DDG - Exam Questions Flashcards
action to quite title
when court establishes the ownership of a prop during a lawsuit
bill of sale
used to transfer the ownership of personal prop
Reporting closed transaction to IRS
seller name, seller ss#, sales price
max tenancy addressed in TREC seller/buyer temp lease
90 Day tenancy
Federal Reserve - the Fed
control reserve requirements for banks
when should broker deposit earnest money
deposit in compliance with state regs/laws (by end of 2nd biz day)
prescription easement
implied easement bc of continued uninterrupted, exclusive and hostile historical use of prop (state dictates duration).
escheat
Gov power to acquire abandoned prop - die without will goes to State
always required when lender wants to sell to the secondary market
a formal appraisal
Not a protected class with FECO
sexual orientation
Compensatory Damages
provide monetary amount necessary to replace what was lost and nothing more
punitive damages
punish a defendant for conduct to provide a deterrent to future such acts
nominal damages
awarded when party has been wronged but is not able to prove signif damages.
liquidated damages
amount $ specified in a contract which would be awarded in the event of a violated agreement
Actual Evictions
tenant breached lease, failed to pay rent, used property unlawfully
Abstract of Title
legal history of all the transactions affecting a prop
CERCLA
1980 - law makes real estate owners responsible for cleaning up hazardous materials found on their property.
Severence
process of converting real property into personal property
CMA most often used
Set the listing price
emblement
corps planted annually considered personal prop
radon enters the house thru
foundation
equitable title
interest in a property after an agreed upon contract
TREC education hour =
50 min
Term loan
interest only loan - principle balance is due at the end of the term
Hypothecation
pledging an asset as collateral for a loan
legal life estate
homestead or dower
does TREC regulate appraisers?
No
Grantor signs what?
the deed
how many year can Developer renew a timeshare plan if they have completed proper renewal application fees?
2 years
Is a property manager a general agent for the owner?
Yes
working with FRT, an appraiser must be state licensed/certified if loan amt is more than?
$250,000
