121 PREI Study Guide Flashcards

121 PREI Study Guide Flashcards Apartment locating, residential brokerage Professions that require real estate license are: Accertion aka when there is an increase in the land due to water movemnet property lines can change due to water movement. what is that called when land is increased due to water?

EXCEPT: The agent extends the expiration date on the

listingBut CAN be terminated via rip principal, broker representing principal also rip or both parties break up awe all of the following are ways in which an agency

relationship can be tterminated EXCEPT:

Personal property// lol we real estate folk have a license to sell REAL estate, not personal property bby A license is not needed to sell a cemetery bc

Member of the National Association of Realtors The term realtor applies to:

The time limits set by the contract must by faithfully observed or the contract is voidable."Tome is of the essences" in sales contract means

• The general partnersManagement of the partnership is performed by

LenderIf property is in a flood zone, flood insurance purchased

from the NFIP or agent is required by:

• commit waste on the properety bc she cannot controle

wht happens when she dies rip Mrs. Baker holds a life estate in the home in which she

lives. During her lifetime, she may not:A. Convey her

interest to any other person, as a sale or giftB. Mortgage her interestC. Keep rental incomeD. Commit waste on the property

• an undivided interest in properotyThree investors have bought a property together. They own

the property as tenants in common. They have:A. An

undivided interest in the propertyB. A right of survivorshipC.The four unitiesD. All of the abov Personal liability, loss of use, medical payments Many homeowners insurance policies can cover: 2011The Education Standard Advisory Committee was enacted in discrimation in advertisingdenial of avaliability bc of someones religiondiscrimintation in terms or conditions for sale or rent PROHIBITED by the Fair housing Act of 1968:::

• severalityJohn bought a house. He lives in Texas and is single. What

form of ownership does he have?A. SeveraltyB. Tenancy in commonC. Joint tenancy D. Community property indefinitelyA real estate salesperson may elect to remain inactive for puffing lol i LOVE to puffa NONfactual or extravagent statement that is a reasonable person would recognize as exaggeration is known us principal gives the agent wow thats so loyal in an agency relationship yum, the ___ gives the ___ the authority to act on his or her behalf

COMMERICAL PROPERTYAmericans w Disabilities Act deals primarly w :

• income is taxed at the level of trust rather than as

income to the beneficaries Which of the following statements is NOT true with regard to a Real Estate Investment Trust?A. Investors are known as beneficiaries.B. Ownership shares are known as

beneficial interests.C. Income is taxed at the level of the trust, rather than as income to the beneficiaries.D.Ownership shares are freely transferable

benchmark is often engraved in concerate fences,rocks,trees are used to describe the property in a

metes and bounds survey called:

Who does not need a licesne?a person who offers to sell her own property Determined by negotitationThe amount of earnest money deposit paid by the

purchaser is:

File a suit thru the attorney general office If a license holder fails to comply w a subpoena, what does TREC do?REFUSE THE LISTING!Okay if u are offered a listing by and owner who will not sell

to a certain person, you should:

• according to valueProperty taxes in Texas are ad valorem taxes. Ad valorem

means:A. According to valueB. State taxesC. Tax officesD.

According to market 250,000 for single/ 500,000 for married couple The amount of capital gains exclusion on a resident are: recorded plat. it be giving the size of each lot PHATTY ;)what is used to divide land into lots the broker and then he is like mama and slipts it allAll commissions are paid to the Insurance companiesInformation contained in the Comprehensive Loss Underwriting Exchange is reported by ___ if someone filed a claim It is a report of all insurance claims made on a property.CLUE stands for comprehensive loss underwriting exchange. It includes name of insurance company, type of policy and date of claim what is a CLUE report?The homeowner association HOA// They are in charge of making decisions Who usually manages a condo and is responsible for making sure the property is well maintained?Neither TREC or state law set rules. It has to be stated in the listing contact DUHHH The amount of commission paid to the broker for selling a property is ABILITY to pass the test :( ripAN agents competency (worth) is determined by their TRECWhich of the participants are not in the "market"? Owner, renter, developer, TREC

• tenants in commonThree investors have bought a property together. One

owns 50% of the property and the other two own 25%

each. This would suggest that they are:A. Tenants in

commonB. SeveraltyC. Community propertyD. Joint tenancy commingling aka mixing clients or xustomers money w the broker account wow The placing of funds beloning to others in a brokers personal bank account constitutes

• act naughty or incompetently2. Commingles money that

belong to another person3. solicites, selss or offers property by means of lottary The Texas Real Estate Commission may suspend or revoke a license or take other disciplinary action authorized by Chapter 1101 if the license holder, while acting as a broker or salesperson coastal zonean area where body of water meets land

Title companiesTREC regulates all of the following companies except: title

companies, education providers for real estate, inspection, real estate brokerage

noIs it true that a property owned in "severalty" is owned by more than one person? A. Yes B. No WRONG U MUST BE SPONSORED BY A BROKERsalespeople may transact real estate without a broker

• state bc yeah duhProperty owned by a person who dies without a will and

without heirs will escheat to the: A. CityB. SheriffC. StateD.

Federal government FALSE bc homegirl must complete 98 clock hours of coursework within the first 2 yrs of license

• An inactive sales agent does not have to complete the

Sales Agent Apprentice Education (SAE) requirement until he decides to become active again.TRUE OR FALSE

• 1978Seller's lead-based paint disclosure notice is required for

residential property constructed prior to: A. 1976 B. 1978 C.

1987 D. 1995

appurtenances aka they give right or privlege attached to the land and passes w the land Easements, rights of way and condominium parking stalls are examples of HAVE THE FULL FORCE AND EFFECT OF THE LAW The rules of the Real Estate Commission

Member of the national association of REALTORS The term REALTOR applies to any:

bilateral contract - A PROMISE FOR A PROMISE A contract based upon a promise exchanged for a promise is

• RESTRIVTIVE CONVENTS - rent controls building

codes and ECT are private Which of the following is NOT an example of the government's exercise of its public police powers? A. Rent controlsB. Building codesC. Zoning lawsD. Restrictive covenants emblementsare not real property because they are annual plants and personal property yesWith tenancy by entirety, if one spouse dies, does the remaining spouse become the sole owner of the property?

• Yes B. No

surface and air rightsland includes these to because land is the center of earth and air is above earth

• tenants in commonIn Texas, if two or more persons are named as owners and

there is no specific indication as to how they are taking title,

they are presumed to be:A. Joint tenantsB. Tenants in

commonC. Separate ownersD. Joint owners An AppraiserFormal valuation of a property is done by

• yes bc work was done on george property George hired a general contractor to build an addition to his

house. The general contractor failed to pay the electrical subcontractor for work that was subcontracted to him. May the subcontractor secure a mechanic's lien on George's house?A. Yes, because the work was done on George's property.B. Yes, because a mechanic's lien is a general lien that attaches to all property of the contractor.C. No, because George did not ask for the lien.D. No, because the lien would attach to real property of the general contractor.Zoning Permitsa tool used to enforce zoning ordinances because permits must be granted for use by the city