Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

real estate > TX Principles of Real Estate PT 1 > Flashcards

TX Principles of Real Estate PT 1 Flashcards

1
Q

A type of property that includes one to four dwelling units.

A

Residential Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property.

A

Commercial Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components.

A

Industrial Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components.

A

Special Purpose Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.

A

Mixed-Use Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Property inspectors must be licensed by the Texas Real Estate Commission…?

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The qualifying Real Estate Principles course consists of how many classroom hours in total…?

A

30

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How many points must an applicant earn in order to obtain their real estate broker’s license…?

A

3600

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A physical characteristic of land describing that land as a unique commodity.

A

Non-homogeneity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The present worth of future benefits.

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The total dollar expenditure for labor, materials, and other items related to construction.

A

Cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The amount of goods offered for sale within a given market at a given price during a given time period.

A

Supply

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The amount of goods consumers are willing and able to buy at any given price during any given time period.

A

Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

The study of the social and economic statistics of a community.

A

Demography

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Which of the following factors can impact the value of real estate…?

Topography
Prevailing winds
Proximity to transportation
All of the above

A

All of the above

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Which of the following affects supply…?

Employment
Cost of labor
Population
All of the above

A

Cost of Labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The employer of an agent.

A

Principle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The party the agent brings to the principal as seller or buyer of the property.

A

Customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

An agent with limited authority to act on behalf of the principal, such as created by a listing.

A

Special Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk.

A

Caveat Emptor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Which of the following is a fiduciary duty owed by an agent to their client…?

Indemnification
Disclosure
Compensation
All of the above

A

Disclosure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

This Act established the real estate licensing requirements in Texas in 1939…?

A

Texas Real Estate Dealers Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Which of the following is exempt from having to obtain a real estate license to buy or sell real estate on someone else’s behalf…?

Someone acting under a power of attorney
Architects
Appraisers
All of the above

A

Someone acting under a power of attorney

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

A person authorized to act on behalf of another is known as a/an…?

A

Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Mark is looking to purchase a commercial office building. An appraiser was hired to assess the value of the building. What appraisal method did the appraiser use…?

Market Comparison Approach
Income Approach
Cost Approach
All of the above

A

Income Approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Improvements typically ………… in value?

A

Depreciate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties.

A

Market Comparison Approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land.

A

Cost Approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

One of the three methods of the appraisal process generally applied to income producing property, and involves a three-step process – (1) find net annual income, (2) set an appropriate capitalization rate or “present worth” factor, and (3) capitalize the income dividing the net income by the capitalization rate.

A

Income Approach

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Real estate licenses are issued for a period not to exceed how many years…?

A

2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.

A

Land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Land and everything permanently attached to land.

A

Real Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

The aggregate of rights, powers, and privileges conveyed with ownership of real estate.

A

Real Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Personal property.

A

Chattel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

The crops and other annual plantings considered to be personal property of the cultivator.

A

Emblements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Personal property that has become real property by having been permanently attached or adapted to real property.

A

Fixtures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Items that are installed by a commercial tenant and are removable upon termination of the tenancy.

A

Trade Fixtures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Trees and shrubbery that are not cultivated annually are considered…?

A

Real Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Personal property that has become real property by having been permanently attached or adapted to real property is known as a/an…?

A

Fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

All property that is not land and is not permanently attached to land is known as…?

A

Personal Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Mineral rights are typically considered dominant to which of the following rights…?

Surface rights
Air rights
Sub-surface rights
None of the above

A

Surface rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Which of the following is an example of a fixture…?

Kitchen cabinets
Removable bookshelves
Curtains
Rugs

A

Kitchen cabinets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Which of the following is considered a legal test for determining if an item is a fixture or not…?

All of the above
Intention of the parties
Adaptation of the item
Mode and permanence of how the item was attached

A

All of the above

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.

A

Cooperative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

A form of cluster zoning providing for both residential and commercial land uses within a zoned area.

A

Planned Unit Development (PUD)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.

A

Mixed-use Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

The profit realized from the sale of real estate or other investment. Capital loss occurs when an investment property or another type of investment is sold at a loss.

A

Capital Gain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Which of the following is a tax deduction a homeowner can take advantage of…?

Mortgage interest payments
Real estate taxes
Loan origination fees
All of the above

A

All of the above

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

A married couple is exempt from paying taxes on capital gains for up to how much in profit if they lived in their house for at least 2 of the last 5 years…?

A

$500,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

What is the most common homeowners policy found in Texas…?

A

HOB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

The replacement cost minus depreciation is referred to as…?

A

Actual cash value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

PITI

A

principal, interest, taxes, and insurance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a…?

A

Condominium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

A mortgage payment typically includes…?

All of the above
Principal
Interest
Insurance

A

All of the above

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

The relationship between the principal and the principal’s agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.

A

Agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

A person authorized to act on behalf of another.

A

Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

The party the agent brings to the principal as seller or buyer of the property.

A

Customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

An agent with full authority over one property of the principal, such as a property manager.

A

General Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

An agent who is authorized to perform all acts or

duties his/her principal is empowered to perform

A

Universal Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

C.O.A.L.D

A

Care, Obedience, Accounting, Loyalty, Disclosure

61
Q

Reimbursement or compensation paid to someone for a loss already suffered.

A

Indemnification

62
Q

The exaggeration of the good points of a product, or real property, and the prospects for future rise in value, profits, and growth.

A

Puffing

63
Q

C.I.I.A

A

Compensation, Information, Idemnification, Availability

64
Q

The Texas Deceptive Trade Practices Act defines this individual as someone who seeks, or acquires, by purchase or lease, any goods or services…?

A

Consumer

65
Q

According to the Texas Deceptive Trade Practices Act, businesses with assets exceeding ………….. are not considered consumers?

A

25 million

66
Q

A federal law that prohibits all discrimination on the basis of race.

A

Civil Rights Act of 1866

67
Q

A law that prohibited discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money.

A

Civil Rights Act of 1964

68
Q

A federal prohibition on discrimination in sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status.

A

Fair Housing Act of 1968

69
Q

The Federal Fair Housing Act of 1968 was generally ineffective in combating housing discrimination…?

A

True

70
Q

Based on the Texas Fair Housing Act of 1989, the Texas Workforce Commission has …………………….. days to investigate a fair housing complaint?

A

100

71
Q

The Equal Credit Opportunity Act was enacted in…?

A

1974

72
Q

The Community Reinvestment Act was passed in…?

A

1977

73
Q

All buildings built after March 31, 1991 must comply with the design and construction requirements of the…?

A

Texas fair housing act

74
Q

A respondent of a HUD fair housing complaint has how many days to submit a response…?

A

10

75
Q

This federal law requires all federally regulated lenders to describe the geographic market area that they serve…?

A

Community Reinvestment Act

76
Q

The interest of a client must be put before the interests of the agent. This is an example of…?

A

Fidelity

77
Q

An agent must be honest and truthful. This is an example of…?

A

Integrity

78
Q

An agent must be honest and truthful. This is an example of…?

A

Texas real estate commission

79
Q

The Texas Real Estate Commission consists of how many members…?

A

9

80
Q

How many members of the Texas Real Estate Commission are real estate brokers…?

A

6

81
Q

How many members of the Texas Real Estate Commission are real estate brokers…?

A

3

82
Q

Any complaints issued to TREC must be submitted within ………… years of the incident?

A

4

83
Q

The Texas Real Estate Broker Lawyer Committee consists of how many members…?

A

13

84
Q

Educational institutions that offer real estate licensing courses in Texas must hold a…?

A

Surety bond

85
Q

What is an applicant required to submit as part of the licensing application process…?

A

Fingerprints

86
Q

If an applicant holds a broker’s license in another state, how many years of active experience must the applicant have in the other state in order to satisfy the experience requirement in Texas…?

A

4

87
Q

The education requirements for a broker’s application may be waived if the applicant held a broker’s license in the State of Texas within the preceding…?

A

2 years

88
Q

TREC may renew a real estate license for no more than…?

A

2 years

89
Q

Payments into the Real Estate Recovery Trust Account are provided by which of the following…?

License application fees
Certificate of Registration fees
Administrative penalty fees
All of the above

A

All of the above

90
Q

As an alternative to paying an administrative penalty, the Commission may have a licensee pay which of the following…..?

A

Refund

91
Q

A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles.

A

Metes and Bounds

92
Q

A monument used to establish the elevation of the point, usually relative to Mean Sea Level, but often to some local datum.

A

Bench Mark

93
Q

A method of specifying the location of a parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections.

A

Government Survey System

94
Q

Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.

A

Principal Meridians

95
Q

Imaginary east-west lines which intersect meridian lines to form a starting point for the measurement of land.

A

Base Lines

96
Q

A strip or column of land six miles wide, determined by a government survey, running in a north-south direction, lying east or west of a principal meridian.

A

Range

97
Q

A series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships.

A

Range Lines

98
Q

In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.

A

Township

99
Q

Land in Texas was originally identified by…?

A

Metes and Bounds

100
Q

Measure limits of a boundary

A

Metes and Bounds

101
Q

Mile

A

Equal to 5,280 feet

102
Q

Acre

A

Equal to 43,560 sq.ft.

103
Q

Established by a government survey and contains 640 acres and is one mile square.

A

Section

104
Q

The point of origin in a metes and bounds survey is also known as a…?

A

Point of Commencement

105
Q

A contract in which each party promises to do something.

A

Bilateral Contract

106
Q

When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.

A

Unilateral Contract

107
Q

A contract in which something remains to be done by one or both of the parties.

A

Executory Contract

108
Q

That which is capable of being adjudged void, but is not void unless action is taken to make it so.

A

Voidable

109
Q

Anything given or promised by a party to induce another to enter into a contract, ex: personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.

A

Consideration

110
Q

The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.

A

Novation

111
Q

Damages benefiting the non-defaulting party as a result of a default of a contract.

A

Liquidated Damages

112
Q

A law establishing the time period within which certain lawsuits may be brought

A

Statute of Limitations

113
Q

An interest in real estate such that a court will take notice and protect the owner’s rights.

A

Equitable Title

114
Q

The unlawful appropriation of another’s property, as in the conversion of trust funds.

A

Conversion

115
Q

Occurs when property reverts
back to the State when an
individual dies without a will and
without heirs

A

Escheat

116
Q

Real property ownership rights in the United States are based on this legal system…?

A

Allodial system

117
Q

P.E.T.E

A

Police Power, Eminent Domain, Taxation, Escheat

118
Q

An estate of indeterminable duration, e.g., fee simple or life estate.

A

Freehold Estate

119
Q

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributees.

A

Fee simple estate

120
Q

An inheritable estate in land providing the greatest interest of any form of title.

A

Fee simple absolute

121
Q

An estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor.

A

Fee simple determinable

122
Q

Property or estate ownership that reverts back to the grantor after a temporary ownership period.

A

Estate in Reversion

123
Q

The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.

A

Reversionary Interest

124
Q

In Texas, what is the limitation on homesteads in urban areas…?

A

10 acres

125
Q

In Texas, what is the limitation on homesteads of a family in rural areas…?

A

200 acres

126
Q

A claim, charge, or liability that attaches to, and is binding on real estate.

A

Encumbrance

127
Q

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement.

A

Easement Appurtenance

128
Q

Exists when a landowner has no access to roads and is landlocked.

A

Easement by Necessity

129
Q

A right of use in the land of another without the requirement that the holder of the right own adjoining land.

A

Easement in Gross

130
Q

Obtained by use of the land of another for the legally prescribed length of time.

A

Easement by Prescription

131
Q

A grantor conveys the right to use the grantor’s land to a grantee for the purpose of ingress and egress.

A

Easement by voluntary grant

132
Q

Land encumbered by an easement.

A

Servient Tenement

133
Q

Land benefiting from an easement appurtenant.

A

Dominant Tenement

134
Q

The process by which real or personal property of a party to a lawsuit is seized and retained for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.

A

Attachment

135
Q

Mortgage lenders typically require a…lien?

A

Preferred lien

136
Q

The rights of a landowner or land occupier to use flowing water (such as a river) that is adjacent to the land.

A

Riparian Rights

137
Q

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.

A

Littoral Rights

138
Q

An addition to property through the efforts of man or by natural forces.

A

Accession

139
Q

The increasing in land area resulting from the deposit of soil by the natural action of the water.

A

Accretion

140
Q

The gradual increase of earth on a shore of an ocean or bank of a stream resulting from the action of the water.

A

Alluvium

141
Q

Increased soil, gravel, or sand on a stream bank resulting from flow or current of the water.

A

Alluvion

142
Q

A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river.

A

Avulsion

143
Q

Owned by one person only. Sole ownership.

A

Severalty Ownership

144
Q

An ownership of realty by two or more persons, each of whom has an undivided interest, without the “right of survivorship”.

A

Tenancy in Common

145
Q

Two or more natural persons own that comes with a special benefit called the right of survivorship.
Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.

A

Joint Tenancy

146
Q

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse had equal rights of management, alienation, and testamentary disposition of community property.

A

Community Property

147
Q

An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law it may continue for any length of time the law prescribes.

A

Corporation

148
Q

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

A

Limited Liability Company (LLC)

149
Q

Which of the following listing contracts serves as a unilateral contract…?

Open listing
Exclusive Agency Agreement
Exclusive Right to Sell Agreement
All of the above

A

Open listing

real estate (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions