T. Special Topics Flashcards
What is the correct way to list the buyer’s name on the Texas sales contract?
A. Sheila D.
B. Ms. Drew
C. Sheila Mae Drew, a single person
D. S. Drew
C. Sheila Mae Drew, a single person
Texas homeowners may be forced to sell a homestead property for failure to pay their___
A. Mortgage
B. Credit card bill
C. Car payment
D. Utility bills
A. Mortgage
A purpose of the Texas homestead law is to protect homeowners against removal from their home by general creditors. The homestead laws protect against general creditors, but mortgage holders reserve the right to foreclose if the homeowner’s mortgage loan goes into default.
Which new Texas licensee is exempt from liability under the 2011 amendment to the DTPA?
A. Justin, who accidently advised his client incorrectly
B. Angela, who committed unintentional misrepresentation
C. Vance, who knowingly committed fraud
D. Jenniter, who advised a customer not to buy a listing because she wanted it for herself
A. Justin, who accidently advised his client incorrectly
Justin unintentionally gave poor advice with no intent to deceive or commit fraud; therefore, he is exempt from liability. The 2011 amendment to the DTPA helps prevent frivolous lawsuits against licensees by exempting them from liability for innocent omissions, providing advice, guidance, or opinion unless they intended to deceive or commit fraud.
Jim lives in Texas. If he dies with no will in place and no creditors or heirs can be found, all of his personal and real property will revert to ____
A. The state of Texas
B. The county
C. The federal government
D. The city
A. The state of Texas
In Texas, all real and personal property that’s not claimed by creditors or left to heirs (and where no heirs can be found) reverts to the state.
Next
Before Texas established its own occupancy standards law, the federal policy would have likely been considered. How does the Texas law differ from the federal law?
A. The Texas law allows fewer individuals per bedroom than the federal occupancy standard.
B. The Texas law mimics the federal occupancy standard
C. The Texas law allows for more individuals per bedroom than the federal occupancy standard.
D. The Texas law allows two times as many individuals per bedroom as the federal occupancy standard.
C. The Texas law allows for more individuals per bedroom than the federal occupancy standard.
The Texas law allows for three individuals per bedroom, whereas the federal standard allows for two individuals.
Archie is behind in his mortgage payments.
He wants to sell his house and get out from under the loan before it goes into foreclosure.
You agree to help Archie list his property.
Which TREC addendum will you and Archie need to complete and attach to the sales contract?
A. Short Sale Addendum
B. Addendum for Back-Up Contract
C. Reverse Mortgage Financing
Addendum
D. Addendum for Sale of Other Property by Buyer
A. Short Sale Addendum
Although the question didn’t tell you outright that Archie is planning to sell the property as a short sale, you did a terrific job of reading between the lines and Eiguring that out. In addition to using the Short Sale Addendum, you have other responsibilities as the seller’s listing agent in a short sale transaction. You (along with the seller) must contact the lienholder for their permission to sell the property. The lienholder will provide you with instructions for how to conduct the sale, and everyone who is a party to the transaction must follow these instructions exactly.
Which of the following statements is true about
Texas deeds?
A. A deed between the parties isn’t valid without an acknowledgement.
B. Recording is just a formality. It has nothing to do with protecting the title.
C. Deeds do not have to be legal to be recorded.
D. To make sure there’s a good and marketable title, the grantee should require that the grantor’s signature on the deed be authenticated by either a jurat or an acknowledgment.
D. To make sure there’s a good and marketable title, the grantee should require that the grantor’s signature on the deed be authenticated by either a jurat or an acknowledgment.
As you figured out, options A, B, and Care all false statements and incorrect options. Here’s the truth & pehind those statements: While the deed is valid between the parties without an acknowledgment, recording is vital if the grantee wants to protect the title against future buyers of the same property from the same grantor. Deeds must be legal to be recorded. The true statement here, as you so wisely determined, is this: “To make sure there’s a good and marketable title, the grantee should require that the grantor’s signature on the deed be authenticated by either a jurat or an acknowledgment.” You did a terrific job of not being fooled by similar wording/phrasing, which can easily throw off someone who isn’t paying close attention.
Jessica hasn’t paid the roofing company that replaced the roof on her home. The contractor placed a mechanic’s lien on her property, which is a/an_______lien.
A. Voluntary and specific
B. Voluntary and general
C. Involuntary and specific
D. Involuntary and general
C. Involuntary
Liens are classified based on various features, including whether the lien is voluntary or involuntary, and whether it’s general or specific. As you figured out in this question, a mechanic’s lien is involuntary, because Jessica did not agree to it; the mechanic places this lien to get paid for work he did for the customer (in this case, Jessica), and for which the customer hasn’t willingly paid him within a specific amount of time. A mechanic’s lien is specific, because it’s only attached to a single property-the one on which the work was done-rather than to everything the customer owns.
Which veteran loan program offers qualified veterans help with the purchase of land in Texas?
A. Texas Veterans Land Board
B. Veterans Home Improvement Program
C. Veterans Housing Assistance Program
D. Veterans Land Program
D. Veterans Land Program
Which veteran loan program offers qualified veterans help with the purchase of land in Texas?
A. Texas Veterans Land Board
B. Veterans Home Improvement Program
C. Veterans Housing Assistance Program
D. Veterans Land Program
D. Veterans Land Program
Your buyer clients, Tim and Amy, are excited about moving into an upscale subdivision, but they’re concerned about the homeowner association membership fees. To put their minds at ease, you suggest that they request information about the subdivision by completing which addendum?
A. Short Sale Addendum
B. Addendum for Back-Up Contract
C. Addendum for Sale of Other Property by Buyer
D. Addendum for Property Subject to Mandatory Membership in a Property
Owners Association
D. Addendum for Property Subject to Mandatory Membership in a Property
Owners Association
Jill has acquired an option to purchase real property, and now she’s decided to sell that option. Is she allowed to do this in Texas without having a real estate license?
A. No. She must have at least a sales agent license to sell that option.
B. No. She must have a broker license to sell that option.
C. Yes, but she may only do this it she uses the option to engage in real estate brokerage activities fewer than once a year.
D. Yes, but only if she doesn’t use the option to engage in real estate brokerage activities and if she discloses the nature of their equitable interest to any potentiall buyer.
D. Yes, but only if she doesn’t use the option to engage in real estate brokerage activities and if she discloses the nature of their equitable interest to any potentiall buyer.
a person in Texas may acquire an option to purchase real property and sell that option — without having a real estate license —provided that person meets two conditions: First, the person must not use the option to engage in real estate brokerage activities, and second, the person must discloses the nature of their equitable interest to any potential buyer. Theretore, answer option D is the correct answer.
