Texas Real Estate Law - SAE Champions School Of Real Estate Correctly Answered 2024/2025

Texas Real Estate Law - SAE Champions School Of Real Estate Correctly Answered 2024 CERCLA Liability Rules - Answer -Hazardous Substance Liability 1. Owner 2. Prop Manager 3. Cleaner of the Facility Fair Credit Reporting Act - Answer -A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used. Truth in Lending Act - Answer -An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit. Equal Credit Opportunity Act (ECOA) - Answer -The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national origin, sex, age, or marital status. CERCLA - Answer -Comprehensive Environmental Response, Compensation, and Liability Act Title Theory - Answer -Legal concept that vests title to mortgaged property in the mortgagee (lender) or a third party. Lien Theory - Answer -Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults. (Texas is a Lien Theory State) Extraterritorial Jurisdiction - Answer -Unincorporated land area beyond the geopolitical boundaries of a city over which the city exercises limited plat review of development. Intermediary Relationships - Answer -Broker reps both the buyer and seller Broker remains neutral and avoids negotiating. The broker must first get written consent of both parties Sources of Law - Answer -statutory law- state and federal law. In the Area of real estate State law has been the controlling law as the uniqueness and backgrounds in each state. Control of Land Used by City- Primary Method - Answer -zoning statutes indirect municipal power use Types of Ownership - Answer -Ownership in Severalty, Tenancy in Common, Joint TenancyTexas Homestead - Answer -Texas Homestead laws are created by the Texas Constitution to provide special protections to land and the improvements thereon. Only certain land in certain amounts can qualify for these special protections and interests. Effective Dates Contracts - Answer -The date all parties sign Causes of Forces sale of TX Homestead - Answer -Non payment of Maintenance Liens, Bankruptcy, Homestead may not be a Yacht, Violates Drug Laws, Intent to defraud a creditor, A lien existed prior to designation, Renouncing Homestead rights before they were instated. Limited homestead to 125k if claimant filed for bankruptcy within 1,215 days after acquiring homestead. Court Claims Limits - Answer -No more than 10k Estates involved in Easement Appurtenant - Answer -An easement appurtenant is created for the benefit of another tract of land. There must be two owners involved this owner is known as Servient Estate. Deed Term- Covenants - Answer -A clause in a deed that are usually given or received as consideration for the transfer of title. A deed may contain a covenant that as a part of the conveyance the grantee agrees not to construct any noxious or odorous industrial plants on prop. CONDITION! Deed Term-Exceptions - Answer -Exceptions convey limitations to title such as mineral rights, air rights and deed restrictions. Recording - Answer -Is a document the simplest method of creating notice. 4 basic requirements that an instrument must have to be a recored property. 1. Orignal instrument 2. Must be in English 3. The instrument must be properly acknowledged 4. Must be recored in the county where prop is located 5. Must have social and DL in bold print 12 letters types of assumptions - Answer -The Grantee of prop becomes liable for the deed Government Rights in Land - PETE - Answer -Eminent Domain - Private Land can be taken be legislature for Public Use. ED is done through a process called condemnation. Condition - Answer -Conditions can be either precedent or subsequent. A condition precedent is something that must occur before an obligation exists. ... An example of such a condition is that the obligation of a buyer to complete a purchase may be excused if a property is damaged by a natural disaster or fire before the close of escrow.