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Texas Real Estate Quiz part 2

John and Mary are co- owners of a prop. John has 60% interest and Mary 40% What type of Freehold estate do they have
Joint Tennancy
Estate in Severalty
Tennancy in Common
Life Estate
Mary and John are Married with Children. Both are intestate. If John dies and Mary immed. Becomes the owner of their home, what type of ownership did they have?
Tenancy by the Entirety
Tenancy in Severalty
Community Property
Tenancy in Common
Appraisers are most often asked to determine?
Cost
Price
Market value
An appraiser is using the Market Data Approach to determine the value of a residential property. What is false?
His comparable shouldn't be more then one year old
He should have three to five comparable for the prop.
The best comparable will have the east number of adjustment regardless of value
The compareables should not be more than six months old
A broker owes customers
The same level of responsibility that he owes clients
Honesty, advice, and opinions
Honesty and fairness
Honest, fairness, and full disclosure of facts
A property at 123 main has been listed by Mary a sales license holder at ABC realty for several weeks. Last week Mary died. What effect will Marys death have on the listing agreement?
None
It is terminated
It is binding on mars heirs
The seller can claim abandonment and terminate the listing
Which of the following is not a duty of an Agent?
Obedience
Care
Trust
Loyalty
A signed employment agreement is necessary to
Work in a real estate office
Be considered an agent by the IRS
Sue for commission
Be an agent under license holder guidelines
A chem manu. co. Purchases a plant. After closing they discover what the prev. Owners had spilled hazardous materials on the land. According to CERCLA, who is liable for the cost of the clean up?
New owners
Previous owners
New and previous owners
Title insurance company
Which of the following does not pledge prop. As security for a debt.
Mortgage
Deed of trust
Contract for deed
Note
Which of the following instruments is the promise to repay a debt?
Mortgage
Deed
Deed of trust
Note
What is the advantage to a borrower of the VA loan?
The loan is guaranteed
There is a small funding fee
Interest rate on VA loans are always lower then rates on conventional loans
The guarantee on VA loan is free
Where can you expect to find MIP
FHA loans
VA loan
On a low LTV conventional loan
On a hight LTV conventional loan
An investor/developer has borrowed money to build a retail shopping center. His lender has provided a very competitive interest rate, however when the investment prop is completed and sold the lender will collect the amount borrowed plus a percent of the developers profits. What type of loan is this?
Construction loan
Participation loan
Shared appreciation loan
Straight loan
The landlord pays the expenses of the property. The tenant pays rent and utilities. What kind of lease is this?
Grosse lease
Estate for years
Periodic tenancy
Net lease
When a landlord allows the prop. Condition to detioriate so much that the tenants are forced to leave, it is called?
Waste
Physical deterioration
Constructive eviction
Deferred maintenance
The Texas Real Estate Commission was created in 1949 primarily to?
Settle disputes among claimants to commission fees
Enforce provisions of the fair housing act
Enforce the TRELA
Regulate the activities of the local trade association boards
According to TREC acting as a broker or sales agent without first obtaining a licenses is a
Felony
Misdemeanor
Tort
Misdeed
A tenant has vacated a rental property. He still owes rent. He has left personal property behind. The landlord cannot?
Sell the property
Dispose of the property
pack and store the property
Attach the wages of the tenant for the rent owed.
When a license holder has been assessed an admin penalty by TREC as a result of TREC determining an infraction of its rules, how long does the license holder have to pay that penalty?
10 days
15 days
30 days
60 days
Which of the following statements about mold remediation is false?
Only a licensed remediator can remove mold
A home owner is entitled to a certificate of mold remediation with 10 days of the work being completed
An insurance company can not make an underwriting decision based on previous mold claims if the prop. Owner has a certificate of remediation for mold
When a property is sold the seller must provide all certificates of mold remediation he has received in the past five years
In order to be certified as a mold mediatior for TREC you need how many hours of ADR?
15
25
30
40
If a licenses holder under CE requirements, renews on time without the required education what will TREC do?
Consider the licenses expired
Consider the licences active for an additional 60 days during which time the licenses holder must complete the req education and pay 200 in fees etc
Consider the licenses active for an additional 30 days during which time the licences holder will pay 200 and complete his course
The tax on a given piece of real estate is determined by multiplying the tax rate of the assessing body by the ?
Selling price
Appraised value of the property
Assessed valuation
Market value less depreciation
An instrument that is used to create a lien on real estate to secure the payment of a loan is?
A bond
Deed
Mortgage
Lease
A mortgage issued by the FHA usually is borrowed from
The seller
A lending institution
US gov
Fannie Mae
The amount of acres in a section is?
5280
43560
640
27
A morfgagee is a person who?
Lends money to the mortgagor
Borrows money and puts property up as loan security
Leases real property
Purchases land on an installment
A judgement is a court decree
A court decree
Jurisdiction of a court
An illegibillity
Decision of a jury
A buyer who has signed an offer to buy and later receives the sellers disclosure has how many days to terminate the offer after receiving the disclosure
5
7
10
A negotiable amount
An option given without actual consideration is?
Valid in a court of law
Enforceable in TX
Invalid
A binding contract if reduced to writing
The statutory information statement about agency must be provided
When the licenses holder meets fave to face with a party concerning a proposal real estate trans.
Before the contact is signed
Obtain permission from the other broker to show the property
At the first meeting with a prospect
Economic Obsolesce results from all of the following except
Movement of industry
Juvenile delinquency
Changing neighborhoods
Physical deterioration
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