The Texas Real Estate Commission was created in 1939 to administer the provisions of the License Act.

The Texas Real Estate Commission will investigate a complaint from a broker about another broker that failed to pay a commission

engaging in real estate services w/o 1st obtaining a license is a Class A Misdemeanor in TX

The real estate center is funded by TREC through the collection of administrative penalties

to obtain a sales agent license in TX, the applicant must be at least 21 yrs old at the date of application

the real estate center was created in the 1970s to house data and publications that are available to all

the Broker-Lawyer Committee _____ promulgated forms

when a license holder adds provisions to contracts that go beyond factual business detail, the agent is engaged in:

unauthorized practice of law includes:

Failure to use ___ forms or a form required by a party can result in a license revocation or suspension by TREC

a license holder must not prepare any doc that ___ any interest in real property

a foreign broker or a broker from another state may collect _____ from a TX broker, as long as the broker doesnt negotiate in TX

some residential leases contain a right of 1st ______, giving the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold to someone else

A _____ temporary residential lease is for use when the buyer occupies the property for no more than 90 days prior to closing

____ licensed in TX may rep clients in real estate transaction w/o a license

a lease with an option to purchase is commonly known as _____ agreement

_____ may call an auction w/o the need for real estate license so long as no other real estate services are being provided

a seller's temporary residential lease for use when the seller occupies the property for no more than 90 days after closing

the right to develop or improve the surface and to use resources extracted from or near the surface including stone, gravel, water, and limestone

man-made additions to the land that are permanent and are part of the land

all of the following are part of the subsurface except:

all of the following are examples od improvements except:

all that encompasses the land w/ the addition of all man-made additions to the land

things that are temporary or moveable and arent part of real property

the process of attaching personal property in such a way that it becomes real property

the most important test of a fixture

annual crops that are produced w/ labor are called:

_____ comes from the theory of supply and demand. A limited supply causes an increase in price

______ refers to the fact that land cant be destroyed

______ refers to the fact that no 2 pieces of land are the same. they cant occupy the same place on earth, making them unique

the 4 unities of joint tenancy are time, title, interest, and _______

an entity created for the benefit of another

general partner arent involved in the day to day operations. they are the investors

a sole proprietorship is a venture owned by a couple

limited partnership have both general partners and limited partners

partnership must have at least 1 limited partner

corporations are created easily by an oral or written agreement

a corporation is considered a distinct legal entity under the law and may own real estate and other assets

the primary benefit to a sole proprietorship is that the owner has total control of the business

corporations are owned by the board of directors

a partnership can be created w/ simple written agreement or it may be created orally

An S Corporation eliminates the double taxation issue of a large corporation

condos are established un laws referred to as ______

Owners of a _____ dont actually own their unit but do have an ownership share in the corporation that owns the building

the ADA is an expensive law that affects almost all public accommodations

contract that is created by behavior

an agreement made oral or in writing

a contract that is binding only on one party

an agreement that was never valid

what transfers all the rights related to the contract to another party

A contract that is binding on the parties, with 1 or more parties having contractual duties that have not been performed

A type of contract that can't be assigned

A contract that has been agreed to, signed by the parties, and the acceptance communicated to the offeror

all the terms of the agreement have been met and the sale closes

what creates the highest priority lien and gets paid 1st at foreclosure

Which of the following isnt an example of police power?

what is it called when the action of the gov when it takes private land

when a homestead property is sold at a tax auction, the owner has:

when a person dies w/o a will and isnt married and has no children, the property goes to:

what is the property value called for tax purposes

curtesy is the interest of a wife in her husband's estate

TX homestead laws limit an urban to 10 acres, but dont put a limit on rural homesteads

a freehold estate includes certain rights/ privileges referred to as the bundle of rights

property that was owned before marriage falls under community property once a couple is marries

the best type of ownership is conditional fee ownership

the remainderman in a life estate receives fee simple ownership upon the death of the life tenant

fee simple ownership is defeated by death

Tx is one of the 9 states that adhere to the concept of community property

is this a community or separate property? Arthur was driving to work one day when a work truck plowed into his car. Arthur and his attorney successfully sue the driver’s company for compensation for pain and suffering. He and his wife are embroiled in a contentious divorce, and she lays claim to the settlement. What is the status of Arthur’s settlement?

what is a mortgage lien called?

what is it called when limitations are placed in a deed when the property is conveyed to a new owner

what type of lien is created by law

what type of lien is placed on the property against the wish of the property owner

what is it called when the CC&Rs are found in a recorded document?

when a seller of coastal property abutting tidally influenced water they must provide?

what is it called when a right, privilege, or improvement that belongs to and passes w/ the land but isnt truly part of the land?

contracts can be discharged due to what?

__________ stipulates that a contract that is clear, not ambiguous, and states that the terms for performance under the contract may be determined by a reading of the entire contract.

Nick has been looking for a home for his family ever since he got a big promotion. He hires real estate agent Anna who negotiates a 5.5% commission on the sale. Anna helps Nick purchase a home listed at $325,900, for $300,000.

How much does Anna's broker collect in commission?

Nick has been looking for a home for his family ever since he got a big promotion. He hires real estate agent Anna who negotiates a 5.5% commission on the sale. Anna helps Nick purchase a home listed at $325,900, for $300,000.

If Anna gets 50% of her broker's commission, how mush does Anna make on the deal?

In this type of lease, the tenant pays rent and the landlord pays the costs associated with ownership including the utilities. The tenant only pays rent.

all of the following are requirements of a valid lease except:

a lease can be discharged for many reasons excpet:

in TX, a real estate agent may not write all of the following transactions agreements except:

risk to a buyer in a contract for deed includes all of the following except:

what is it called when all offers must be given to the intended party

when the accepting party of the offer makes no changes to the contract whatsoever is called?

Barbara is the buyer’s agent for Lin. She submits an offer package on Lin’s behalf and is careful to include the Third Party Financing Addendum, so the contract will be contingent on Lin’s ability to secure financing for $210,000 within 14 days. Lin’s offer is accepted. As her financing deadline approaches, Lin’s lender decides that she is only eligible to borrow $200,000.

Which of the following options is NOT available to Lin?

A contingency to a contract is an attachment that adds or further describes the rights and duties of the parties.

Appraisal contingencies are not related to financing contingencies because lenders use appraisals to determine the amount of money they will lend on a property.

Under federal law all sellers of homes built prior to 1968 must provide to the buyer a disclosure of their knowledge of possible lead-based paint hazards.

Lead-based paint is a special concern in the basement areas of certain homes.

is the person who pledges the property to secure the debt is called a mortgagee?

is a promissory note pledged to the property to secure the dubt

could mortgages be in 1 of 2 forms, a standard mortgage and deed of trust?

is the deed of trust of a 4 party mortgage including, the borrower, the trustee, and an attorney

is a lien theory sate, the mortgage transfers the title of the property to the lender from the borrower until the debt is satisfied?

what was established in 1970 for the purpose of purchasing mortgages in the secondary market?

The FHA is not a lender, but a mortgage insurance program that protects the lender from loss in the event of default by the borrower by insuring the full amount of the loan.

can veterans apply for a VA loan if they were discharged under any conditions?

is a USDA loan commonly referred to as a section 8 loan

is it true that lenders may use the high Cs of good lending to determine ability and willingness to make timely payments

Any seller concession or combination of concessions which exceeds 3 % of the established reasonable value of the property is considered excessive and unacceptable for VA-guaranteed loans.

under what system does the purchaser doesnt receive a physical title

what type of system is a property owner obtains a certificate of title that is recorded in the public records

is any transfer of ownership called alienation?

does the government have the right to acquire ownership from the rightful owner for public use called condemnation?

a person inherits a property through intestate succession receives ____?

what is it called when a person who inherits property through a will receives?

is the time period between the signing of a contract and closing always 30-45 days?

if the contract cant be delivered to the title company by the seller's agent, is it only by the buyer's agent?

A title company will defend the title in court and pay for actual loss in which situation?

what is the lender's title policy called?