last set

Question 1

real estate development

Answer 1

most often involves the acquisition of land for development into a residential subdivision, retail centers, and other commercial uses

Question 2

fee simple absolute or fee simple is

Answer 2

considered the best type of ownership, as it places the least number of limitations on the owner

Question 3

homestead laws

Answer 3

In Texas, homestead protection is automatic when a home is purchased, and no document or claim needs to be registered by the owner to get this protection. the law prevents the forced sale of the homestead for payment of all debts, with the exeption of non-payment of property taxes.

Question 4

intermediary

Answer 4

process is a set of rules that make it possible is a set of rules that make it possible to bring client buyers and sellers together while at the same time representing their best interest. when this type of transaction occurs, the broker becomes the intermediary

Question 5

the information about brokerage services (IABS)

Answer 5

Provides consumers with necessary information regarding agency relationships with license holders

Question 6

the practice intermediary

Answer 6

the broker must have the written consent of both parties, stating the source of any anticipated compensation

Question 7

who must be licensed as a broker?

Answer 7

the designated officer of a licensed real estate corporation, or the designated manager of a licensed real estate limited liability company must be licensed as a broker

Question 8

as stated in the Texas real estate license act

Answer 8

anyone who “for another person and a free, commission or other valuable consideration, or with the intention of in the expectation or on the promise of receiving or collecting a fee, commission, or other valuable consideration from another person, engages in a broad variety of real estate activities” must have a license.

Question 9

the commission may

Answer 9

1. issue sales agent and broker licenses
2. suspend or revoke licenses of those who violate the license act
   3.assess administrative penalties of up to $5,000 per day against offending licensed and unlicensed individuals

Question 10

fidelity

Answer 10

while acting as an agent for another, or real estate agent broker or sales agent fiduciary

Question 11

integrity

Answer 11

in the discharge of his or her responsibility, including employment of prudence and caution to avoid misrepresentation, in any way, by acts of commission or omission

Question 12

housing opportunities for families

Answer 12

unless building or community qualifies as housing for older person, it may not discriminate based on familial status

Question 13

penalties

Answer 13

judges may award both economic and non-economic damages, issue injunctions, assess attorney’s fees, and assess civil penalties. there are no criminal penalties

Question 14

lot and block

Answer 14

commonly used in residential subdivisions and commercial developments, the lot and block method of describing land most often refers to a recorded map or plat.

Question 15

net listing

Answer 15

the seller establishes a minimum net amount for his/her proceeds to closing. the real estate broker’s commission is the difference between the minimum net established by the seller and the actual sellers net.

Question 16

real estate development

Answer 16

most often involves the acquisition of land for development into a residential subdivision, retail centers, and other commercial uses

Question 17

severance

Answer 17

removing fixtures ( by detaching them from real property or uninstalling them) to create personal property

Question 18

fixtures

Answer 18

are generally considered a part of the real property and are transferred to the new owner unless specifically excluded

Question 19

property taxes are ad valorem taxes

Answer 19

that is, they are according to value. the grater the value if the property, the higher the taxes

Question 20

emblements

Answer 20

the concept of emblements ensures that the tenant will be allows to harvest the annual crap, even if he or she losses possession of the property before harvest time

Question 21

fee simple absolute or fee simple is

Answer 21

considered the best type of ownership, as it places the least number of limitations on the owner

Question 22

encroachments

Answer 22

the intrusion of one’s property onto another property creates an encroachment. neighbor’s fence that crosses a boundary or tree limbs extending over a boundary are examples of encroachments

Question 23

tenancy in common

Answer 23

the first and most common type of co-ownership

Question 24

what is agency ?

Answer 24

the principal hires and gives authority to the agent

Question 25

littoral rights

Answer 25

give an owner the right to use water from a lake, ocean, or sea on or next to the property.

Question 26

consumer relationships

Answer 26

the best way to create an agency relationship is in writing

Question 27

who must be licensed as a broker?

Answer 27

the designated officer of a licensed real estate corporation, or the designated manager of a licensed real estate limited liability company must be licensed as a broker

Question 28

fidelity

Answer 28

while acting as an agent for another, or real estate agent broker or sales agent fiduciary

Question 29

payment limits; attorney’s fees

Answer 29

payments from the trust account for claims, including attorney’s fees, and court, arising out of a single transaction may not exceed a total of $125,000, regardless of the number of claims

Question 30

fidelity demands

Answer 30

1. that the primary duty of the real estate is to represent the interest of this or her client
2. that the real estate agent be faithful and observant to trust placed

Question 31

Americans with disabilities act

Answer 31

single-family home, private b=clubs, historic buildings, and religious organisations are exempt from the ADA

Question 32

community reinvestment act

Answer 32

was passed to ensure that banks would serve the needs of the community in which they were charted to do business. it prohibits redlining

Question 33

when a developer acquires a track of land for subdividing

Answer 33

the developer will design the new subdivision and lay out the streets , lots, utilities, common areas and easements

Question 34

if there’s a question regarding enforcement of the commission

Answer 34

the broker must prove that they were employed, in writing, to sell the property

Question 35

net listing

Answer 35

the seller establishes a minimum net amount for his/her proceeds to closing. the real estate broker’s commission is the difference between the minimum net established by the seller and the actual sellers net.

Question 36

exceptions to the requirement for completion of a seller’s disclosure notice, including sales

Answer 36

1. by a bankruptcy trustee
2. from one co-owner to one or more other co-owner
3. to or from any governmental entity