TEXAS PRINCIPLES 1 EXAM

TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE
WELL RESEARCHED


 The law requiring real estate contracts to be in writing is called the...? statue of frauds


 Statute of Frauds: law that requires some documents (deeds included) to be in writing
and signed in order to be enforceable by law


 Illegal practice of directing home seekers to a particular neighborhood based on
fair housing protected classes? Steering


 Taking buyers to or away from a particular area based on any of the protected
categories under Fair Housing Laws is called...? steering or channeling


 When a buyer purchases a property and takes over the payments and liability on
an existing loan it is called a(n)...? straight assumption


 A property description that is considered an informal reference is............tax: tax rate x
assessed value = a street address


 Which of the following is not a characteristic of value of land? (type out the answer)
-Demand -Utility -Scarcity -Taxes -Transferability? taxes


 How do you calculate Tax? tax rate x assessed value


 form of ownership used by married couples who do not live in a state with
community property-has downer and curtesy rights? Tenancy by entirety


 two or more people acquire property but ownership is not equal? Tenants in common


 person who dies leaving a will? testate


 method of attachment (annexation) Fitness or adaptation to

, TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE
WELL RESEARCHED
property Intention of the parties? Tests of a fixture


 sets insurance premiums based on the sale price of property and
is paid at closing of property? Texas Board of Insurance


 has 13 Members (6 brokers, 6 lawyers, 1 public) ? Texas Real
Estate Borker Lawyer Committee


 Under what circumstances can a person be called a "Realtor?" That agent has to join
the "NAR" National Association of Realtors


 Under Federal Law, if a property was built before 1978 the seller must disclose... ? that
the property may contain lead based paint


 states what the title covers and does not cover? title commitment


 policy that will insure against losses from title defects and against errors in
title examination? title insurance


 Part / the percentage(%) = total


 Areas of earth = 36 Sq. Miles ? townships


 claimant can track the time they had possessed the property onto the time the
prior claimant possessed the property? Tracking


 attached to the property under a commercial lease? Trade fixture


 has 9 Members (6 brokers, 3 public) appointed by governor.
They serve 6 year staggered term ? Trec Commision Membership

, TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE
WELL RESEARCHED
 gross, necessity, prescription, and appurtenant are all...? types of easements


 -mortgage, property tax lien, mechanics lien, judgement -can be voluntary or involuntary
-are either specific or general? Types of liens


 a promise in exchange for an act (option paragraph in a sales contract)? unilateral contract


 1 sq. mile or 640 acres = unit


 When an agent has unlimited authority to act on behalf of the client it is called...
? universal authority


 homestead limited to 10 acres? Urban homestead


 percent (%) x total area = usable area


 Easement in gross is a(n) easement? utility
1. How much is the largest fine for any single violation of the Fair Housing Act? $110,000


2. What is a point? 1% of the loan amount


3. If you believe you are a victim of discrimination under the Federal Fair Housing laws,
how long do you have to file a complaint? 1 year


4. What is the sentence that is used to remember how many sq. ft. are in one acre? 4
nuns driving 35 in a 60 mph


5. How long does a consumer have to file a complaint with TREC against a licensee? 4 years


6. interest rate x loan amount = yearly interest