Texas Real Estate Exam 1 Flashcards

Texas Real Estate Exam #1 Flashcards Which of the following would not terminate an agency relationship?A. Abandonment by the agentB. Revocation by the principalC. Submission by the agent of two offers at the same timeD. Fulfillment of the agency purpose Submission by the agent of two offers at the same time.Ginny owns 50 acres of land with 500 feet of frontage on a desirable recreational lake. She wishes to subdivide the parcel into salable lots, but she wants to retain control over the lake frontage while allowing lot owners to have access to the lake. Which of the following types of access rights would provide the greatest protection for a prospective purchaser?An appurtenant easement Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water rights is determined by Doctrine of prior appropriation Which of the following provides a buyer with the best assurance of clear, marketable title?A. Certificate of titleB.Title insuranceC. Abstract of titleD. General warranty deed Title insurance The illegal process of a banker refusing to approve loans for a neighborhood based on the racial composition of the

area is:

Redlining Personal property includes all of the follwoing -chattels-fructose industriales-emblements When the preliminary title report reveals the existence of an easement on the property, it indicates that the easement is

a(n):

Encumbrance

A option:Requires the optionor to complete the transaction

All of the following are duties of the property manager

EXCEPT:A. Reporting to the owner all notices of building

violationsB. Providing upkeep and maintenance on the propertyC. Maintaining financial records and accountsD.Securing tenants of a particular ethic origin in accordance with the other wishes.Securing tenants of a particular ethic origin in accordance with the other wishes If the owner of the dominate tenement becomes the owner of the service the tenement and merges the two properties, what happens?The easement is terminated All of the following are physical characteristics of land-indestructibility-uniqueness-immobility Jim Jones, the landlord, rent a property to Tom Smith, a handicapped person. Mr. Smith, with Mr. Jones' permission, modifies the house to suit his needs. When the lease expires, which of the following requirement would not have to be met by Mr. Smith?Mr. Smith must restore the wide doorways, that were installed for him, to the original size.

Which of the following best describes an exclusive right-to-buy contract in Texas?A. It requires the signature of the principalB. It is illegalC. It is equivalent to an exclusive right-to-sell listing agreementD. It should be indicated as such in the buyer agency agreement It is equivalent to an exclusive right-to-sell listing agreement Which of the following would be used to clear a decent from the title records?A. A lis pendensB. An estoppel certificateC. A suit to quiet titleD. A writ of attachment A suit to quiet title A(n)_______is when an owner takes his property off the market for a definite person of time in exchange for some consideration, but he grants the right to purchase the property within that period of a state price.Option The right to control one's property does not includedThe right exclude the utilities meter reader.Certain item on the premises that are installed by the

tenant and are related to the tenant's business are called:

Trade fixtures When a claim is settled by a title insurance company, the company acquires all rights and claims of the insured against any other person who is responsible for the loss.This is know as what?Subrogation What do liens and easements have in common? Both are encumbrances A breach of contract is a regular or a failure of comply with the terms of the contract. If the seller breaches the purchase contract, the buyer may do all of the follow

EXCEPT:A. Sue the seller for specified performanceB.

Rescind the contract and recover all earnest moneyC. Sue the seller for damagesD. Sue the broker for non-performance Sue the broker for non-performance Which of the following deeds contains no expressed or implied warranties?A. A bargain and sale of deedB. A quitclaim deedC. A warranty deedD. A grand deed A quitclaim deed The buyer of an apartment complex is told that the refrigerator in of the apartment goes with the sale. After taking title, he discovered that the refrigerator belong to the tenant. What happens in this situation?The refrigerator is the personal property of the tenant. The seller had no right to offer it to the buyer.Jim, Manny and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend

Wendells. After the conveyance, Jim and Manny:

Remain joint tenants owning a two-thirds interest.Even lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, Even owns stock in the corporation and has a lease on his

apartment. This type of ownership is called a(n):

Cooperative John, a licensed broker, finds a buy for his seller-principle, the Iams. After accepting the buyer's offer in writing, the Iams change their minds and withdraw their acceptance.

Which of the following is John's recourse?John is entitled to collect a commission A portion of Wendell's building was inadvertently built on Ginny's land. This is called an Encroachment

If, upon the receipt of an offer to purchase his property under certain conditions, the seller makes a counter offer,

the prospective buyer is:

Relieved of his original offer Your neighbors use your driveway to reach their garage on their property. Your attorney explains that ownership of the neighbors' real estate includes an easement appurtenant

giving them the driveway right. Your property is the:

Servient tenement A bill of sale is used to transfer the ownership of what?Personal property Fred is a real estate salesman who is often asked by buyers for assistance with securing a mortgage. He knows a lender who pays a referral fee. Should Fred refer then to this lender?No, because salesperson may only be compensated by their employing broker.What is a Schedule of Exceptions on a title policy?List of things not insured in the policy A buyer makes an earnest money deposit for $1,500 on a $15,000 property and then withdraws her offer before the seller can accept it. The broker is responsible for disposing

of the earnest money by:

Returning it to the buyer The Civil Rights Act of 1866 prohibits discrimination of housing based on which of the following reasons?A.RaceB. ReligionC. SexD. Marital state Race A homeowner owned a house on a lot. The front ten feet of the lot were taken by eminent domain for a sidewalk.Would the homeowner be entitled to compensation?Yes. The land was taken for public use by eminent domain.Gene's listing agreement with Mr. and Mrs. Wilson has expired and they listed with a different brokerage firm.When Gene has a buyer who is interested in the Wilson property, which of the following is correct?A. Gene cannot represent the buyerB. Gene is a dual agentC. Gene cannot disclose to the buyer any information about this physical condition of the property.D. Gene cannot disclose to the buyer any offers received on the Wilson property while he has the listing Gene cannot disclose to the buyer any offers received on the Wilson property while he has the listing When the grantor does not wish to convey property rights,

he or she:

May note the exception in the deed of conveyance When a real estate company has agency agreements with both a seller and a buy, can the buyer make an offer on the seller's property?Yes, if both parties have completed written agency agreements Which types of agency are recognized in Texas? Seller's, buyer's, subagency, disclosed dual A mobility impaired person was renting a unit in an apartment complex. Half of the units had been assigned parking spaces near the door; the other half had not. The

owner:

Must allow the handicapped person to live there for a month and if a space becomes available during that time.Give the parking space to the handicapped person.When a prospective buyer makes a written purchase offer

that the seller accepts, then the:

Buyer receives equitable title to the property