Texas Principles 1 Q & A

Texas Principles 1 Q & A - Champions School of Real Estate 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 7. TREC Commission members serve ___ year ____________ terms. 6 year staggered 8. The TREC Commission consists of how many members? How many of them are brokers? How many of them are public? 9, 6, 3 9. The Texas Real Estate Broker-Lawyer Committee consists of how many members? How many of them are brokers? How many of them are lawyers? How many of them are public? 13, 6, 6, 1 10. What are the general Eligibility Requirements to be Licensed by TREC? 18 years old, a US citizen or lawfully admitted alien resident of the state 11. 1 acre= how many sq ft? 43,560 12. How do you calculate Appreciated Value? 13. 100% - commission rate x sales price: How do you calculate Seller's Net? 100% + appreciation % x original cost 13. How do you calculate Depreciated Value? 100% - depreciation % x original cost: 14. A contract that can be canceled by one of the parties is called? voidable: 15. A complete history of the title of a piece of property is called an? abstract 16. Condensed history of all docs that have been recorded affecting the title of the property? abstract title 17. What is it called when land is increased in size because of natural deposit of rock and soil usually caused by water movement? Accretion 18. A commission may suspend or revoke a license for... ? acting negligently or incompetently, commingling money and soliciting or selling offers for the sale of real estate by means of a lottery: 19. Enacted in 1992 and deals with commercial property only? ADA Americans with Disabilities Act 20. person who administers the wishes of a will assigned by the court in the event the executor is not will to perform? administrator 21. Taxing "according to value”? Ad Valorem 22. When one person takes possession of another's land and holds that possession for a long enough period of time to be able to make it theirs and take ownership of it? Adverse Possession 23. Loyalty is a duty of the...? agent 24. Transfer of ownership of property - Alienation 25. Land that has been created by Accretion - Alluvion 26. 100% + appreciation % x original cost = appreciated value 27. Right or privilege to land that goes with the land when ownership changes such as parking lot spaces, easements, right or ways? Appurtenances 28. percentage (%) x market value= assessed value 29. a person holding a power of attorney? Attorney in Fact 30. Sudden removal of land by water? Avulsion 31. No warranties against encumbrances? bargain/sale 32. What is required to obtain a license in Texas? be a resident of Texas at least 18 yrs of age at the time of application, be of good moral character, must show competency by passing the exam 33. promised for a promise (real estate contract) - bilateral contract 34. How is Personal Property sold? Bill of Sale 35. When one of the parties of the contract dies, the contract is...? binding on the heirs if possible 36. A loan that covers two or more pieces of property on one note is called a(n)...? blanket loan 37. _________ is when one party fails to perform the duties of the contract. -they can be asked by judge to partially perform or substantially perform? breached 38. Who promulgates real estate contract forms in Texas? the broker lawyer committee 39. When a lender collects principal, interest, taxes, and insurance (PITI) as part of a monthly payment, this is called a(n)...? budget loan 40.The many rights that Fee Simple gives to owners of property-bundles or sticks can be removed but the owner still owns the Fee Simple. This is called...? Bundle of Rights or Bundle of Sticks 41.A certificate is required separate of the license when...? buying, selling or leasing an easement pertaining to telecommunication, utility, railroad or pipeline services 42.Centralized agency established in each county to appraise each property in the county for ad valorem taxes? CAD (Central Appraisal District) 43. How do you calculate Net Income? capitalization rate x market value 44. _____________ lists everyone who has ever owned that property? chain of title known as Personal Property? Chattel 46. What amended the Civil Rights Act of 1866 to include race, color, national origin, and religion? Civil Rights Act of 1968 47.What amended to include Sex (Male or Female)? Civil Rights Act of 1974 48.What amended to include Handicap and Familial status? Civil Rights Act of 1988 49. a written addition to a will the replaces or revokes what was written in that persons previous will? codicil 50. commission rate x sales price = commission 51. Easement in gross is a(n) ___________ easement. ? utility 52. how do you calculate Commission? commission rate x sales price 53. Property inherited by one spouse can remain separate property of that spouse. This is true about what type of property? commu