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58 Cards in this Set
- Front
- Back
The TREC residential contract forms are: |
drafted by the Broker Lawyer Committee |
|
Wrongful or criminal deception intended to result in financial or personal gain is called: |
fraud |
|
Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. |
goods |
|
If a sellers will continue to occupy the property for one month after the closing, the buyer and the seller should: |
enter into a Seller's Temporary Residential Lease |
|
The Buyer and the Seller Temporary Residential Lease forms may be used for a lease period not to exceed: |
90 days |
|
A Seller's Disclosure Notice is not required: |
at a foreclosure sale |
|
The type of law that deals with the relationship between the parties to a transaction, sales agents and brokers is: |
agency law |
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__________ is the body of laws and regulations enacted by federal and state legislative bodies. |
statutory law |
|
__________ extend above the surface without limitation. |
air rights |
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Any man-made addition to the land that is permanent, and is considered to become part of the land is known as a __________ |
improvement |
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A __________ is an entity created for the benefit of another. |
Trust |
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A option contract is: |
a unilateral contract |
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__________ is not a requirement of a valid contract. |
earnest money |
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If a person has been judged to be incompetent, a contract is __________ because the person never had the capacity to enter into a contract in the first place. |
void |
|
The five essential elements of a valid and enforceable contract are, Consideration, Offer and Acceptance, Legal Purpose, In Writing and __________ |
competent parties |
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A __________ is an agreement between two or more parties to do something or to refrain from doing something. |
contract |
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When an individual owns real property, he or she is said to have a __________ in that property. |
freehold estate |
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If property violates zoning, the owners must request a __________, which is permission to violate the rules. |
variance |
|
An example of an appurtenance would be: |
esaements |
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There is no upper limit on the value of a Texas homestead. |
true |
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A _________ is an area of land separating one land use from another. |
buffer zone |
|
The French term __________ means a life estate that is based on the life of another. |
pur autre vie |
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In a residential lease with a "right of first refusal" provision: |
the tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else |
|
A __________ is an employment agreement between the seller and the broker. |
listing agreement |
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A __________ is one that combines some of the elements of a sale with a lease. |
lease purchase agreement |
|
Prior to closing, severe damage to or destruction of a property under contract: |
can result in the termination of the contract |
|
The four major types of listing agreements are, exclusive agency, net listing, exclusive rights to sell and __________ |
open listing |
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In a __________ lease, the tenant's rent is based, in whole on in part, on the receipts of his or her business. |
percentage lease |
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A ___________ is a type of seller financing wherein the owner retains title to the property while the purchaser takes possession of the premises and pays on the principal. |
contract for deed |
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Which of the following requires a contract for the conveyance of teal estate to be in writing to be enforceable? |
Statute of frauds |
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If a broker receives more than one offer on a property: |
all must be presented to the seller unless the seller has instructed the broker otherwise |
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A counteroffer is: |
a new offer, a rejection, able to be withdrawn prior to acceptance |
|
A seller choosing to receive a buyer's earnest money after the buyer defaults on a contract is an example of: |
liquidated damages |
|
The most common form of financing used by buyers is: |
third party financing |
|
The special provisions paragraph of the contact allows license holders to insert: |
factual business details, statements not addressed in the contract, information for which there is no TREC-promulgated addendum, lease or mandatory form |
|
An offer by a prospective purchaser can be terminated prior to acceptance due to: |
expiration of a specified time period, bankruptcy of either party, a change in the law that renders the contract illegal |
|
A __________ is a provision in a contract that requires a certain act or event happens in order for the contract to be binding to the party. |
contingency |
|
The Lead-Based Paint Disclosure is: |
a federal requirement for residential property built prior to 1978 |
|
The closing date specified in a contract is usually a "_________" date. |
on or before |
|
In Texas, real estate contracts are subject to satisfactory inspections. |
False |
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A __________ to a contract is an attachment that adds or further describes the rights and duties of the parties. |
addendum |
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The term __________ is synonymous with contingent. |
subject to |
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Texas Veteran's Housing Assistance Program loans can be: |
VA, FHA, conventional |
|
The least common form of mortgage financing is: |
seller financing |
|
Real estate agents play a role that includes arranging for the pre-qualification/approval of buyers. |
true |
|
The _________ is the percentage of the lesser of the appraised value or sales price that the lender will loan. |
loan-to-value ratio |
|
A __________ is a pledge of real estate as security for the repayment of a debt. |
mortgage |
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A written history of all instruments and happenings that may affect title is called: |
an abstract of title |
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When the title history of a parcel of land has been researched back to the original conveyance of the government, the history is said to go back to the __________ |
sovereignty of the soil |
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__________ is the process by which a lender exercises its power of sale under a mortgage that is in default. |
foreclosure |
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__________ occurs when an individuals dies, leaving no valid will. |
intestate succession |
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A __________ description of property is a requirement for a valid deed. |
legal |
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__________ occurs when an individual title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. |
adverse possession |
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RESPA regulates closings on: |
1-4 family residential properties with federally related financing |
|
__________ of RESPA prohibits any person who, pursuant to any agreement or understanding, gives or receives a fee or a thing of value for the referral of settlement business. |
section 8 |
|
__________ implements the Real Estate Settlement Procedures Act. |
regulation X |
|
Ongoing expenses such as property taxes and property owners association fees that are divided between the buyer and the seller at closing are called __________. |
prorations |
|
Rule P-53 of the Texas Department of Insurance states that Title Companies: |
cannot provide food and beverages for a picnic for a single firm, cannot provide an annual party for a single firm, cannot provide continuing education classes unless they charge the market rate for those classes |