Texas Real Estate Principles 1 Flashcards

Texas Real Estate Principles 1 Flashcards Easement in grossis a utility easement General Eligibility Requirements to be Licensed by TREC18 years olda US citizen or lawfully admitted alienresident of the state easementright of one person to use the property that belongs to another Payments into Trust Accountensures the availibility of a sufficient amount to pay on anticipated claims on the trust account The three Canons for professional ethics and conduct for Real Estate Licensees Fidelity, Integrity, Competency REIT Real Estate Investment Trustmany people can come together and invest in real estate-investors are the beneficiaries who buy shares in the company (beneficial interest)-income tax is only paid at the beneficiaries level right of suvivorshipin joint tenancy if one partner dies his share goes to the remaining partners ADA Americans with Disabilities Actenacted in 1992 deals with commercial property only metes and boundslegal land description most used in the US using distance and direction to define and describe the boundaries of a property Lis penden indexlist any lawssuits on property and gives any attachements to theproperty title commitmentstates what the title covers and does not cover EscheatWhen one dies without a will or heirs the government takes it as it no longer has an owner basically going back to the state.SitusArea Preference How many square feet in an acre43560 square feet Texas Real Estate Borker Lawyer Committee 13 Members (6 brokers, 6 lawyers, 1 public) corporationowned by a group of people-owned by stockholders curtsey rightsright a husband has to his wifes estate upon her death freehold estateAn estate in land, fee simple, the most common ownership fee simple defeasablea gift of land by a person or GRANTOR considerationsomething of value (dollar amount) Joint tenancyownership in property where owners own equal shares and has right of suvivorship-cannot be passed on to others upon their death, cannot be sold or given away either-last surviving owner takes property in severalty What was the Fair Housing Laws or Civil Rights Act of 1866 FEDERAL LAW that where the only protected class was Race. No one can discriminate because of RACE.types of easementsgrossnecessityperscriptionappurtenant

abstract titlecondensed history of all docs that have been recorded affecting the title of the property Deeda written document that transfers real estate from one owner to another Urban homesteadhomestead limited to 10 acres Easement appurtenantused between two lots to allow the owner of one lot to cross the others property easement by necessityeasement given when one property is landlocked and needs to be given access to from someone elses land Under what circumstances can a person be called a "Realtor?" That agent has to join the "NAR" National Association of Realtors to be called a "Realtor" Lienslegal claim on someones property as a security for a debt Civil Rights Act of 1988Amended to include Handicap and Familial status Deed in trustdelivers ownership of property at another date Life Estatean estate in land for the duration of someones life (always a gift of land/ real estate) Estate of Severaltysole ownership of property-not part of community property How many acres in each square mile640 Recorded platLegal land description which divides larger plats into smaller plots. When land is divided in lots.Relictiondry land that results when water withdraws from the land Accretionland is increased in size because of natural deposit of rock and soil usually caused by water movement Appurtenancesright or privilidge to land that goes with the land when ownership changes such as parking lot spaces, easements, right or ways Littoral Rightsrights to anothers land who borders a lake habendum clauseFee Simple, Life Estate, Defeasable Fee (begins with to have and to hold) LLC Limited Liability Corp.blends partnership and corp.Personal PropertyThings not attached to the land EncumbranceWhen under Fee Simple one of the sticks or bundles has been removed. Ie. mineral rights, lien, encroachment, easement etc Licensepersonal priviledge given to someone to use land-not an estate or right to land SteeringIlligal practice of directing home seekers to a particular neighborhood based on fair housing protected classes. An agent cannot steer even if asked to by their client.Statute of Fraudslaw that requires some documents (deeds included) to be in writing and signed in order to be enforceable by law all documents concerning real estatemust be recorded at county clerks office in the county where the property is located Trade fixtureattached to the property under a commercial lease

Four types of legal descriptions of land Metes and BoundsRectangular survey systemrecorded platsreference to documents other than maps Police Powerin real estate applies to planning laws, building codes, fire codes, rent control and health codes.When dealing with a client it is mandatory to give themA copy of the "Information about brokerage services" form Define Handicappedhaving a physical or mental disability (including hearing, mobility, visual impairment, chronic mental illness and AIDS) that substantially limits one or more major life activities.Classification of plants (Annual or fructus industrials or emblements) Personal Property Civil Rights Act of 1968Amended the Civil Rights Act of 1866 to include race, color, national origin, religion, Eminent Domaingovernment can take privately owned real estate for public use Avulsionsuddent removal of land by water Alluvionthe land that has been created by Accretion Physical Characteristics of landimmobilityindestructibilitynonhomogeneity HomesteadTexas is a Homestead State. The property that you own and live in. It is a constitutional right that cannot be waived.grantorperson giving up ownership If a seller asks agent to discriminateagent must refuse to take the listing A certificate is required seperate of the license whenbuying, selling or leasing an easement pertaining to telecommunicaton, utility, railroad or pipeline services.Rectangular survey systemlegal land description using latitude, longitude lines, standard parallels and base lines to divide the earth into ares Two ways to record a Deedoccupying/using the landrecording docs pertaining to property with county clerks office Chattelalso known as Personal Property Fixturewas personal property but then became real estate because it has been attached to the land deed restrictions/covenentsput into place by developer and are a private control of property Types of liensmortgage, property tax lien, mechanics lien, judgement and can be voluntary or involuntary and are either specific or general Fee Simplehighest and greatest type of ownership interest (Title) that can be held in real property.economic characteristics of landscarcity, modification, improvements, permanence of investment, area preference.Tenancy by entiretyform of ownership used by married couples who do not live in a state with community property-has downer and curtesy rights

Erosionthe gradual wearing away of land and rock by water Riparian Rightsrights to anothers land who borders a stream or river Types of deedsGeneral Warrenty-best deed in Texas (grantor gives no defects to title)Special Warrenty-used in commercial trans saying owner has done nothing to encumber the title during ownershipbargain/sale-no warrenties against encumbrancesquitclaim-in divorce gives rights to the property to the other spouse An appeal can be made on a decision by the commissionit must be taken to the district court in the county where the administrative hearing was held.Marketable titletitle that is free from doubt as to who owns theproperty Tenents in commontwo or more people acquire property but ownersship is not equal Tests of a fixturemethod of attachment (annexation)Fitness or adaptation to propertyIntention of the parties title insurancepolicy that will insure against losses from title defects and against errors in title examination condemnationthe process of eminent domain rural homesteadlimited to 200 acres for a married couple 100 for a single person good and indefeasable titlea title that cannot be defeated by a superior claim The deedmust be delivered and accepted for tilte to transfer Dower rightsright a wife has to her husbands estate upon his death Juratperson signing the document states the info in doc is true (notary public) PartnershipsGeneral and Limited community propertyTexas is a community property state.constructiverecording deed with county clerks office chain of titleeveryone who has ever owned that property conditions upon which a joint tenancy can be made there must be unity in time, title, interest and possessiontime-acquire ownership at the same timetile-acquire title from same sourceinterest-equal interest in propertypossession-all owners have right to possess property Bundle of Rights or Bundle of Sticksthe many rights the Fee Simple gives to owners of property-bundles or sticks can be removed but the owner still owns the Fee Simple Encroachmentssomething that extends across a property line onto the property of another Civil Rights Act of 1974Amended to include Sex (Male or Female) How is Personal Property soldBill of Sale easement by prescriptioneasement granted after dominant estate has used the property in a constant continuous and open manner for a prescribed number of years