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Kurtis Must Pass Real Estate Exam > Principles Of Real Estate I > Flashcards

Principles Of Real Estate I Flashcards

1
Q

An abbreviated history of property, including information on any transfers, grants, Wills, conveyances, liens and circumferences

A

Abstract of title

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2
Q

The process process that results in the gradual increase in land area through deposits of soil by natural forces

A

Accretion

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3
Q

A tax collected according to the assets value of a piece of real estate

A

Ad Valorem taxes

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4
Q

Additions to a completed contract that specify supplementary information to the contract

A

Addenda

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5
Q

A relationship where one party is authorized to act on behalf of the other

A

Agency

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6
Q

An unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact by the principal

A

Agency by ratification

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7
Q

An individual with authority to act on behalf of another; a state license is required to operate as an agent in real estate

A

Agent

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8
Q

Air above parcels of land that are defined by elevation boundaries

A

Air lot

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9
Q

The right to use the airspace above the surface of land

A

Air rights

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10
Q

Change or modification to an already agreed-upon contract

A

Amendment

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11
Q

A federal civil rights law passed in 1990 which prohibits discrimination against and creates standards for people with disabilities

A

Americans with disabilities act ADA

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12
Q

The process of paying off debt/mortgage and regular installments based on a fixed payment schedule

A

Amortization

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13
Q

A real estate license holder who locates dwelling units for prospective tenants

A

Apartment locator

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14
Q

Payment that occurs at the end of a period to compensate for charges occurred during that time

A

Arrears

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15
Q

The transference of rights and obligations in a contract from one party to another

A

Assignment

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16
Q

A person who is licensed to give legal advice

A

Attorney

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17
Q

A contract wherein both parties are obligated to perform in an exchange of promises

A

Bilateral contract

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18
Q

A sudden loss of land by flood or when a stream or river changes course

A

Avulsion

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19
Q

A legal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area, a.k.a. panic peddling

A

Blockbusting

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20
Q

A licensee who holds a broker license license, and who engages in an activity enumerated in the license law for a commission or other valuable consideration

A

Broker

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21
Q

A brokers opinion of the value of a piece of real property, given in writing

A

Broker price opinion BPO

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22
Q

The ownership of land, with all the legal rights of possession, control, and enjoyment, exclusion, and disposition

A

Bundle of rights

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23
Q

An agency agreement between a broker and a buyer wherein the broker represents the buyer in their efforts to purchase or lease a property

A

Buyer representation agreement

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24
Q

The ethical and professional standard for the real estate industry in Texas

A

Cannons of professional ethics, and conduct

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25
Q

A federal law that prohibits discrimination in housing based on race

A

Civil rights act of 1866

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26
Q

Any claim or encumbrance on the title to a property that affects transferability

A

Cloud

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27
Q

Stands for comprehensive loss underwriting exchange, a database used by insurance agencies that contain information on any claims made in the past five years by property owners on specific properties

A

Clue reports

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28
Q

Ownership of a property by more than one person

A

Coownership

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29
Q

The legal act of mixing personal funds with a clients funds

A

Commingling

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30
Q

Portions of a shared ownership property not controlled by one owner or tenant; examples include parking lots, lobby, fitness centers, elevators, etc.

A

Common elements

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31
Q

Property owned by a married couple in which each spouse has half ownership of any property obtained during the marriage, plus a right of surveyorship ownership after the death of either spouse

A

Community property

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32
Q

Legislation that seeks to enable all parties of a community to have access to credit

A

Community reinvestment act CRA

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33
Q

A report that compares the prices of recently sold or listed homes

A

Comparative market analysis CMA

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34
Q

Property where each owner has separate interest in their own unit and undivided interest in the common areas

A

Condominium

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35
Q

A provision within a contract that makes performance conditional upon the occurrence of of a state of event

A

Contingency

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36
Q

A map in which curved lines connect contentious parts of equal elevation to defined the contours of the land; a.k.a. topographic map

A

Contour map

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37
Q

A legally enforceable and binding agreement between parties, wherein a promise to do or not to do something is given an exchange for valuable consideration

A

Contract

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38
Q

A life estate in which the measuring life is that of the life tenant; and estate created by a Deed that lasts for the duration of the tenants life

A

Conventional life estate

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39
Q

An instrument that transfers, a grantor interest in real property

A

Conveyance

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40
Q

The broker who assist another broker and showing the listed property to a buyer who subsequently purchases the property

A

Cooperating broker

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41
Q

Property where each owner owns shares in a corporation that owns a building, then has a proprietary lease for their unit

A

Cooperative

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42
Q

Illegally created business entity representing the interest of more than one person

A

Corporation

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43
Q

A designated base reference point to elevation used by surveyors to determine the elevations of land or property in the area

A

Datum

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44
Q

A property interest characterized by perpetual ownership on the condition that the property is used for certain purposes or specific conditions; ownership reverts back to the original owner if these stipulations are violated

A

Defeasible fee estate

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45
Q

An interest in or a right to use another individuals, land or property generally or specific limited purpose

A

Easement

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46
Q

Physical property that crosses the boundary into a neighboring landowners property

A

Encroachment

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47
Q

A non-possessory interest in a property that burdens the title

A

Encumbrance

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48
Q

A fair lending law that aims to bar discriminatory lending practices

A

Equal opportunity act, ECOA

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49
Q

The concept that everyone will have equal access to housing with no discriminatory actions, taking place

A

Equal opportunity in housing

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50
Q

A lien imposed by the courts with one party charging their property as security for a debt or loan

A

Equitable lien

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51
Q

Insurance that protects against mistakes, a license holder might make in real estate transactions; it does not cover act of fraud or other intentional misconduct

A

Errors and omissions insurance

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52
Q

The degree, quantity, and extent of interests one owns in property

A

Estate

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53
Q

At least with a specific starting and ending date; a.k.a. Tenancy for years

A

Estate for years

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54
Q

An agreement in which the seller has an exclusive relationship with a broker, but retains the right to sell the property to named prospects

A

Exclusive agency listing

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55
Q

An agreement in which the seller guarantees the named broker receives a commission if the property is sold, regardless of who brings the Buyer

A

Exclusive rights to sell listing

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56
Q

A contract in which all terms have been fulfilled by all parties

A

Executed contract

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57
Q

Ela lean on a property seized by writ of execution

A

Execution lean

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58
Q

A contract that has not yet been fully performed

A

Executory contract

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59
Q

Agency created by clear, specific agreement; Can be written or oral

A

Express agency

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60
Q

A federal law that prohibits discrimination in housing based on race, color, religion, or national origin, and was amended to include sex, disability, and family status

A

Fair housing act of 1968

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61
Q

Under the fair housing act, a protected class, composed of families who have children under 18, pregnant women, and people in the process of obtaining legal custody of a child

A

Familial status

62
Q

A general, voluntary lien imposed by the government that can attach to all of the owners property except their homestead property

A

Federal judgment lien

63
Q

A type of defeasible fee estate, which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated

A

Fee simple determinable estate

64
Q

Maximum ownership of real property; is of indefinite duration, freely, transferable, and freely inheritable, a.k.a. fee or fee, simple absolute

A

Fee simple estate

65
Q

A type of defeasible fee estate that comes with specific requirements for ownership to change, the grantor of the estate must prove in court that the condition has been violated within a certain timeframe

A

Fee simple subject to condition subsequent

66
Q

The full sum of obligations owed to the client and an agency relationship that ensures that the agent always acts and the best interest of the client

A

Fiduciary duties

67
Q

The economic principle that says that the real estate exists in a fixed location and cannot be moved

A

Fixity

68
Q

An object that was once personal property, but is now firmly attached to the land and such a way that it is considered to be real property

A

Fixture

69
Q

Part of a contract that requires one or more of the contracting parties to refrain from actions. They are otherwise legally entitled to perform.

A

Forbearance agreement

70
Q

A legal concept, stating that the court can only consider information that appears within four corners of the documents

A

Four corners doctrine

71
Q

A misstatement made intentionally to deceive

A

Fraud

72
Q

A form of ownership with an intermediate length

A

Freehold estate

73
Q

Plants or crops intended for harvest and treated as personal property a.k.a. emblements

A

Fructus industriales

74
Q

Trees, perennial plants, and uncultivated plants usually treated as real property because of their permanence

A

Fructus naturales

75
Q

A lien for which the real estate and personal property may be sold to satisfy the debt

A

General lien

76
Q

Property owners right to use water under the surface through the rule of capture

A

Groundwater rights

77
Q

Requires lenders to disclose specific lending information, which HUD then uses to map lending patterns

A

Home mortgage disclosure act

78
Q

A legal life estate that prevents a persons primary residence from being forcibly sold to pay certain kinds of debts

A

Homestead

79
Q

An exemption that a homeowner can file to reduce the amount of ad valorem taxes paid on their homestead

A

Homestead tax exemption

80
Q

Agency that is created by actions, conduct, and words of either or both parties without ever being expressly requested

A

Implied agency

81
Q

Any non-natural structure built on or fixed to the land

A

Improvment

82
Q

Describes undivided ownership of an estate, with an interest that is exclusive from other owners

A

In severalty

83
Q

Describes undivided ownership of an estate, with an interest that is exclusive from other owners

A

In severalty

84
Q

A form of property ownership in which one person is the owner of a property and has absolute control over the distribution and use of the land

A

Individual ownership

85
Q

A broker who negotiates a contract between two parties that are both being represented by that broker

A

Intermediary broker

86
Q

A lien attained through the action of law without the owners consent

A

Involuntary lien

87
Q

A lien attained through the action of law without the owners consent

A

Involuntary lien

88
Q

Coownership in which the parties have an equal and undivided interest in the property; includes the right of surveyor ship rather than inheritance

A

Joint tenancy

89
Q

Coownership in which the parties have an equal and undivided interest in the property; includes the right of surveyor ship rather than inheritance

A

Joint tenancy

90
Q

The surface of the earth, including all permanently attached and natural fixtures, extending downwards to the center of the earth and upwards to infinity

A

Land

91
Q

The surface of the earth, including all permanently attached and natural fixtures, extending downwards to the center of the earth and upwards to infinity

A

Land

92
Q

The science of determining points and the distances and angles between them a.k.a. surveying

A

Land surveying

93
Q

An interest in the occupation of a property, established through a lease, a.k.a. non-freehold or less than freehold

A

Leasehold estate

94
Q

Any life estate created by a function of law that opposed the actions or desires of a property owner

A

Legal life estate

95
Q

The right to use the land of another that can be granted, as well as determined by the property owner

A

License

96
Q

The right to use the land of another that can be granted, as well as determined by the property owner

A

License

97
Q

The order in which liens against a property will be settled

A

Lean priority

98
Q

A type of estate limited to the duration of a measuring life

A

Life estate

99
Q

A type of corporation in which none of the owners of the company can be held personally liable for debt

A

Limited liability company

100
Q

A document recording at the courthouse, giving notice that a lawsuit is pending on a particular piece of property

A

Lis pendens

101
Q

A contract between a principal and a broker to sell or lease a property

A

Listing agreement

102
Q

Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property

A

Littoral rights

103
Q

A system of legal land description that identifies a piece of platted property by referring to the section, lot, and block numbers in a subdivision

A

Lot and block

104
Q

A fact that, if known, could cause someone to take a different course of action or make a different decision regarding the property to be purchased

A

Material fact

105
Q

A type of involuntary, specific lien that a mechanic or materialman can impose upon property if the property owner fails to pay for materials or work done on the property

A

Mechanics lien

106
Q

An imaginary line of longitude used to identify a certain area of the earth surface along a north-south direction

A

Meridian

107
Q

A land survey process in which a licensed land surveyor starts at a readily identifiable point of beginning, and defines the boundaries of property in terms of distance and compass directions, finally returning to the point of beginning

A

Metes and bounds

108
Q

A statement, written or spoken, that is false or misleading

A

Misrepresentation

109
Q

They fixed landmark, whether natural or human made, used as a reference point and meets in bounds legal description

A

Monument

110
Q

They fixed landmark, whether natural or human made, used as a reference point and meets in bounds legal description

A

Monument

111
Q

Rural taxing entity empowered to levy assessments on property owners to support the building of infrastructure for basic utilities

A

Municipal utility district MUD

112
Q

Rural taxing entity empowered to levy assessments on property owners to support the building of infrastructure for basic utilities

A

Municipal utility district MUD

113
Q

An agreement in which the seller names a minimum sales price they will accept for a property, with any excess paid to the broker as commission

A

Net listing

114
Q

A plea where a defendant does not admit guilt to a crime they are accused of, but does accept punishment as though they have been found guilty

A

Nolo contendere

115
Q

The active replacing an existing contract with a new one

A

Novation

116
Q

A non-exclusive listing agreement that gives multiple brokers the right to sell the property

A

Open listing

117
Q

The official opinion of an attorney regarding the condition of a properties title

A

Opinion of title

118
Q

The official opinion of an attorney regarding the condition of a properties title

A

Opinion of title

119
Q

When Juan are more of the contracting parties perform only a portion of the agreed-upon contract duties

A

Partial performance

120
Q

A person involved in a contract for sale, lease, or agency

A

Party

121
Q

The component of a mortgage, payment principle, interest, taxes, and insurance

A

PITI

122
Q

A subdivision that includes residential dwellings along with non-residential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by PUD lot owners as tenants in common

A

Planned unit development PUD

123
Q

Contracts prepared and authorized by Texas real estate commission that must be used by real estate license holders; there are a few exceptions to this rule

A

Promulgated contracts

124
Q

Contracts prepared and authorized by Texas real estate commission that must be used by real estate license holders; there are a few exceptions to this rule

A

Promulgated contracts

125
Q

To divide or allocate expenses between buyers and sellers based on the actual period of usage of the item or service

A

Prorate

126
Q

To divide or allocate expenses between buyers and sellers based on the actual period of usage of the item or service

A

Prorate

127
Q

The making of exaggerated claims in order to achieve a sale or some other objective

A

Puffing

128
Q

Taxing entity created by the city or county to levy a specific tax for specific improvements to a specific neighborhood

A

Public improvement district PID

129
Q

A fund managed by the Texas real estate commission to provide payment to a party who has been damaged through the violation of the real estate license act by a license holder

A

Real estate recovery trust account

130
Q

A system of legal land description that uses the global lines of longitude and latitude, to create a surveyed grid of meridians, baseline, townships, and ranges to describe a piece of land; a.k.a. the government survey system

A

Rectangular survey system

131
Q

The illegal act of a lender refusing to issue mortgages in specific areas

A

Redlining

132
Q

Rights that govern the use of flowing water, such as rivers and streams that pass through or border a property

A

Riparian rights

133
Q

Rights that govern the use of flowing water, such as rivers and streams that pass through or border a property

A

Riparian rights

134
Q

An individual holding a sales agent license from trek, who is sponsored by a broker

A

Sales agent

135
Q

The economic significance of a properties location

A

Situs

136
Q

A form of agency relationship in which agents are limited in scope and are only authorized to perform act permitted by their principal

A

Special agency

137
Q

An agent with a limited scope of authority to act on behalf of their principle; usually towards a single, specific objective that is not ongoing

A

Special agent

138
Q

A lie that applies to a certain property only

A

Specific lien

139
Q

A lien that applies to a certain property only

A

Specific lien

140
Q

A law that requires certain types of contracts, including those conveying interest in real property, to be in writing to be enforceable

A

Statute of frauds

141
Q

Estate created as a matter of state law

A

Statutory estate

142
Q

The illegal active guiding perspective homebuyers towards or away from a certain neighborhood because of their membership and a protected class

A

Steering

143
Q

Coownership in which each co-owner of the property holds their in individual portions of the ownership interest in severalty

A

Tenancy in common

144
Q

A committee that creates incorrect contract forms to be used by Texas real estate license holders

A

Texas real estate broker lawyer committee

145
Q

A law that governs the licensing, education, and activities of real estate license holders, practicing brokerage in the state

A

Texas real estate license act TRELA

146
Q

A form of coownership where each owner has use of the property at different prescribed periods of time

A

Timeshare

147
Q

Personal property that is owned by and needed for a tenants business

A

Trade fixture

148
Q

A contract where one party makes a promise and is obligated to perform if a second party chooses to accept the offer and perform an exchange for which was promised

A

Unilateral contract

149
Q

Eileen that was created with the consent of the owner of the property and question

A

Voluntary lien

150
Q

One Township equals

A

36 sections

151
Q

One Township equals

A

36 sections

152
Q

One section equals

A

640 acres

Kurtis Must Pass Real Estate Exam (1 decks)

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