DDG - Exam Questions

Question 1

action to quite title

Answer 1

when court establishes the ownership of a prop during a lawsuit

Question 2

bill of sale

Answer 2

used to transfer the ownership of personal prop

Question 3

Reporting closed transaction to IRS

Answer 3

seller name, seller ss#, sales price

Question 4

max tenancy addressed in TREC seller/buyer temp lease

Answer 4

90 Day tenancy

Question 5

Federal Reserve - the Fed

Answer 5

control reserve requirements for banks

Question 6

when should broker deposit earnest money

Answer 6

deposit in compliance with state regs/laws (by end of 2nd biz day)

Question 7

prescription easement

Answer 7

implied easement bc of continued uninterrupted, exclusive and hostile historical use of prop (state dictates duration).

Question 8

escheat

Answer 8

Gov power to acquire abandoned prop - die without will goes to State

Question 9

always required when lender wants to sell to the secondary market

Answer 9

a formal appraisal

Question 10

Not a protected class with FECO

Answer 10

sexual orientation

Question 11

Compensatory Damages

Answer 11

provide monetary amount necessary to replace what was lost and nothing more

Question 12

punitive damages

Answer 12

punish a defendant for conduct to provide a deterrent to future such acts

Question 13

nominal damages

Answer 13

awarded when party has been wronged but is not able to prove signif damages.

Question 14

liquidated damages

Answer 14

amount $ specified in a contract which would be awarded in the event of a violated agreement

Question 15

Actual Evictions

Answer 15

tenant breached lease, failed to pay rent, used property unlawfully

Question 16

Abstract of Title

Answer 16

legal history of all the transactions affecting a prop

Question 17

CERCLA

Answer 17

1980 - law makes real estate owners responsible for cleaning up hazardous materials found on their property.

Question 18

Severence

Answer 18

process of converting real property into personal property

Question 19

CMA most often used

Answer 19

Set the listing price

Question 20

emblement

Answer 20

corps planted annually considered personal prop

Question 21

radon enters the house thru

Answer 21

foundation

Question 22

equitable title

Answer 22

interest in a property after an agreed upon contract

Question 23

TREC education hour =

Answer 23

50 min

Question 24

Term loan

Answer 24

interest only loan - principle balance is due at the end of the term

Question 25

Hypothecation

Answer 25

pledging an asset as collateral for a loan

Question 26

legal life estate

Answer 26

homestead or dower

Question 27

does TREC regulate appraisers?

Answer 27

No

Question 28

Grantor signs what?

Answer 28

the deed

Question 29

how many year can Developer renew a timeshare plan if they have completed proper renewal application fees?

Answer 29

2 years

Question 30

Is a property manager a general agent for the owner?

Answer 30

Yes

Question 31

working with FRT, an appraiser must be state licensed/certified if loan amt is more than?

Answer 31

$250,000