THIS SET IS … a pledge of real property as security for a promissory note, Texas uses instead of traditional mtg contains "Power of Sale" Clause that allows for "Non-judicial foreclosure" quick foreclosure, in the state of default whole amt of principal is due, Due on sale clause states balance is due if sold w/o mortgagee's approval, allows lender to raise existing interest rate, allows lender to move or take a lower lien position, if loan is assumed new buyers obligated to pay off loan, new buyer responsible, can not impact seller's credit score, buyer not liable for loan can impact seller's credit score, require occupancy, assumable, insures the loan, the insurance on a FHA loan MIP- mtg ins. property. If the Andersons purchase the Pine St. property, the broker will be a(n) ________________ . The practice tests are free and includes scoring and both text and video answers. An applicant for a real estate license must disclose in the license application whether the applicant has: The salesperson exam is divided into two parts. If a homeowner fails to maintain sufficient insurance coverage, the payout of a claim may be, Most standard homeowners insurance policies do not generally cover damage. With their Exam Prep XL package starting at just $59, you get access to eight full-length practice tests and over 1,600 individual questions. TREC may suspend or revoke a license for any of the following reasons EXCEPT: TREC my assess an administrative penalty up to $5,000 per day for violation of the License Act by: Which of the following is required for a lot and block description of a property? She further stated that the only authority of concern was the county, and that they allowed any type of construction in the area. Personal property that has been attached. Texas Exam. Sally secures a listing on Seller Jason's property. Gravity. with a person who is documented as insane, one party has the right to withdraw (a minor, or under the influence), below 1,000,000 access a fee 10.00 to bring balance to 1,700,000 invest in Treasury bills or notes,exceeds 3.5 million goes to state's general fund, 100,000 per license and 50,000 per transaction, 180 hrs w/min 180 core real estate courses, 60 hrs prin, 60 hrs contracts, 30 hrs law of agency,30 hrs finance, 900 classroom hrs 30hrs in RE Brokerage 4yrs active sales licensee, allows broker to act as intermediary, must give IABS at first substantive dialogue, must disclose representation oral or written, must be given to a buyer before he signs an offer, not given has 7 days to terminate his offer, a licensee has 5 days to enter new listing into MLS, Title companies are not permitted to provided food and beverages for a picnic or party for a single firm may have annual party. Sal and Martha will most likely be ____________________ in the transaction. Real Estate Agent License Practice Test. Only $0.99/month. It's the loan … This page contains specific information about testing for a Texas Real Estate Salesperson or Broker license. The Texas Real Estate Commission 6 broker members and 3 public members created to administer the provisions of the license act, they promulgate contract forms for licensees. An agreement to do or to refrain from doing something is a ___________________. The judge ruled in the case, citing the decision of. Spell. Key Concepts: Terms in this set (72) The fact that an individual must go to the land describes which of the characteristics of land? Print that out and make sure to take it on the go, that way you can be as prepared as possible. She will be working in the new Galaxy model home park, and will be limited to selling Galaxy homes only. The buyer has not entered into an agency agreement with Uptown Realty, and does not wish to be represented in the purchase. TRELA. Whether you choose to take the course via the Classroom, ChampionsLive!® Broadcast, or Online-Correspondence, you will have access to timed online mock exams that will help you take the guesswork and stress out of testing! Test. Allyson_Poujol. PLAY. The _____ is considered the most reliable approach to value because it is based on verifiable market events. There are lots of providers out there when it comes to real estate exam prep and real estate practice exams, but our favorite is Mbition – Learn Real Estate. Texas Real Estate State Exam 107 Terms. The Commission has the authority to set fees for: The commission may adopt rules that require license holders to use certain contract forms adopted by the Commission: A portion of the broker and salesperson application fee is paid to: The Commission has subpoena authority that includes the: Members of advisory committees created by the Commission are compensated on an hourly basis for their service on the committee. Ownership transferred by a BILL OF SALE. An apartment building owner may legally reject an applicant with a history of mental illness, if, A real estate agent is allowed to limit a home search to certain neighborhoods based on the. MeridianExamPrep. Because only one broker is involved, this transaction is known as a(n) ____________________ sale. Most windstorm insurance in Texas is underwritten by _________________. The agreement between a broker and a client is most often a _________________ agency relationship. The licensee has: A contract for the purpose of performing an illegal act is ___________________. Learn about contracts as they pertain to the real estate licensing exam. Louis, an agent at Acme Realty, has a listing at 10 Polk Ln. The easiest form of organization that gives one individual the greatest control over a business is the ____________________. Land and Improvements and the Right to Use Them . party wins and is unable to collect,he can secure a writ of execution from the courts to enforce payment. A licensee was tried in a state district court on a complaint arising from a real estate transaction. 0 / 10 correct. A contract in which both parties are obligated to perform is a _________________________ contract. Match. What is NOT true about the account? They saved for a number of years and purchased a home. In this situation. Remainderman person getting the estate after owner dies, life estate is setup so that at the end of the life estate the property goes back to the original owner, Ownership by two or more without rights of survivorship goes to your heirs not the other owners, Ownership by two or more with rights of survivorship goes to other owners overrides a will, if a property is held by one party for the benefit of another, when two or more parties join together to create and operate a real estate investment, Estate for years, periodic Tenancy, Estate at will, tenancy at sufferance. 40 practice … He sponsors a number of associates, including Sally and Juan. Her license has been expired for seven months. Learn. and opinions rather than facts, protects broker if the seller misrepresents property condition, the broker is unaware, and could not have detected by visual inspection, Federal interstate land sells Full Disclosure Act, applies to all unimproved land sold interstate. Prepare report, must follow USPAP (Uniform standards of Professional Appraisal Practice) some lenders require Fannie Mae appraisal, type of physical depreciation (ordinary wear and tear). madelineesmithh. An example of compliance with the Federal Fair Housing Act would be: The Federal Fair Housing act prohibits discrimination based on: Which of the Canons of Professional Ethics and Conduct describes the obligation of a licensee to be knowledgeable as a real estate brokerage practitioner? Dwayne and Beth, each single persons, own a parcel of land as joint tenants. When the buyer asked Velma if there were any issues that would prohibit construction on the property, she replied that the property was "high and dry," and that there were no issues at all. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. Build your confidence and knowledge with this all-in-one real estate exam prep system. Our Exam Prep course is the final and most important step in your education before you take the Texas Real Estate license exam. 35 practice questions. Watch along with our members as Joe goes over practice questions. Premium, Guarantees repayment of loan, The guarantee is for the top 25% of the loan, assumable, require occupancy, obtain certificate of Eligibility from VA,VA loan interest rates are set by mkt conditions, O down payment, Includes real and personal property ex. A trust that is created under the terms of a will is a(n) _____________________. easement or mineral rights, structure or improvements overlaps onto another's property, limited use or enjoyment of another's land written or verbal or implied, merger of adjacent property, release, or abandonment, Dominant estate uses driveway of servient estate to access their property, belongs to a person or corporation example would be utility easement, permission to do a particular act , go fishing or ticket to Football game, occurs when property is acquired from the rightful owner through the State of Limitations, ownership, Bundle of Rights, for indeterminate length,Ownership with the greatest bundle of rights Fee Simple or Fee Simple Absolute, Defeasible Fee, Conditional Fee, Qualified Fee, Qualified Defeasible Fee. Agency Agreements and Commissions. Reconciliation 5. The form of ownership is most likely: Three co-owners wish to divide their undivided interests in a property into individually owned tracts of land. Match. I'm talking all about my licensing exam and what to expect. Texas Real Estate EXAM Prep 20160301. All of the following are acceptable legal descriptions in a deed, EXCEPT: In which of the following situations might a survey be required? Learn vocabulary, terms, and more with flashcards, games, and other study tools. If a buyer or tenant does not receive this report before signing, he may void his contract or lease, Home owners warranty corporation for new construction 10 yr plan covering defects in material, faulty workmanship, and structural problems, passed 1980 est. Loss of value due to lack of modernization is called: Physical depreciation. BESTSELLER. HIS 315G Exam 1 IDs 43 Terms. Rights that are associated with the ownership of real property are often referred to as the owner's: Surface, subsurface and air rights are said to be: Air rights are commonly leased or conveyed in: Buildings, roads, and fences are all examples of: If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through: Effective in 1976, manufactured homes have been built according to a building code administered by: Homes that are built in sections according to local building codes and assembled on the job site are known as: Manufactured home dealers and sales people in Texas are licensed by: In addition to mortgage payments, a homeowner's cost of ownership includes: Which of the following is a factor that can affect insurance premiums? madelineesmithh. ___________________________ is the division of property owned by two or more individuals. A broker is a person who, for compensation: A person who offers, for consideration, to locate a unit in an apartment complex for lease to a prospective tenant is known as a: The number of hours required for a broker or salesperson license is established by the: Sarah gets a job as a sales representative for Galaxy Custom Homes. Factory built housing that is built to local building codes include _______________________. Byron complied with his broker's request, and presented the offer. Month to Month, Lease can be terminated by either party at will without notice, Lease expires and tenant refuses to move out, holdover tenant pays rent and it is accepted, created by law,vary from state to state, in TX community property and homestead are statutory estate, Police Power, Eminent Domain,Taxation, Escheat, Power given to a municipality to regulate and control the character and use of property for the health,safety,and general welfare of the public, Common example of Police Power, non conforming use still grandfathered in, Example Old Apartment building in a now all residential neighborhood, if you violate zoning you can request this in order to fix or prevent a violation, area of land separating one land use for another, The right of the government to take private property for public use through the action of condemnation, When an individual forces the govt to buy his property, Property taxes are the highest priority lein on real property, Ex. TEXAS REAL ESTATE EXAM STATE PORTION STUDY GUIDE (Updated 3/15/16) I. Write. Flashcards. limitation on your rights. In this transaction, Uptown will represent the ______________ as a(n) _______________. Sal has a listing at 47 Pine St. Martha has a buyer's representation agreement with the Andersons. Mortgages and Finance. Contact. Bill, an agent with Uptown Realty, has a buyer who wishes to purchase the 10 Polk Ln. The correct response would be: Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak Street. raineyd770. What type of ownership did they have? Real Estate License Wizard. Upon Beth's death, her interest in the land passes to: Jill and Adkins are married and live in Texas. Sales person must work minimum of 3 years to become a broker. Land surveys are the most common form of survey. The listing that helps the broker avoid procuring cause lawsuits is: Brokerage is the aspect of the real estate business that pertains to overseeing the needs of the parities and completing a transaction. An informal reference to a parcel of land would be: A legal description that contains the words "Beginning at a point" is a: A property described as the S1/2 SE1/4 Section 8 T4S R2E and the N1/2 NE 1/4 Section 17 T4S R2E would contain: A property contains 103,450 square feet of land. All of the following regarding the Real Estate Center in Texas are true, EXCEPT: In order to obtain a Texas Real Estate License, an applicant must be a citizen of the United States. Write. The provision of the License Act that could potentially abolish the Texas Real Estate Commission is the: The Texas Real Estate License Act is a part of the: Broker members of the Texas Real Estate Commission must have been actively engaged in the real estate brokerage business as their primary source of income for the previous: The Texas Real Estate Commission consists of ____________ members. PLAY. Most lawsuits related to property condition are filed under the _________________________. Take a full-length 120+ questions 2020 real estate Texas Exam to simulate what it will be like on your real estate license test day. Created by. To get started, take one of our free 15-question real estate license exam practice tests. View Test Prep - State_Study_Guide from LAW 3102 at Baruch College, CUNY. Required to run a business. CompuCram offers a unique learning methodology that guides you step-by-step from the Appraisal initial pre-assessment through all of the exam preparation options. Never disclose death due to HIV/Aids, property where there has been a murder or alleged haunting, or in vicinity of the residence of a known sex offender, federal law requiring all states to release info to public about known sex offenders, marketing use adj. Land Description and Development. Learn. A certain practice by a licensee can be unethical, even if it is legal. Sales comparison approach. Search. Question 1 of 10. Test. What is true about community property? In Texas, forced sale of a homestead can take place for non-payment of homeowner association fees or dues. Discrimination in housing based upon race or color has been a violation of federal law since: The practice of directing buyers or renters to or away from a particular area based upon a protected. 7 sets. Example S7T3R2 means Section 7 Townships 3 Range 2, map or layout of improvements on a property site. CompuCram is your study solution that makes sure you’re ready to pass the Texas portion of the real estate salesperson exam the first time! ___________________________ is the most common form of ownership between two or more individuals who are not married. Govt provides new side walk in neighborhood can charge the owner's of neighborhood this tax, Property reverts to the state dies with no will,no heirs, no kindred. A contract has been signed and acceptance has been communicated prior to closing the contract. Real Estate Exam Preparation & Registration. Free Real Estate EXAM. Exam Home; About; Pricing; Blog; Contact; Login. _________________ of the Commission members represent the public. This process is known as a(n) ____________________. Terms in this set (101) Real Property. Advertising an available apartment as ideal for followers of a certain religion is perfectly legal. Browse. Economic obsolescense. The __________________ was passed to ensure that banks would serve the needs of a community in which they were chartered to do business. Sally wishes to once again become active in the real estate brokerage business. Log in Sign up. Fixture. How long does a consumer have to file a complaint with TREC against a licensee? Learn. Functional obsolescense. Lenders can deny traditional financing if income is commission based.Child support is most likely reason for denial. created by the borrowers actions such as taking out a mortgage, attaches to one or more specific properties ex mortgage, attaches to all property of the debtor example tax lien. It may also called cloud on a title. This is an example of: Which one of the following buildings is exempt from the ADA? ownership with conditions or terms which if violated could cause the ownership interest to be defeated or terminated. Flashcards. Cost approach. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions … It’s a great tool for the Texas real estate … Start studying Texas Principles of Real Estate 1 (Exam Prep). How many acres are in this tract? One spouse dies and immediately the surviving spouse becomes the sole owner of the property. Attempting to induce panic selling in a neighborhood for financial gain is known as: Advertisements that specify a gender preference is acceptable: A landlord refused to lease to a visually impaired individual because he has a guide dog, which. Rights that are conveyed in a cell tower lease include _______________________. The CompuCram Appraisal practice exam delivers on ALL of the following: We offer the only complete Appraisal Exam Prep System on the market today. State Exam Prep Material Learn with flashcards, games, and more — for free. Use Vocabulary Flash Cards to test your memory. A married couple owns their own home. ________________ of the Commission members are brokers. … They may be removed … Only an active licensed sales agent sponsored by a licensed … Which of the following is NOT required to obtain a license in Texas? land, Improvements attached to the land, and the rights to use them, right or interest in things of a temporary or movable nature chattel personalty. Disciplinary action could include all of the following, EXCEPT: The purpose of the Texas Real Estate License Act is to: The Texas Legislature granted TREC the authority to enact rules and regulations that have the full force and effect of the law and to advise with reference to these rules and laws. SETS. A broker can only represent a seller or buyer, but not both in the same transaction. In order to be valid, a lease must have which of the following requirements? A contract that meets all the requirements of the law is: Something given in exchange for a promise is called: When a sale finally closes, the contract is: Which real estate contract is the exception to the Statute of Frauds? You should expect questions involving any or all of the following content … If a licensee fails to respond to a subpoena, TREC can file suit with the Attorney General to enforce a subpoena. Texas attorneys who specialize in real estate are listed by: Real estate brokerage practitioners in Texas are licensed by: Rights that include ownership of oil, gas, and other minerals are _______________________. The passing grade on the salesperson exam is ________%. A contract with a minor is generally a ____________________ contract at the option of the minor. The party, A person who has the legal authority to act, Under federal law, it is not legal for an apartment building owner to assign families with younger, Allowing the construction of a wheelchair ramp on the apartment building owner's property is. He told Byron to keep his identity as the buyer confidential because the seller might be uncomfortable with the transaction. TREC will investigate the actions of a licensee if they receive: All of the following are necessary to obtain a real estate license EXCEPT: TREC has a Real Estate Recovery Trust Account. Register for your next exam, find test information, or download handbooks/applications/forms from this page.
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