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principals of interest 1 > principles of interest 1 > Flashcards

principles of interest 1 Flashcards

1
Q

brokerage

A

is the aspect of real estate business that pertains to overseeing the needs of the parties and completing a transaction

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2
Q

while brokerage often involves agency relationships…

A

brokerage is not the same as agency

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3
Q

real estate development

A

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

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4
Q

immobility

A

refers to the fact that land cannot be moved. when land or rights in land are purchased, the owner must go to the land

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5
Q

the purpose of licensing laws

A

the purpose of TRELA is to protect the public against unscrupulous broker and sales agents

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6
Q

assess administrative penalties are up to

A

$5,000 per day

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7
Q

improvements

A

any permanent man-made addition to land is considered to become part of the land is known as an improvement.

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8
Q

surface rights

A

the owner of surface rights can develop (improve) the surface and use the resources extracted from or near the surface, including stone, gravel, water, and limestone

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9
Q

severance

A

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

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10
Q

fixtures

A

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

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11
Q

assignment

A

all rights and liabilities transfer to a new tenet

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12
Q

property taxes are ad valorem taxes

A

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

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13
Q

the tenancy for years or estates for years

A

any lease with a specific starting and ending date. this lease survives death or the sale of the property

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14
Q

emblements

A

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

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15
Q

unpaid taxes are

A

an automatic lien, and at foreclosure will be paid first

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16
Q

fee simple absolute or fee simple is

A

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

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17
Q

homestead laws

A

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.

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18
Q

although homestead protection is automatic and cannot be waived by contract or other written agreement

A

there are some limitations

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19
Q

merger

A

if the two properties become one, the easement terminates

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20
Q

prescription

A

continuous use of the land over some time without the owner’s permission may establish the right to use the land

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21
Q

separate property

A

property owned by a married person that is not community property. property acquired before marriage is separate, as is inherited property and property purchased with inherited funds

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22
Q

encroachments

A

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

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23
Q

tenancy in common

A

the first and most common type of co-ownership

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24
Q

what is agency ?

A

the principal hires and gives authority to the agent

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25
Q

littoral rights

A

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

26
Q

consumer relationships

A

the best way to create an agency relationship is in writing

27
Q

intermediary

A

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

28
Q

the information about brokerage services (IABS)

A

Provides consumers with necessary information regarding agency relationships with license holders

29
Q

the appointed associates

A

will give and opinions ( which means to negotiate) to their respective

30
Q

the practice intermediary

A

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

31
Q

the license holder should present the IABS to

A

the potential party as soon as the license holder has determined that a discussion has become substantive

32
Q

who must be licensed as a broker?

A

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

33
Q

if a broker wishes to terminate a licensed sales agent’s sponsorships

A

they must notify the agent writing and return the agent’s license to TREC immediately

34
Q

as stated in the Texas real estate license act

A

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.

35
Q

complaint investigation and disposition

A

the commission may not conduct an investigation of a licensed, in connection with a complaint submitted later than the fourth anniversary of the date of the incident that is the subject of the complaint

36
Q

the commission may

A
  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
37
Q

a broker on inactive status

A

may pay renewal fees

38
Q

fidelity

A

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

39
Q

payment limits; attorney’s fees

A

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

40
Q

federal fair housing law

A

it prohibits discrimination based on race, color, religion and national origin

41
Q

integrity

A

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

42
Q

fidelity demands

A
  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
43
Q

steering

A

also known as channeling, is taking buyers or renters to, or away from, a particular are based on race, religion etc. of the buyer or renter

44
Q

housing opportunities for families

A

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

45
Q

penalties

A

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

46
Q

Americans with disabilities act

A

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

47
Q

community reinvestment act

A

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

48
Q

lot and block

A

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.

49
Q

when a developer acquires a track of land for subdividing

A

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

50
Q

redlining

A

is a practice of refusing to provide financing on a particular area because of location. only banks can be guilty of redlining under this law

51
Q

informal reference

A

while the street address allows the property to be easily located, it is not a valid legal secription because it lacks any detail about corners, boundaries, and quantity of property described

52
Q

if there’s a question regarding enforcement of the commission

A

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

53
Q

the listing agreement creates

A

a special agency relationship between the broker and the client

54
Q

listing agreement

A

is an employment contract between a seller or landlord and the broker

55
Q

net listing

A

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.

56
Q

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

A
  1. by a bankruptcy trustee
  2. from one co-owner to one or more other co-owner
  3. to or from any governmental entity
57
Q

termination of listing

A
  1. at any time by mutual rescission
  2. the expiration of the period stated in the listing contract
58
Q

stigmatized

A

a property where there has been a murder or alleged haunting

59
Q

broker lawyer committee

A

write residential contract from that, with few expectations, are mandatory for lincense holders

60
Q

liquidated damages s

A

the seller can choose to accept the buyers earnest money as liquidated damages, releasing all parties from an further obligation under the contract

61
Q

voidable contract

A

is one that cannot be enforced against one or more of the parties. most contracts entered into with minors are voidable at the option of the minor

principals of interest 1 (2 decks)

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