The statement is TRUE. The commission may suspend or revoke the license of a licensee who makes a false promise of a character likely to influence, persuade, or induce any person to enter into a contract or agreement when the licensee could not or did not intend to keep the promise. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
The term "real property" refers to an individual's rights regarding the real estate which he or she owns. T/F The statement is TRUE. Property rights are also called a "bundle of legal rights." They include the rights of control, possession, enjoyment, exclusion, and disposition. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
A homestead may NOT suffer forced sale for payment of loans where the proceeds were used to settle property in cases of death. The statement is FALSE. A homestead is exempt from forced sale by creditors for payment of debts, with nine exceptions: 1) taxes on the property; 2) purchase-money mortgages; 3) an owelty lien, including a loan to settle property in case of divorce or death; 4) refinance of a lien against a homestead, including a federal tax lien; 5) mechanics' and materialmen's claims for the cost of improvements on the homestead property; 6) home equity loans for any purpose, up to 80% loan to value; 7) reverse annuity mortgages for a person age 62 or older; 8) a homeowners' association assessment lien; and 9) conversion and refinance of a personal property lien secured by a manufactured home to a lien on real property. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
Noninheritable freehold estates include conventional life estates and defeasible fee estates. T/F The statement is FALSE. Noninheritable freehold estates include conventional life estates and legal life estates (the homestead). 1 gettarb Mon, 12 Jul 2010 20:24:36 GMT view revision history
The real estate recovery fund may be used to reimburse individuals who suffer actual damages from acts committed only by a licensed real estate broker or salesperson. T/F The statement is FALSE. The fund is used to reimburse aggrieved persons who suffer actual damages by reason of certain acts committed by a duly licensed real estate broker or salesperson, a duly registered person under the Real Estate License Act, or by an unlicensed employee or agent of a broker or salesperson, provided the registrant, broker, or salesperson was registered or licensed in the State of Texas at the time the act was committed and the recovery was ordered by a court of competent jurisdiction. License Act, 1101.601(a). 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
Someone bringing a discrimination complaint may NOT have to prove that the defendant had knowledge of discrimination or intent to discriminate T/F The statement is TRUE. All that must be proved is that the discriminatory act occurred. 0 gettarb Mon, 05 Jul 2010 18:02:23 GMT view revision history
The clause in a mortgage, trust, deed or note that can be enforced to make the entire principal amount and interest due immediately if the mortgagor defaults on an installment payment or other covenant. acceleration clause 1 gettarb Thu, 08 Jul 2010 05:50:11 GMT view revision history
abstract of title that a lawyer has examined and has certified to be an accurate statement of fact. abstract of title with lawyer's opinion 1 gettarb Thu, 08 Jul 2010 05:51:10 GMT view revision history

The condensed history of a title to a particular parcel of real estate and a certification by the abstractor that the history is complete and accurate.
abstract of title 1 gettarb Thu, 08 Jul 2010 05:51:42 GMT view revision history

Elimination or reduction of real estate taxes to attract new business to an area
abatement 1 gettarb Thu, 08 Jul 2010 05:52:17 GMT view revision history

The voluntary surrender of possession of real property
abandonment 1 gettarb Thu, 08 Jul 2010 05:52:49 GMT view revision history

a person who offers to locate a unit in an apartment complex for lease to a prospective tenant
residential rental locator 1 gettarb Thu, 08 Jul 2010 05:53:11 GMT view revision history
Is the completion of approved or promulgated contract forms considered “unauthorized practice of law”? A license or certificate holder who completes a contract form for the sale, exchange, option, or lease of an interest in real property incidental to acting as a broker is not engaged in the unauthorized or illegal practice of law 0 gettarb Thu, 01 Jul 2010 23:04:22 GMT view revision history
If a real estate salesperson makes a misrepresentation relating to the condition of a property and the broker does not know about the misrepresentation, is the broker responsible for the salesperson’s actions? A real estate broker is responsible for all acts and conduct performed by a real estate salesperson associated with or acting for the broker—whether or not he or she knows about them prior to any legal action 0 gettarb Thu, 01 Jul 2010 22:31:23 GMT view revision history

*plea of guilty
*convicted of a felony/fraud
*procures a real estate license by fraud *making a material misstatement of fact on a real estate license application
Conditions where the commission can suspend or revoke a license 2 gettarb Thu, 15 Jul 2010 18:09:39 GMT view revision history
What are the limits on the amounts that can be paid out for claims against the recovery fund? $50,000 for claims arising from one transaction and $100,000 for claims against a broker, real estate agent or a certificate holder 0 gettarb Thu, 01 Jul 2010 20:48:07 GMT view revision history
What is the minimum balance requirement for the recovery fund? $1 Million 0 gettarb Thu, 01 Jul 2010 20:48:07 GMT view revision history
Money, rent bonuses, discounts or gifts of merchandise having a retail value of more than $50 Valuable consideration 2 gettarb Thu, 08 Jul 2010 22:10:44 GMT view revision history
Definition of a real estate salesperson as stated in Texas law? A person associated with a licensed broker performing duties that fits with the duties of a licensed broker 1 gettarb Thu, 01 Jul 2010 20:59:26 GMT view revision history

*Protect the public
*Prescribe certain minimum standards and qualifications
*maintain high real estate standards
*protect from unfair or improper competition
Primary purposes of the License Act 2 gettarb Mon, 12 Jul 2010 20:26:26 GMT view revision history
passed by the Texas Legislature in 1949 and is revised every two years
Texas Real Estate License Act (TRELA)
1 gettarb Thu, 08 Jul 2010 05:54:22 GMT view revision history

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