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Texas Real Estate Principles II > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Timeshares generally are:

A

the exclusive use of a property for a specified number of days each year

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2
Q

What does CERLA do?

A

Provides a Federal “Superfund” to clean up uncontrolled or abandoned hazardous-waste sites as well as accidents, spills, and other emergency releases of pollutants and contaminants into the environment.

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3
Q

An organization must meet all of the following conditions in order to be classified as a (real estate investment trust) REIT, except:

A

Must have at least 1000 shareholders after 1 year as a REIT

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4
Q

General warranty, special warranty, and quitclaim are all forms of:

A

Deeds

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5
Q

A landlord may not intentionally prevent a tenants from entering the leased premises unless:

A

These are all correct options:

  • The landlord has the right to change the locks because the tenant has failed to pay rent in a timely manner according to the lease
  • The tenant is delinquent in paying all or part of the rent
  • the landlord has locally mailed (hand delivered on door) not later than the fifth calendar day before the date on which the door locks are changed
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6
Q

A landlord may not intentionally prevent a tenants from entering the leased premises unless:

A

These are all correct options (refer to Ch. 92 of Texas property code (Title 8)):

  • The landlord has the right to change the locks because the tenant has failed to pay rent in a timely manner according to the lease
  • The tenant is delinquent in paying all or part of the rent
  • the landlord has locally mailed (hand delivered on door) not later than the fifth calendar day before the date on which the door locks are changed
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7
Q

Development sites, farms, data centers, storage facilities, senior/retirement housing facilities, medical office buildings and facilities, and various types of student housing are types of:

A

Real estate securities and Real property assets

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8
Q

Which of the following conditions must be met for an REIT?

A

At least 75% of the REIT’s total assets must be invested in real estate assets and cash.

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9
Q

The area benefiting from the project paid for by the special assessment is called an

A

Improvement district

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10
Q

Comprehensive Plan:

A

Written doc prepared by a city’s planning board that id’s the goals, objectives, principles, guidelines, policies, standards, and strategies for growth and development of a community. AKA a Master Plan.

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11
Q

Which of the following is a VLB requirement?

A

The home must remain as the veteran’s primary residence for at least three years.

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12
Q

The __ act created the Consumer Financial Protection Bureau.

A

Dodd-Frank

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13
Q

A privately run, for profit financial institution that provides a number of services, including mortgage lending is a

A

Bank

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14
Q

Testate:

A

The legal term for having a will at death.

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15
Q

Where would one take a duly executed, acknowledged, and delivered deed to have it filed as part of the public record?

A

The county clerk’s office of the country where the property is located

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16
Q

The real estate settlement procedures act (RESPA)

A
  • Outlaws kickbacks that increase the cost of settlement services
  • Requires that consumers receive disclosures at various times in the transaction
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17
Q

The number 3.14 (Pi) is used for determining

A

the area of a circle

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18
Q

Which of the following objective values means the value of a piece of property will rise or fall because of a future benefit or a future complication?

A

Anticipation

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19
Q

What is the “natural breakpoint” on a commercial lease?

A

When the percentage of sales (in a percentage lease) equals the base rent.

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20
Q

A leasehold that continues for a definite period of time, which can be anywhere from weeks, to months, to years at a time is:

A

An estate for years

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21
Q

What is a unique political subdivision of a municipality in Texas?

A

Tax Increment Reinvestment Zone (TIRZ)

22
Q

The right of government to take ownership of privately held real estate is called:

A

Eminent domain

23
Q

What is a federal program run by the US dept of Treasury which is intended to help homeowners avoid foreclosure?

A

The Making Home Affordable Program

24
Q

Which of these IS NOT a qualification required to be a licensed residential appraiser in Texas?

A

Provide 2,000 hours of acceptable and verifiable appraisal experience acquired over a minimum of 12 months.

*Must be 1500 Hours.

25
Q

A CMA is what?

A

Comparative Market Analysis

26
Q

What occurs in secondary capital markets?

A

Securities are traded between investors.

27
Q

In a “closing” what actually closes is the:

A
  • Real property sale between the buyer and seller

- buyer’s loan between the buyer and his or her lender

28
Q

$288,000 down on a home purchased at $360,000 would be what “loan to value”?

A

80%

29
Q

Property managers may transfer funds from one owner ledger to a different owner ledger provided that:

A

?

30
Q

Simple interest adds:

A

?

31
Q

If a commercial landlord has locked a tenant out of leased premises in violation of Section 93.002, the tenant

A

May recover possession of the premises as provided by section 93.003

32
Q

The Federal National Mortgage Association is better known as

A

Fannie Mae

33
Q

A county clerk who accepts electronic docs for recording shall:

A

?

34
Q

A home equity conversion mortgage (HECM) is also known as a(n):

A

reverse mortgage

35
Q

In Texas, recording fees are paid to whom?

A

The county clerk in the county where the property is located

36
Q

Which title is a property title that is considered free from defect and therefor the possibility of litigation is eliminated but even though there may still be encumbrances on the title it is one of which the parties are aware, such as a lien or an easement?

A

?

37
Q

Width x Depth x 0.5 of a square will give you the area of a

A

triangle

38
Q

A certified general appraiser is authorized to appraise:

A

All types of real property

39
Q

A short sale is a situation where the mortgage lender allows the borrow to sell the property:

A

Rapidly and for an amount that does not cover the full balance of the loan

40
Q

While they can happen at the same time, consummation is a legally distinct point in time where the borrower

A

Becomes contractually obligated to the lender

41
Q

When an offer to purchase real estate in this state is signed, a license holder shall advise each buyer, in writing, that the buyer should

A

?

42
Q

A property’s assessed value is…

A
  • determined by multiplying the property’s appraised value by an assessment ratio
  • a fixed percentage of the property’s fair market value
  • the lower of its real market value or its mx assessed value
43
Q

The market comparison, or sale approach, estimates the value by:

A

comparing the property to similar properties that have sold in the local market, accounting for differences between the evaluated properties and comparison properties.

44
Q

What is the general formula to determine capital gain

A

Purchase price-base value = capital gain

45
Q

Properties are of like-kind:

A

If they are of the same nature or character, even if they differ in grade or quality

46
Q

assets such as single-family homes, apartments or apartment buildings, or shopping facilities are what?

A

None of the answers are correct

47
Q

Replacement cost, or the dollar amount to construct at current prices a structure that is NOT exactly the same is which type of appraisal?

A

None of these answers are correct.

48
Q

The minimum general requirements for an instrument to qualify as a deed in texas are that it must contain each of the following, except:

A

An expiration date

49
Q

Which of the following combines and replaces the final truth-in-lending disclosure and the HUD-1?

A

The closing disclosure

50
Q

The four major factors adjusted for when performing a market comparison on a home DOES NOT include:

A

Climate

Texas Real Estate Principles II (10 decks)

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