Use our free Real Estate practice exams (updated for 2020) to pass the Real Estate License Exam - an assessment taken by candidates who wish to become a Real Estate Agent or Broker.Real Estate Agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes in order to sell at the best price. FSBO... 2. Month to MonthLease can be terminated by either party at will without noticecreated by law,vary from state to state, in TX community property and homestead are statutory estatePower given to a municipality to regulate and control the character and use of property for the health,safety,and general welfare of the publicCommon example of Police Power, non conforming use still grandfathered in, Example Old Apartment building in a now all residential neighborhoodif you violate zoning you can request this in order to fix or prevent a violationThe right of the government to take private property for public use through the action of condemnationWhen an individual forces the govt to buy his propertyProperty taxes are the highest priority lein on real propertyEx. Test. W2 salarie…Provisional Broker (BP):... -need additional post education... Full…"L.L.B.E.A.N.S" ... anyone who....... L- list... L- lease... B- buy, ... E-…1. STUDY. Only $0.99/month. They se…18 years old... a US citizen or lawfully admitted alien... resident…buying, selling or leasing an easement pertaining to telecommu…9 Members (6 brokers, 3 public) appointed by governor. Directing Home Seekers to particular neighborhoods based on th…Real estate agents creating fear in a neighborhood in order to…Prohibits discrimination based on race color, etc. State Exam Prep Material Learn with flashcards, games, and more — for free. PLAY. Reconciliation 5.
Est. raineyd770. Gravity. Learn. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Govt provides new side walk in neighborhood can charge the owner's of neighborhood this taxProperty reverts to the state dies with no will,no heirs, no kindred. Remainderman person getting the estate after owner dieslife estate is setup so that at the end of the life estate the property goes back to the original ownerOwnership by two or more without rights of survivorship goes to your heirs not the other ownersOwnership by two or more with rights of survivorship goes to other owners overrides a willif a property is held by one party for the benefit of anotherwhen two or more parties join together to create and operate a real estate investmentEstate for years, periodic Tenancy, Estate at will, tenancy at sufferancelease with specific starting and ending date EX.12 Month lease on a Apt.fixed period of time that automatically renewed EX. Cooperation, LCC, Partnership- entity... 3. Texas Real Estate State Exam. PremiumGuarantees repayment of loan, The guarantee is for the top 25% of the loan, assumable, require occupancyobtain certificate of Eligibility from VA,VA loan interest rates are set by mkt conditions, O down paymentIncludes real and personal property ex. I…A written agreement between the owner and a purchaser for the…Generally, those parts of the condominium or apartment buildin…Usually written into a mortgage to allow the lender to acceler…The value of the real property established for tax purposes. Cooperation, LCC, Partnership- entity... 3.
Ownership transferred by a BILL OF SALEPersonal Property attached in such a way to make it real property.Process of attaching personal property to real property making it a fixtureReal property being removed becoming personal propertyrequired to carry out a business example would be commercial cooking equipment in a restaurantAcquiring trade fixtures by non removal prior to termination of leaseland cannot be moved - a person must go to the landshort supply where demand is great example lot in Manhattan v. a lot in upstate NYland use and value are greatly influenced by improvements made by man to land and to surrounding parcels of landland and buildings and other improvements to land are consideration fixed or permanent investments- they are not liquid assetslegal description of land that always has a point of beginning that is also the end. value using as many approaches as needed 4. Choose from 500 different sets of texas real estate flashcards on Quizlet. Prepare reportmust follow USPAP (Uniform standards of Professional Appraisal Practice) some lenders require Fannie Mae appraisaltype of physical depreciation (ordinary wear and tear)a method of depreciation of equal annual installment amounts.a pledge of real property as security for a promissory noteTexas uses instead of traditional mtg contains "Power of Sale" Clause that allows for "Non-judicial foreclosure" quick foreclosurein the state of default whole amt of principal is dueDue on sale clause states balance is due if sold w/o mortgagee's approvalallows lender to move or take a lower lien positionif loan is assumed new buyers obligated to pay off loannew buyer responsible, can not impact seller's credit scorebuyer not liable for loan can impact seller's credit scorerequire occupancy, assumable, insures the loan, the insurance on a FHA loan MIP- mtg ins.
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easement or mineral rightsstructure or improvements overlaps onto another's propertylimited use or enjoyment of another's land written or verbal or impliedmerger of adjacent property, release, or abandonmentDominant estate uses driveway of servient estate to access their propertybelongs to a person or corporation example would be utility easementpermission to do a particular act , go fishing or ticket to Football gameoccurs when property is acquired from the rightful owner through the State of Limitationsownership, Bundle of Rights, for indeterminate length,Ownership with the greatest bundle of rights Fee Simple or Fee Simple AbsoluteDefeasible Fee, Conditional Fee, Qualified Fee, Qualified Defeasible Feeownership with conditions or terms which if violated could cause the ownership interest to be defeated or terminated.ownership for the duration of someone's life. Log in Sign up.
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