Texas Real Estate Principles 1 - Unit 1 Exam questions
and answers latest top score.
There are seven sources of law in the United States, What would be an example of
them? - ANSWER Local zoning laws, FHA/VA regulations, court decisions
Laws passed by Congress and various other various state legislatures may -
ANSWER Authorize agencies to pass rules and regulations to enforce the
provisions of law
The legal concept of precedent - ANSWER Grew out of common law
Constitutional provisions - ANSWER Establish the rights of citizens and delineate
government authority
Real estate laws - ANSWER werte passed to protect the public from possible fraud,
dishonesty, and incompetence of unscrupulous brokers and sales agents
Common Law - ANSWER Includes both custom and court decisions in application
today
A public library is an example of - ANSWER Special-purpose real estate
Value is best defined as - ANSWER A measure of the present worth of future
benefits as perceived by each person
The factors that influence the demand for real estate include - ANSWER Wage
levels and employment opportunities
A factor that affects supply in the real estate market is - ANSWER construction
costs
The real estate market is considered local in character because - ANSWER Land is
fixed or immobile
In general, when the supply of a certain commodity increases - ANSWER prices
tend to drop
Price is best defined as - ANSWER the amount a buyer agrees to pay and a seller
agrees to accept
Compared with typical markets, the real estate market - ANSWER is relatively slow
to adjust because of its nonhomogeniety and its immobile characteristics
,In general terms, the term market refers to - ANSWER a place where buyers and
sellers come together to establish prices
An improvement is - ANSWER an example of economic characteristic
The term area preference refers to - ANSWER an economic characteristic of land
The term non homogeneity refers to - ANSWER the fact that no two parcels of land
are exactly alike
Relative scarcity implies that - ANSWER land available for development may be in
short supply in some areas
Abandonment - ANSWER The voluntary surrender or relinquishment a position of
real property with the intention of terminating one's position or interest but without the
vesting of this interest in any other person, such as when a person moves and
abandons leased property before the lease term has expired.
Abatement - ANSWER Elimination or reduction of realistic taxes to attract new
business to an area
Abstract of title - ANSWER The condensed history of a title to a particular parcel of
real estate, consisting of a summary of the original grant and all subsequent
conveyances andand encumbrances affecting the property and a certification by the
abstracter that the history is complete and accurate.
Abstract of title with lawyers opinion - ANSWER An abstract of title that a lawyer has
examined and has certified to be, in his opinion, an accurate statement of fact.
Acceleration clause - ANSWER The clause in a mortgage or trust deed or note that
can be enforced to make the entire amount of principle and interest due immediately
if the mortgagor defaults on an instalment payment or other covenant.
Accession - ANSWER Acquiring title to additions or improvements to real property
as a result of the annexation of fixtures or the accretion of alluvial deposits along the
banks of streams.
Accretion - ANSWER The increase or addition of land by the deposit of Sand or soil
washed-up naturally from a river, lake, or sea.
Accrued items - ANSWER On a closing statement, items of expense that are
incurred but not yet payable such as an interest on a mortgage loan or taxes on real
property.
Acknowledgement - ANSWER A formal declaration before a notary public or other
authorised public officer that authenticates signatures on the document for the
purpose of recording.
, Acre - ANSWER A measure of land equal to 43,560 ft.² , 4840 yd.² , 4047 m² , 160
square rods or 0.4047 Hectare
Actual eviction - ANSWER The result of legal action originated by lessor whereby a
defaulted tenant is physically ousted from the rented property pursuant to a court
order.
Actual notice - ANSWER Express information or fact; that which is known; direct
knowledge
Adjustable rate mortgage - ANSWER (ARM) A mortgage loan in which the interest
rate may increase or Decrease at specified intervals over the life of a loanloan
Adjusted sales price - ANSWER For income tax purposes, the actual sales price
reduced by allowable sales expenses
Administrator / administratrix - ANSWER A man or a woman appointed by the court
to settle the estate of a deceased person when there is no will; contrast with
executor or executrix.
Ad valorem tax - ANSWER A tax levied according to value; generally used to refer
to real estate tax
Adverse possession - ANSWER The actual, visible, hostile, notorious, exclusive and
continuous possession of another's land under a claim of title. Possession for a
statutory period may be a means of acquiring title.
Agency - ANSWER The relationship between the principal and agent wherein the
agent is authorised to represent the principle in certain transactions.
Agency by ratification - ANSWER An agency relationship that is established after
the fact.
Agent - ANSWER One who acts or has the power to act for another. A fiduciary
relationship is created under the law of agency when a property owner, as the
principal, executes a listing agreement or management contract authorising a
licensed real estate broker to be her/ his agent.
Air lot - ANSWER A designated airspace over a piece of land. and air lot, Like
surface property may be transferred.
Air rights - ANSWER The rights to use the open space above a property generally
allowing the surface to be used for another purpose.
Alienation - ANSWER The act of transferring property to another. Alienation may be
voluntary, such as by gift or sale or involuntary As by eminent domain or adverse
possession.
Alienation clause - ANSWER The clause in a mortgage or deed of trust stating that
the balance of the secured debt becomes immediately due and payable at the
and answers latest top score.
There are seven sources of law in the United States, What would be an example of
them? - ANSWER Local zoning laws, FHA/VA regulations, court decisions
Laws passed by Congress and various other various state legislatures may -
ANSWER Authorize agencies to pass rules and regulations to enforce the
provisions of law
The legal concept of precedent - ANSWER Grew out of common law
Constitutional provisions - ANSWER Establish the rights of citizens and delineate
government authority
Real estate laws - ANSWER werte passed to protect the public from possible fraud,
dishonesty, and incompetence of unscrupulous brokers and sales agents
Common Law - ANSWER Includes both custom and court decisions in application
today
A public library is an example of - ANSWER Special-purpose real estate
Value is best defined as - ANSWER A measure of the present worth of future
benefits as perceived by each person
The factors that influence the demand for real estate include - ANSWER Wage
levels and employment opportunities
A factor that affects supply in the real estate market is - ANSWER construction
costs
The real estate market is considered local in character because - ANSWER Land is
fixed or immobile
In general, when the supply of a certain commodity increases - ANSWER prices
tend to drop
Price is best defined as - ANSWER the amount a buyer agrees to pay and a seller
agrees to accept
Compared with typical markets, the real estate market - ANSWER is relatively slow
to adjust because of its nonhomogeniety and its immobile characteristics
,In general terms, the term market refers to - ANSWER a place where buyers and
sellers come together to establish prices
An improvement is - ANSWER an example of economic characteristic
The term area preference refers to - ANSWER an economic characteristic of land
The term non homogeneity refers to - ANSWER the fact that no two parcels of land
are exactly alike
Relative scarcity implies that - ANSWER land available for development may be in
short supply in some areas
Abandonment - ANSWER The voluntary surrender or relinquishment a position of
real property with the intention of terminating one's position or interest but without the
vesting of this interest in any other person, such as when a person moves and
abandons leased property before the lease term has expired.
Abatement - ANSWER Elimination or reduction of realistic taxes to attract new
business to an area
Abstract of title - ANSWER The condensed history of a title to a particular parcel of
real estate, consisting of a summary of the original grant and all subsequent
conveyances andand encumbrances affecting the property and a certification by the
abstracter that the history is complete and accurate.
Abstract of title with lawyers opinion - ANSWER An abstract of title that a lawyer has
examined and has certified to be, in his opinion, an accurate statement of fact.
Acceleration clause - ANSWER The clause in a mortgage or trust deed or note that
can be enforced to make the entire amount of principle and interest due immediately
if the mortgagor defaults on an instalment payment or other covenant.
Accession - ANSWER Acquiring title to additions or improvements to real property
as a result of the annexation of fixtures or the accretion of alluvial deposits along the
banks of streams.
Accretion - ANSWER The increase or addition of land by the deposit of Sand or soil
washed-up naturally from a river, lake, or sea.
Accrued items - ANSWER On a closing statement, items of expense that are
incurred but not yet payable such as an interest on a mortgage loan or taxes on real
property.
Acknowledgement - ANSWER A formal declaration before a notary public or other
authorised public officer that authenticates signatures on the document for the
purpose of recording.
, Acre - ANSWER A measure of land equal to 43,560 ft.² , 4840 yd.² , 4047 m² , 160
square rods or 0.4047 Hectare
Actual eviction - ANSWER The result of legal action originated by lessor whereby a
defaulted tenant is physically ousted from the rented property pursuant to a court
order.
Actual notice - ANSWER Express information or fact; that which is known; direct
knowledge
Adjustable rate mortgage - ANSWER (ARM) A mortgage loan in which the interest
rate may increase or Decrease at specified intervals over the life of a loanloan
Adjusted sales price - ANSWER For income tax purposes, the actual sales price
reduced by allowable sales expenses
Administrator / administratrix - ANSWER A man or a woman appointed by the court
to settle the estate of a deceased person when there is no will; contrast with
executor or executrix.
Ad valorem tax - ANSWER A tax levied according to value; generally used to refer
to real estate tax
Adverse possession - ANSWER The actual, visible, hostile, notorious, exclusive and
continuous possession of another's land under a claim of title. Possession for a
statutory period may be a means of acquiring title.
Agency - ANSWER The relationship between the principal and agent wherein the
agent is authorised to represent the principle in certain transactions.
Agency by ratification - ANSWER An agency relationship that is established after
the fact.
Agent - ANSWER One who acts or has the power to act for another. A fiduciary
relationship is created under the law of agency when a property owner, as the
principal, executes a listing agreement or management contract authorising a
licensed real estate broker to be her/ his agent.
Air lot - ANSWER A designated airspace over a piece of land. and air lot, Like
surface property may be transferred.
Air rights - ANSWER The rights to use the open space above a property generally
allowing the surface to be used for another purpose.
Alienation - ANSWER The act of transferring property to another. Alienation may be
voluntary, such as by gift or sale or involuntary As by eminent domain or adverse
possession.
Alienation clause - ANSWER The clause in a mortgage or deed of trust stating that
the balance of the secured debt becomes immediately due and payable at the
