Texas real estate exam prep Vocab Flashcards

Texas real estate exam prep Vocab Flashcards Gross LeaseA lease in which the tenant pays a fixed amount to the landlord. This is your standard residential lease where somebody may just pay $1,000 a month.Executed Contract*Discharged contract (that means its dunzo) nothing left to be completed - finished completed doneA contract that has been fully performed by both parties Universal AgencyBest example = power of attorney (power of attorney = the instrument that makes someone/created an attorney-in-fact) FHA Loan*A loan insured by the Federal Housing Administration and made by an approved lender in accordance with the FHA's regulations.Real Propertyimmovable, real property goes with the real estate. When you sell your home those are the things that go with the

home: such as pool coverings, mailbox in the front yard, or

the fence, chandelier, even the house itself is considered real property because it runs with the land Trade fixtureA type of fixture that is linked to a business. Even though they are attached to the land they are considered personal

property.Examples:-hair dressers chair or a dentist

chair*although the chair is attached to the ground it is not real property BECAUSE it goes with that hair dresser or that dentist when they leave that property it goes with the person. This is because those chairs are part of their business and therefore it does not run with the land.Percentage LeaseA lease where the amount of rent paid by the lessee is a percentage of the gross income of the lessee's

businessExample: a commercial parking lot

Exclusive Right to Sell*No matter who brought the buyer or what happens you are getting paid - exclusive right to sell listing = money in the bankA listing that gives the broker the right to collect a commission no matter who sells the property during the listing period.Amortization*TO PAY OFF A LOAN*latin root word - "mort" means basically "to kill"- thus Amortization means "to kill off to pay"- so what happens is this, you can in some manner partially pay off OR fully pay off the loan."the reduction of a loan balance through payments made over a period of time" Constructive NoticeWould be what is Bob were to go on Twitter and say on Feb 15th 2021 that "I'm wearing a grey shirt today" - so

now (all who are interested) can go on twitter and see that he posted this. Now let's say in years from now Bob become this amazing renowned fashionista and you basically want to know where all of his inspiration started from or when it began.- So you can look back on his twitter history back in 2021 and you would see that he put out on twitter that he was wearing a grey shirt. **by Bob putting that out on Twitter is basically give the world notice OR GIVING CONSTRUCTIVE NOTICE to anyone who is interested.When you construct a deed, you're basically saying "I have this deed and what I want to do is this" So this is constructive is the fact that you are broadcasting this to the public other than yourself - you're putting it out there to the public in the county record

Fee simple defeasiblePuts conditions on the use of a property.Example: there

could be a condition that no alcohol can be sold on the property and if that condition is violated the owner could lose title.*Remember when you violate a condition that results in loss of ownership Freehold Estate*this is ownership guys --- when you do sell or lease a life estate - you are selling or leasing property that is going to - that that ownership is going to end on the death of whoever it's based on.- Full bundle of rights - that's it - it's a freehold estateAn estate in real property which continues for an indefinite period of time.Freehold EstateIs an estate where the ownership is held for an undefined length of time Estate for YearsIs a less than freehold estate. It is an estate or tenancy

lasting a fixed period of time.Example: A summer rental

from Memorial Day to Labor Day weekend.*anything that has two dates attached to it is an estate for years because that's a fixed period of time. And because it is a fixed period of time no notice of termination is needed, as the notice term was given the moment you moved in.AbandonmentIs voluntary giving up the rights and responsibilities of possession of a property Net Listing* They are usually going to be situations in which the seller says "I want to net $200,000 and YOU get to keep anything above that $200,000.*Illegal in most statesA listing based on the net price the seller will receive if the property is sold.Under a net listing, the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.Specific Lien*Specific Lien = for a specific home (specific property when it comes to liens) -> Lien for the property taxes on property A are specific to that property, the lien for the property

taxes on property B is specific to that propertyExample:

Automatic month to month renewalA lien affecting or attaching only to a certain, specific parcel of land or piece of property.Sandwich LeaseAlso known as "Subletting" it's basically a sublease. A lease in which an existing tenant "sublets" the property to a third party.The lessee in this situation, is ALSO the lessor (think of the sandwich they are in the middle). They have a lessor above them but they also have a lessee below them Asbestosa fireproof material Grantor*is the giver in a deed (gives title) Estate for YearsA Lease with a DEFINITE period of time. It could be a week, month, year, a summer, rental, week-long rental

(think of an estate for years being like a vacation rental - ok

it's a defined period of time, regardless of what that time is:

a week(s), month, year) it is agreed upon prior to inhabiting that there is a set period of time that you will be there.Also - it is considered a "Less than Freehold Estate"