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Texas Real Estate Principles 2 > texas real estate principles 2 > Flashcards

texas real estate principles 2 Flashcards

1
Q

What does VHAP stand for?

A

Veterans Housing Assistance Program

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2
Q

In regard to the VHAP Land program, the Land Board sells land to the veteran on a contract for deed, is this true or false?

A

True

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3
Q

Regarding the VHAP Land program, once an applicant is approved, the Land Board will pay cash to the seller, is this true or false?

A

True

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4
Q

In regard to the VHAP Land program, a maximum of $100,000 is available for parcels no less than one acre. Is this true or false?

A

True

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5
Q

In regard to the VHAP Land program, a veteran who uses the program cannot receive a VHAP loan simultaneously. Is this true or false?

A

False

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6
Q

What is a Certificate of Reasonable Value or CRV?

A

the maximum value the VA will give for a loan on a specific property. (VA = Veterans Administration)

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7
Q

What is a VA Certificate of Eligibility? (COE)

A

A COE is a document generated by the US department of veteran affairs that informs the VA loan lender that they meet the necessary requirements to obtain a VA loan.

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8
Q

After obtaining the Certificate of Reasonable Value, the Certificate of Eligibility is annotated to show how much of the what has been used?

A

Entitlement

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9
Q

What is a revolving line of credit extended to a mortgage company for the purpose of making loans to borrowers?

A

Warehouse Line

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10
Q

Loans obtained with the Department of Veterans Affairs require the borrower to pay what?

A

a funding fee

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11
Q

What does a buyer need if he or she wants to buy a home with FHA financing?

A

a conditional commitment

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12
Q

What is a conditional commitment?

A

It means the lender is committed to helping you buy a home if certain conditions are satisfied

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13
Q

What is a funding fee?

A

The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan.

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14
Q

What is a Warehouse Line?

A

Warehouse lending is a specialized type of credit line that allows mortgage lenders to fund mortgage loans to a borrower without using the lenders’ own capital.

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15
Q

What is a testamentary instrument?

A

explains how he or she wanted his or her property to be disposed

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16
Q

What are the two most common testamentary instruments?

A

wills and trusts

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17
Q

What is a will?

A

A will disposes of property after death

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18
Q

What are the two types of wills recognized in Texas called?

A

attested wills and holographic wills

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19
Q

What is an attested will?

A

a written will that is signed by the person making the will before a notary public and at least two witnesses.

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20
Q

What is a holographic will?

A

A holographic will is simply a will that is entirely in your own handwriting. If done correctly, it is valid and can be legally enforced. In order to make a valid handwritten will in Texas, the entire document must be in your own handwriting.

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21
Q

What is a trust?

A

a three-party relationship

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22
Q

What are the three parties in a trust called?

A

One party is known as the Trustor or Settlor, which places property into the possession or control of another party called the Trustee, for the benefit of the third party known as the beneficiary.

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23
Q

What does death at intestate mean?

A

In the event that an individual dies without leaving behind a testamentary instrument

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24
Q

What is the term used for when an individual dies without leaving behind a testamentary instrument?

A

death at intestate

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25
Q

What is the meaning of adverse possession?

A

involuntary transfer in which the original owner loses possession when he or she fails to use land, and another individual, known as the claimant, makes use of the land for a prescribed period.

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26
Q

Can ownership of real property be acquired by adverse possession?

A

Yes, it can. If the original owner fails to use the land, and another individual makes use of it for a prescribed period of time.

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27
Q

Can a title be gained or lost through natural causes?

A

Yes

28
Q

What are some natural causes a title can be gained or lost through?

A

accession, accretion, alluvion, reliction, erosion, avulsion, and subsidence

29
Q

What is accession?

A

The acquisition of title of personal property that is attained through the process of putting labor or raw materials into the improvement of the personal property.

30
Q

What is accretion?

A

the increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline

31
Q

What is alluvion?

A

That increase of soil on a shore or bank of a river as the result of accretion

32
Q

What is reliction?

A

The increase in land caused by the gradual recession, shrinkage, or change in course of a body of water (such as a lake, sea, or river) which gives the owner of the riparian property more dry land

33
Q

What is erosion?

A

The gradual wearing away of land due to natural causes of wind and water.

34
Q

What is avulsion?

A

“Avulsion” is the pushing back of the shoreline by sudden, violent action of the elements, perceptible while in progress

35
Q

What is subsidence?

A

the gradual caving in or sinking of an area of land.
“the race was abandoned because of subsidence of the track”

36
Q

What is alienation?

A

Alienation is the transfer of title to real property and possession of lands, tenants, tenements, or other things, from one person to another.

37
Q

What is Voluntary Alienation?

A

voluntary alienation is the legal term for the voluntary conveyance of title. Whoever owns the property decides to transfer ownership to someone else or perhaps to a corporation.

38
Q

What are the common methods to transfer property voluntarily?

A

Deeds and Wills

39
Q

If the owner is still alive, how is the conveyance achieved?

A

By executing a deed

40
Q

If the owner is dead, how is title conveyed?

A

Through a Will that is subject to probate

41
Q

What is involuntary alienation?

A

involuntary alienation is the transfer of real property by law against the wishes of the owner, either by operation of law, government action, adverse possession, intestacy, foreclosure, or even by physical changes to the land itself.

42
Q

What is the definition of title?

A

Title is the ownership of real estate or personal property.

43
Q

What is title vesting?

A

Title vesting is the evidence that the owner of land is in lawful possession; it is the proof of ownership.

44
Q

what does undivided interests include?

A

concurrent ownership, business ownership, common interest developments, and timeshares.

45
Q

what is the most common method of transferring real property?

A

with a deed

46
Q

what is a deed?

A

a deed is a written instrument that is used to transfer title to real property from one person to another.

47
Q

what can deeds also be used for?

A

Deeds can also be used to transfer real property from or to non-living but legally recognized entities, such as corporations or governmental bodies.

48
Q

What is the inheritance tax rate in Texas?

A

There are no inheritance taxes in Texas. An inheritance tax is a tax levied by states on inherited property and paid by the person receiving the property.

49
Q

Who has the authority to list and sell property in a probate sale?

A

The executor or administrator

50
Q

True or false: Nobody is exempt from selling timeshares without a license.

A

False

51
Q

Typical services offered by property management include

A

Building maintenance , lease administration, surveying and touring of qualified properties

52
Q

The report of all the income and expenses of a business for a specific period of time is the:

A

The profit and loss statement (P&L) is a report of all the income and expenses of a business for a specific period of time. A P&L statement will look at a period of time such as a month, a quarter, or a year.

53
Q

If a lender refuses to accept a short sale, it might attempt to sell the home at a(n):

A

Foreclosure auction

54
Q

when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner.

A

Short sale

55
Q

the process executed at a county court where the executor for the estate of a deceased person sells property from the estate in order to divide the property among the beneficiaries. There is a personal representative of the estate who will determine if the real estate is going to be sold.

A

Probate sale

56
Q

a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

A

Foreclosure

57
Q

A real estate agent deals with the _______ in a foreclosure sale.

A

Trustee

58
Q

__________ are properties that the lender reclaims after an unsuccessful foreclosure auction.

A

REOs

59
Q

refers to a lender-owned property that is not sold at a foreclosure auction. Properties become ______ when owners default and the bank repossesses them and tries to sell them.

A

REOs - Real Estate Owned

60
Q

“Not In My Back Yard” syndrome refers to the backlash against:

A

In-fill developments

61
Q

A Veterans Administration appraisal that establishes the maximum VA mortgage loan amount for a specified property.

A

Certificate of reasonable value

62
Q

In a management agreement, what type of agent has the authority to perform all tasks associated with managing a property?

A

General Agent

63
Q

type of policy covers the amount of loss beyond the limits of a basic liability policy?

A

Umbrella policy

64
Q

There is a __________ that states the landlord will maintain the property and make the necessary repairs to preserve the tenant’s safety or health.

A

Warranty of habitability

65
Q

What gives the tenant a certain period of time to pay the rent and any late charges, or deliver possession of the rental unit back to the owner?

A

A Notice to Pay (Cure) or Quit gives the tenant a specified period of time to pay the rent plus any late charges that are due, or deliver possession of the premises to the owner.

Texas Real Estate Principles 2 (9 decks)

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