Principles of Real Estate 1- Champions Quiz Latest Update Graded A+

Principles of Real Estate 1- Champions Quiz Latest Update Graded A+ Contracts with a person who lacks mental capacity can be either void or voidable Community property is a concept of Spanish law, and marriage is regarded as a partnership. Intermediary Without Appointments. an agent will have the opportunity to sell their own listing. Oil and gas companies employ a large number of individuals with a real estate background. The NFIP offers flood insurance The NFIP offers flood insurance to homeowners, renters, and business owners The vast majority of homes built in the United States are site built. When a condominium is sold, three interests are created: fee simple ownership of the unit, fee simple ownership in an undivided interest in the common areas, and an easement to the airspace occupied by the unit. The Bureau [CFPB] is responsible for enforcing federal consumer financial law To convert 152,460 square feet of land: 152,460 / 43,560 = 3.5 Exclusive agency agreements list their properties with a broker, primarily to expose their properties through the multiple listing service Easements may be created by grant, reservation, implied grant, prescription, necessity, condemnation. The Texas Real Estate Commission consists of of nine members and three members who represent the public. cooperative sale with single buyer representation If the buyer purchases a property listed by another firm If the buyer purchases a property listed by another firm, The listing firm represents the seller, and the selling firm represents the buyer Community property marriage is regarded as a partnership. Mutual Consent Offer and Acceptance An estate in severalty involves ownership of real estate by one individual or entity. Real estate brokers recommend this listing grants an exclusive right to sell the property during the listing term. exclusive right to sell A commission is paid even if the property is sold by the owner TREC has promulgated sales contract forms for most residential properties including One-to- Four Family Residential Contract (Resale), New Home Contract (Incomplete Construction), New Home Contract (Completed Construction), Unimproved Property Contract, Residential Condominium Contract (Resale), Farm and Ranch Contract. Liens can be specific or general Violation of the law is a civil offense