Module 6 Flashcards
______________________ refers to when a tenant has the right to match or better any offer the landlord may receive on the property before the property is sold to someone else.
Right of First Refusal
___________ do not need to be recorded to be valid.
Leases
The 4 Types of Leasehold Estates are:
- Estate for Years
- Periodic Tenancy
- Tenancy at Sufferance
- Tenancy at Will
TREC’s promulgated residential leases are for:
- 90 Days or Less
- Residential Use Only
- Promulgated by TREC
The _________________________________ is established in the management agreement.
The Role of the Property Manager
____________________ include repainting an apartment.
Operating expenses
_____________ is created by a contract that has not gone to closing yet.
Equitable Title
Title to land in the US can be traced back to the original owner, which is the ____________________
Sovereignty of the Soil
- A Buyer who wants to ensure he is receiving good title should request a General Warranty Deed.
- The best way to ensure that the grantor has good marketable title is to get a General Warranty Deed.
- Title Commitment is a statement of the condition of title at a moment of time.
Title Commitment
________________ is ANY change in the ownership of Real Property.
Alienation
An individual who inherits property by ______________________ acquires property by Descent
Intestate Succession
_______________ is something of value given in exchange for a deed.
Consideration
Title is Conveyed when the Deed is _______________ and _____________.
Delivered and Accepted.
The Grantor could retain an Easement through a ______________ in the Deed.
Reservation in the Deed.
__________________________ enters it into the public records, and gives constructive notice to the world that ownership has been transferred.
Recording a Deed
________________ Deeds have no guarantees, warranties, or covenants.
Quitclaim Deed
____________ are pending lawsuits affecting the property that may need to be resolved prior to Closing.
Lis Pendens
The _____________ is used to determine whether or not the information in the sales contract concerning the property’s boundaries is accurate.
survey
A Buyer should perform a final walkthrough of the property ___ to ____ days before closing to verify the condition of the property.
1 to 3 days
The Consumer Financial Protection Bureau (CFPB) implements ______________
Real Estate Settlement Procedures Act (RESPA)
____________ is a Percentage (%) of the Sale Price paid to the broker/sales agent.
Commission
Using the __________________, Commission is the Part, Commission Rate is the Percent, and Sales Price of the Property is the Total
T-Formula
_____________ is money paid at a particular rate for the use of money loaned to a person or entity.
Interest
_________ can be compounded or added on top of existing interest in periods that are annual, semi-annual, quarterly, monthly, or daily.
Interest
