National Portion, Texas Real Estate Exam Flashcards

National Portion, Texas Real Estate Exam Flashcards Sheriff's DeedGiven by a court to effect the sale of property to satisfy a judgement.What is a fixture?Personal property which has converted to real property by method of attachment, character and adaption, or contractual intent of the parties.What are the two land characteristics?1. Physical- features that all land possess (land is immobile, indestructible, and unique or non-homogeneous)2.Economic- features that contribute tot he value of the land (scarcity, modification, fixity, area preference or situs) DatumA marker used in the survey of elevations Open Beach LawPublic has the right to use public beaches.GrantorThe owner who sells or gives land.What are the 6 requirements of a valid deed? 1. Competent parties2. Conveyance3. Consideration4.Execution5. Legal description6.Delivery and acceptance Ground Water RightsA landowner may pump as much groundwater as he or she chooses.What is an Abstract of title?A condensed history of all documents ever recorded concerning a specific property.What are the 4 Government rights to land? 1. Taxation- a property owner must pay taxes on all real estate.2. Police power- zoning ordinances, building codes, environmental laws.3. Eminent Domain- take private property for public use.4. Escheat- when someone dies without a will or heirs, the property returns to state ownership.What is Reliction?New land acquired if water recedes.Special Warranty DeedWarrants title against every person lawfully claiming by, through, or under the current grantor.What is chattel?Personal property that can be moved (furniture) General Warranty DeedGuarantees and protects against defects in title.What is Owner's Title Policy?A title insurance policy to protect the owner of the property.What is Tenancy in Severalty?Ownership of a property is held by one person, the rights of all others have been severed away.Lead Based PaintDisclosure of lead based paint is required on all properties built before 1978. Both sellers and landlords must disclose.What is Tenancy in Common?Ownership by two or more WITHOUT rights of survivorship.Each tenant in common may have a different percentage of ownership (unequal shares) in the property.What is homestead?A life estate in a family home.Bargain and Sale Deed (Deed without Warranty) Uses the words "grant, bargain and sell" in the granting clause.

The 4 primary aims of RESPA are:1. Eliminate kickback fees.2. Advance disclosure.3.Reduce the amounts homebuyers are required to place in escrow.4. Reform and modernize the local record keeping.Riparian RightsPermits the owner of land next to a river or stream to use the waters.What are the 2 Involuntary Alienation methods of transfer?1. Foreclosure- property is sold to satisfy a mortgage lien, tax lien, or mechanic's lien.2. Condemnation- process of acquiring a property under the power of eminent domain.What is a trade fixture?Personal property that is installed by a tenant, and should be removed before the lease expires. (If property is not removed before expiration of the lease, the property becomes real property to the building owner) What is a Mortgagee's Title Policy?A title insurance policy to protect a lender.What does In Trust mean?Ownership by a third person for the benefit of another.DeedConveys title to real property.What is Avulsion>Sudden loss of land caused by act of nature such as an earthquake.Quitclaim DeedTransfers whatever, if any, interest the person giving the deed has in the property.GranteeThe purchaser who acquires the title of the land.What is Tenancy by the Entirety?Ownership by a husband and wife with the rights of survivorship.What is Erosion?Loss of land caused by the wearing away of land by wind, rain, or other natural causes.Littoral RightsPermits the owner of land next to a lakes and bays to use the waters.What are the 5 Voluntary Alienation methods of transfer?1. Exchange- the consideration is other property instead of money.2. Gift- consideration is love and affection.3. Sale- usually by deed.4. Devise- last will and testament.5.Assignment- a principal may appoint someone to sign on their behalf with a power of attorney document.Metes and BoundsOldest form of land description in the United States.Describes the perimeter of the property, it must start and stop at the same point.What is Joint in Tenancy?Ownership by two or more persons, each have an equal share WITH the right of survivorship.Federal Environmental LegislationProvided laws to protect quality of water, air, endangered species, and the disposal of hazardous and solid waste.What is community property?All property acquired after marriage is community property.AcknowledgmentA declaration made by a person to a notary or other public official, that the instrument was executed by him/her and that is was his/her free and voluntary act.SurveyThe physical limits to where the property rights extend.What are the five rights of ownership?1. Possession2. Control (subject to the rights of taxation, police power, etc.)3. Enjoyment (quiet)4. Disposition (sell it,

lease it, vacate it, mortgage it, etc.)5. Exclusion (make it private)

What are the 6 Public controls?1. Police Powers- state adopts regulations to protect the public health, safety, and promote general welfare.2.Zoning- conform the areas of the city. Divides the city into business and residential areas.3. Variance- introduction of a new use that varies from the current zoning.4.Non-Conformance Use- a property that is grandfathered into the new zoning as non-conforming.5. Buffer Zones- A transitional area between two areas of different zones.6.Building Codes- ordinances that require construction standards be met when buildings are being built.What is an Encumbrance?Any claim, lien, charge, or liability attached to and binding on real property.Real Estate Settlement Procedures Act (R.E.S.P.A.)Created to insure the buyer and seller have knowledge of all the settlement costs before closing.What is Accretion?Land increase caused when water's movement causes soil deposits and increases the land.What are the two classes of Property?1. Land- everything from the center of the earth upward.2.Real Estate- land plus improvements made (buildings, Highways, and utilities)3. Real Property- land plus the improvements made PLUS the legal rights to the land What is a Bill of Sale?Used to transfer personal property Chain of titleShows a history of ownership of the property .