Texas Real Estate Exam State Portion: Special Topics Flashcards

Texas Real Estate Exam (State Portion): Special Topics Flashcards

Terms (Landlord/ Tenant)lease: contract between lessee (tenant)/lessor (landlord) Recording Statutesrecording at county clerk of all docs (deeds, mortgages, deeds of trust) for property in that county; docs MUST be signed and acknowledged by notary Recording a DeedNOT required to be recordedtells world about interest in property Municipal Utility District (MUD)created by a developer to provide utilities to development; owners of properties pay tax for utilities Homesteadlife estate in a family home; protected by forced sale of creditors; urban: limited to 10 acres; rural: limited to 100 acres for single and 200 acres for family; ends @ death, sale, or abandonmentonly 1 at a time; primary residence

Landlord-Tenant Issueslockout: interruption and exclusion by landlordsecurity

deposit must be returned: 30 days residential, 60 days

commercial, explanation if nottenant termination ok if family violence with court orderlandlord must provide habitable residencelandlord must install security devices 50$ gift to unlicensed partylicensed may not pay unlicensed valuable consideration for

referrals:gifts of merchandise valued at $50 or less not

valuable consideration$50 gift card ONLY redeemable for certain merchandise not valuable consideration$50 gift card redeemable for CASH IS valuable consideration (not permissible)cash or credit toward rent owed NOT

ALLOWED

Environmental Hazardsseller must disclose to buyerattach Environmental Assessment, Threatened or Endangered Species, and Wetlands Addendum to sales contract1980 Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)- created superfund allowing EPA to clean toxic waste and spills Wills and Estate Termstestate- dies with a willintestate- dies without a willtestator/testatrix- person who made willdevise- real property that is willedbequest/legacy- personal property that is willedlegatee- recipient of willed propertyprobate court- court that admits/certifies willsexecutor/executrix- person who carries out willadministrator/administratrix- appointed to oversee if no executortitle by descent/interstate succession- person dies without will and state decides asset distributionformal will- prepared by atty; signed and witnessedholographic will- handwritten, dated, signed NOT witnessedoral will- ONLY to dispose of

personal propertycodicil- written supplement or amendment to change will Rebatebroker may NOT pay commission or fee to unlicensed but a licensee may rebate all or portion of commission and fee to represented party; licensee can pay commission to a party not represented in transaction Trust/ Escrow Accountsbroker holds money for client or customer that MUST be placed in a trust or escrow Community Propertyproperty acquired by husband and wife after marriage

UNLESS gifted, willed, or inherited; Intestate: @ death 1/2

passes to survivor and 1/2 to statutes of decent and

distribution; testate: @ death to survivor

Texas Vetsmust have honorable discharge, general under honorable discharge

Foreclosureforeclosure: legal process where mortgagee's right to

redeem mortgage is taken away because of

nonpaymentDeed of trust: allows nonjudicial

foreclosureforeclosure must occur in county of property location20 day notice given to each debtor to cure defaultnotice of sale filed at county clerk, posted at courthouse door 1st Tuesday of next month between 10

and 4, 21 day notice of sale: certified to owner, posted at

courthouse Short Salesellers mortgage lender agrees to accept payoff less than balance due; usually hardship or owe more than home is worth Mechanic Lien/ Materialmen Lienliens by labor/ liens by materials or demolition or improvement; record in county of property location; express or implied contract required Deceptive Trade Practices Act (DTPA)protects consumer against false, misleading, deceptive acts when selling or leasing; file complaint within 2 years of

discovery; can recover 3x damagespuffing: praise

extravagantly, exaggerate opinionunintentional misrep:

false/misleading rep. due to lack of knowledgefraud:

intentional untruth to persuade surrender Veteran's Land Board (VLB)1946vets borrow money below market rate for land; 5% down; VLB originates