Aceable: Principles of Real Estate R - W Flashcards
the area of land between two consecutive range lines L11, C2
R_______
range
land plus improvements
L1, C4; L2, C1
R______ E______
real estate
a group located at Texas A&M University to provide the results of research and education to license holders
L9, C5
R________ E______ C_______
Real Estate Center
a fund managed by the Texas Real Estate Commission to provide payment to a party who has been damaged through the violation of The Real Estate License Act by a license holder L9, C14
R_______ E______ R_________ Trust A________
Real Estate Recovery
Trust Account
land from the surface to the center of earth and upward into space, including everything
attached by humans or nature as well as the bundle of legal rights of ownership
L1, C4; L2, C1
real property
member of a local board who is affiliated with the National Association of REALTORS® L8, C1
REALTOR®
a change in rules, policies, or practices that may be necessary to afford a person with a
disability an equal opportunity to use or enjoy a dwelling L7, C2
-examples: installing grab bars in the bathroom, widening doorways, installing ramps
R________ A______________
reasonable
accommodation
the act of documenting any transfer or claim of interest in the title to real property in public
records per state law L13, C1
recording
a system of legal land description that uses the global lines of longitude and latitude to create a surveyed grid of meridians, base lines, townships, and ranges to describe a piece of land; aka the government survey system L11, C1
rectangular survey system
the illegal act of a lender refusing to issue mortgages in a specific area L7, C5
redlining
the interest in an estate that will pass to another party (other than the grantor) at the death of the person upon whom the life estate is based L13, C2
R_________er
remainder
the person who holds the remainder interest in a life estate L13, C2
remainderman
a type of provision in a deed limiting the use of the property and prohibiting certain uses; aka restrictive covenant or deed restriction…They are usually created by the developer of a subdivision, and they outline what someone may not do on their own personal piece of property.
L13, C3
EXAMPLES
A limitation on the type of grass or plants that can be used in the yard.
A limitation on the type or number of animals that can be kept.
A setback line in which no improvement can be closer than a certain number of feet to the front, back, or side property lines (which may keep someone from adding on a room or garage or installing a swimming pool)
R_______ion
restrictions
the interest in an estate wherein, upon the death of the life estate owner, full ownership
reverts back to the original fee simple owner (grantor) L13, C2
r__________ i__________
reversionary interest
rights that govern the use of flowing water, such as rivers and streams that pass through or border a property L2, C1
riparian rights
an individual holding a sales agent license from TREC who is sponsored by a broker
L9, C2
sales agent
an educational requirement that must be completed in the first two years of being licensed as a real estate agent L1, C3
S________ A______ App________ Edu_______
sales agent apprentice
education (SAE)
one of 36 equal square miles in a township L11, C2
section
property owned by a married person that is separate and not co-owned by their spouse L13, C7
s___________ p___________
separate property
the economic significance of a property’s location L1, C4
“location, location, location”
situs
a form of agency relationship in which agents are limited in scope and are only authorized to
perform acts permitted by their principal
L4, C1
s________ a________
special agency
an agent with a limited scope of authority to act on behalf of their principal; usually towards a single, specific objective, end, or goal that is not ongoing L15, C1
special agent
a lien that applies to a certain property only L13, C4
-A lien that includes the real estate and the personal property is called a general lien. A lien that is against the real estate is called a s______ l_____.
specific lien
a law that requires certain types of contracts, including those conveying interest in real
property, to be in writing to be enforceable
L12, C3
-A valid contract must adhere to the s______ of f____, a law that requires certain types of contracts to be in writing and to be signed by all parties who are bound by the contract. It is designed to prevent dishonorable conduct and to prevent potential problems with oral contracts.
statute of frauds
estate created as a matter of state law L13, C2
-The type of estate that is created by community property is also referred to as a s________ e_______ since it’s an estate that was established by law in the legal union of marriage.
statutory estate
lien brought by a government entity L13, C4
-these liens are local, state, or federal law established liens for a specific set of circumstances…These include federal tax liens, mechanic’s liens, ad valorem tax liens, and judgement liens
S_______ry Lien
statutory lien
local, state, or federal law-established liens for a specific set of circumstances L13, C5
statutory lien
the illegal act of guiding prospective home buyers toward or away from certain
neighborhoods because of their membership in a protected class; aka channeling
L7, C1
steering
the agent of the agent; they owe the agent’s client the same fiduciary duties as the agent L4, C2
subagent
when a party performs the majority of the contract’s requirements but does not perform
according to the contract’s stipulations
L12, C4
s___________ p_________
substantial performance
ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth; aka mineral rights L2, C1
subsurface rights
the rights to access the surface area of a parcel of real property L2, C1
surface rights
a legally valid drawing of the dimensions of a piece of real estate, including its boundaries and the location of improvements L11, C1
survey
two or more people or companies that join together to create and run a real estate investment L14, C4
-The syn______ is not a business entity itself. A builder, a property owner, a surveyor, a water system owner, and others may get together and create a development so that all can share in the profits and lossses.
syn_____
syndicate
co-ownership in which each co-owner of the property holds their individual portion of the
ownership interest in severalty L14, C2
-If OWNER B passes away, OWNER B’s interest in the property will be transferred to his/her heirs, rather than OWNER A.
T________ in C_________
tenancy in common
a committee that creates and corrects contract forms to be used by Texas real estate
license holders L9, C7
T______ Real Estate B________-L________ C_________
Texas Real Estate
Broker-Lawyer Committee
a group of nine people appointed by the governor and confirmed by the state senate that are to set policy and rules from the real estate license act L9, C1
Texas Real Estate
Commission (TREC)
a law that governs the licensing, education, and activities of real estate license holders
practicing brokerage in this state L9, C1
Texas Real Estate License
Act (TRELA)
a form of co-ownership where each owner has use of the property at a different prescribed
period of time; aka interval ownership
L3, C1
timeshare
a policy that protects homeowners (and likewise, lenders) from certain financial losses due to title issues, such as defects, encumbrances, and liens L13, C1
T______ I_________
title insurance
line that runs east-west every six miles L11, C2
T__________ L______
township line
personal property that is owned by and needed for a tenant’s business L2, C2
trade fixture
a contract wherein one party makes a promise and is obligated to perform if a second party
chooses to accept the offer and perform in exchange for that which was promised
L12, C2
u__________ contract
unilateral contract
a specific, involuntary lien imposed after a buyer claims that the seller has not transferred title to the buyer according to the agreement L13, C5
-When a seller fails to deliver title to a parcel of real estate when all terms of the contract for a sale have been satisfied by the buyer, a v________ l______ applies to the property to ensure the repayment of what the buyer paid. It is a specific, involuntary lien that protects buyers.
V_________ L______
vendee’s lien
a lien the seller has against a buyer as a security for the unpaid balance of the purchase price L13, C5
V________’s L_______
vendor’s lien
a lien that is created with the consent of the owner of the property in question L13, C5
-Lenders usually require security for a loan, so borrowers often provide the real estate as security.
Ex. mortgage
V_________ L_________
voluntary lien
the right of a property owner on a waterfront to access and use that water L2, C1
water rights
