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Texas RE Exam > DDG - Exam Study > Flashcards

DDG - Exam Study Flashcards

1
Q

Accretion

A

when land is increased bc of water depositing additional soil gradually .

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2
Q

Alluvion

A

to wash against shoreline and deposit soil gradually creating firm ground

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3
Q

Avulsion

A

a sudden loss of land or soil due to a sudden natural act (earthquake river flow)

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4
Q

Prior Appropriation

A

scarce water results in assigning water rights from a water source - beneficial use must be shown.

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5
Q

Reliction

A

when water line recedes, leaves exposed land permanently dry.

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6
Q

Riparian Rights

A

when located directly next to flowing water source such as stream river

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7
Q

Littoral Rights

A

when land is next to non-flowing water - lake, ocean

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8
Q

Government Powers

A

police, eminent domain, taxation, escheat

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9
Q

6 bundles of Rights

A

use/occupy, sell, bequeath, lease, transfer, do nothing

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10
Q

Easement Appurtenant

A

easement belong/runs with the land

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11
Q

Easement Gross

A

benefits company - utilities

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12
Q

Laches

A

delay - results in loss of legal action

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13
Q

Lis pendes

A

notice of legal suit filed against specific lands

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14
Q

Novation

A

exchange old with new

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15
Q

Servient Estate

A

property burdened by right of way use

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16
Q

Severalty

A

sole ownership

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17
Q

Anticipation

A

a purchase decision

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18
Q

Assemblege

A

act of combining 2 or more parcels

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19
Q

FIRREA

A

1989 - requires that appraisers are state licensed or certified when appraising for properties that are
being used for FRTS

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20
Q

mortgagor

A

homeowner/borrower

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21
Q

motgagee

A

lender

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22
Q

acceleration clause

A

if borrow defaults then entire amount due

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23
Q

alienation clause

A

full mortgage balance due upon transfer in title

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24
Q

assignment clause

A

changes who owes the debt of mortgage without changing loan terms

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25
Q

Defeasance clause

A

borrower has right to redeem the property after they pay the full debt and fees incurred

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26
Q

index

A

interest indicator that interest is based on

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27
Q

conventional mortgage

A

not guaranteed or insured by Gov, lender sets terms, LTV ration lower, PMI may be required

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28
Q

FHA

A

Gov insured, interest set by lender, borrower pays insurance premium, prepayment penalties not allowed, can be assumable

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29
Q

DVA

A

Gov guaranteed, can be assumable by non vet, loan up to 4x the amt of Vet entitlement

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30
Q

ARM mortgage

A

interest rate periodically adjusted

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31
Q

blanket mortgate

A

more than one piece of property

32
Q

graduated payment mortgage

A

payment starts low and rises over time

33
Q

open end mortgage

A

mortgagor can re-borrow against the principal

34
Q

package mortgage

A

includes home furniture and other personal prop

35
Q

participation mortgage

A

lender is entitled to a share of the property’s income or has share of equity

36
Q

purchase money mortgage

A

seller/owner financing

37
Q

reverse annuity

A

owner borrows against equity in home and receives monthly tax-free payments from the lender

38
Q

ursury

A

excessive interest - illegal

39
Q

Civil Rights Act 1866

A

prohibits racial bias in buying renting selling holding

40
Q

1968 Jones vs Mayer

A

upheld civil rights act 1866

41
Q

1968 Fair housing act - title 8

A

prohibits discrimination - religion, race, color, national orgin

42
Q

1974 Housing and Community Dev Act

A

sex and gender added to Fair Housing law

43
Q

1988 Fair Housing

A

handicap (inc aids and alcoholics) and family status added

44
Q

ADA

A

passed in 1990 - law in 1992 - portects from discrimination in public places - must have parking

45
Q

Truth in Lending - Reg Z

A

FTC - if trigger terms are used in ad - then APR ,amt of loan, down payment etc must be stated

46
Q

ECOA - Equal Credit Op Act

A

prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age. Can only consider income, net worth, credit rating and job stability

47
Q

Rescission

A

mutual agreement to terminate

48
Q

repudiation

A

rejecting the contract - liable

49
Q

performance

A

agreement was completed

50
Q

incapacity

A

either agent or client was mentally unable or bankrupt

51
Q

Agent duties

A

confidentiality, care, loyalty, obedience, accountability, disclosure

52
Q

right of reversion

A

prop is returned from tenant to owner

53
Q

executory contract

A

process of being fulfilled

54
Q

Devise

A

gifting real prop by will

55
Q

Devisee

A

receiver of conveyed prop

56
Q

granting clause

A

states type of deed with details on any covenants

57
Q

habendum clause

A

a detailing of owners rights - to have and to hold

58
Q

intestate

A

die without will

59
Q

probate

A

court decides on validity of will, makes decisions based on that

60
Q

testate

A

die with a will

61
Q

testator

A

a person who made a will before they died

62
Q

trustee

A

appointed to oversee the will or affairs

63
Q

trustor

A

a person borrows money from lender

64
Q

vested interest

A

right of ownership - possession and use

65
Q

involuntary alienation

A

loss of property against will

66
Q

title

A

legal document declaring ownership

67
Q

deed

A

transfers the title

68
Q

bargain and sale deed

A

grantor has right to convey title, no warranties against encumberances

69
Q

quitclaim deed

A

quit/sign away any interest in a prop.

70
Q

deed of trust

A

agreement between borrower and lender. Trustee will hold title of borrower until debt is paid to lender

71
Q

leasehold estate

A

tenant occupies prop due to a lease

72
Q

tenancy for years

A

lease lasts for a fixed period of time

73
Q

periodic tenancy

A

wk to wk, mo to mo, yr to yr - lease ends with a notice

74
Q

tenancy at will

A

giving reasonable notice to lessee or lessor - can terminate at any time

75
Q

tenancy at sufferance

A

tenant remains after lease has ended - liable

76
Q

GRM

A

Sales price divided by Gross Rental Income

77
Q

GIM

A

Sales price divided by Gross Income

Texas RE Exam (2 decks)

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