Froggy Jumps
Chapters 1-8 (highlights only)
1
Buyers temporary residential lease is for use when the buyer occupies the property for no more than
2
Sellers temporary residential lease is for use when the seller occupies the property for…
3
T/F: TREC only has two promulgated lease forms.
4
Some residential leases contain a right of first refusal which gives the tenant the right to:
5
T/F: brokerage is a service.
6
T/F: brokerage is defined as a service by the deceptive trade practices act
7
T/F: services is defined as work, labor, or repair of goods, by the DTPA
9
T/F: Common Law is based upon federal and state legislatures
10
Common law in the US is derived from…
11
What’s another word for personal property?
12
If chattel or personalty is being transferred along with real property what is generally used to accomplish the transfer?
13
T/F: a bill of sale normally accompanies the deed
14
T/F: things of a temporary or movable nature are a part of the real property
15
How many economic characteristics of land are there?
16
List the four economic characteristics of land
17
Scarcity comes from the theory of
18
Modification says value is affected by
19
Fixity refers to the fact that land and additions to the land, such as buildings ____
20
Situs refers to the location of the property or land from a
21
Which form of real estate ownership involves ownership of real estate by one individual or entity?
22
A venture that is owned by one individual is called
23
T/F: owners within a cooperative do NOT own a specific unit
24
List the problem areas in advertising
25
A contract is an agreement between parties that specifies
26
T/F: an option is an agreement between buyer and seller or landlord and tenant
27
T/F: Under an option, the seller must sell if the buyer chooses to buy
28
A unilateral contract…
29
The abbreviation for the five essential elements for a valid and enforceable contract is…
30
T/F: competent parties, offer and acceptance, legal purpose, in writing, and consideration are the five essential elements for a contract to be considered valid and enforceable
31
T/F: mutual agreement is an element for a contract to be considered valid and enforceable
32
T/F: a person who enters a contract under the influence of drugs or alcohol could be considered a competent party
33
_____ requires contracts for the conveyance of an interest in real estate must be in writing
34
______ Requires leases for a term of more than one year must be in writing
35
T/F: according to the statute of frauds, if the contract is not in writing it would be valid but not enforceable
36
consideration is defined as…
37
The __ or__ of the property is the consideration for the contract
38
Is earnest money a requirement of a valid contract?
39
______ is paid to promote good faith that the buyer intends to complete the transaction.
40
A contract is fully executed when…
41
Police power is the right of the government to regulating the way land is used; the most common example is…
42
An area of land separating one land use from another, such as residential from commercial is called…
43
Easements may be created by…
44
In landlocked property, an easement helps owners w/ no legal access to their land, it is called…
45
T/F: condemnation is when the government, under its power of eminent domain, takes an easement
46
A claim, lean, charge, or liability attached to and binding real property is…
47
To determine if a property is environmentally challenged the buyer or the lender may opt to have a…
48
A gas station with underground storage tanks could’ve contaminated the soil or ground water of a property, which is grounds for a…
49
When all parties within a contract have performed, that contract is considered…
50
A contract may also be discharged due to…
51
a change in the law that makes performance illegal and causes a contract to be discharged is…
52
What gives someone the possession and use of a property without owning it?
53
Which of the following is considered leasehold estates?
54
A lease with a definite beginning date and definite ending date is called…
55
This lease survives the death of either the landlord or the tenant and the sale of the property. This leasehold estate is called…
56
A lease that renews itself automatically for like periods and requires notice to terminate is called…
57
T/F: in a periodic estate there is no preset termination date and the lease becomes a periodic tenancy on a month-to-month basis if a tenant remains after termination date
58
An interest in leased property created when the holdover tenant is occupying the lease property against the owners will is called…
59
The only lease that is easily terminated by the death of the landlord or sale of the property is…
60
A loose leasehold in which a tenant occupies real estate with the permission of the owner for an uncertain amount of time is called…
61
A type of lease that obligates the tenant to pay a base rent and a percentage of the gross sales in the retail environment is called…
62
T/F: when a tenants rights and liabilities are transferred to another, this is called an assignment.
63
T/F: a lease option allows a tenant to buy the property at a preset price and terms for a given period
64
Another term for a lease option is…
65
An offer on a residential property can be communicated by…
66
When showing offers to your client how many offers should you present at a time?
67
Why should a license holder communicate offers to their client immediately?
68
What options does the principle have when responding to the offers they receive?
69
T/F: presenting a counter offer means the original offer was rejected and is no longer available for acceptance by the offeree
70
T/F: an agent can discourage a party from consulting an attorney for advice in a transaction
71
The most common type of financing is obtained from a third-party. Examples of third-party financing include…
72
Earnest money is a payment placed into escrow to show the buyer is serious about purchasing the property. Is earnest money a requirement of a valid contract?
73
Earnest money is not deposited into an escrow account until…
74
Special provisions are terms that are not covered in standard contracts or addendum forms and need to be written in which is why…
75
Can a special provision be something that is already explicitly stated in the contract?
76
T/F: at closing, taxes for the year that have not been paid will be deducted from the sellers proceeds all the way through to the day of closing
77
When are probations for property taxes and property owner association fees calculated?
78
An oral lease for one year or less is valid and enforceable because…
79
When a party to a contract failed to perform under the contract that party is in…
80
In the event of default by the buyer the seller has several options which include…
81
Who awards monetary damages in the event of a buyer default?
82
Who awards liquidated damages in the event of a buyer default?
83
When the seller defaults the buyer has a right to specific performance, monetary damages, or…
84
In the 1 to 4 family residential contract under property condition, the sellers disclosure notice states if the buyer does not receive the notice…
85
All notices from both parties must be in writing and are effective in which of the following ways?
86
A contingency is a provision in a contract that requires what in order for the contract to be binding?
87
When the seller and buyer agreed that the purchase of a property is contingent on the sale and closing of the buyers existing property, that is called…
88
Inspection contingency says all sellers of homes built prior to ___ must provide the buyer with a disclosure of their knowledge of possible lead based paint hazards
89
A form attached to a contract that adds or further describes the rights and duties of the parties is called…
90
Addendum for sellers disclosure of lead-based paint and lead-based paint hazards is required for…
91
This note is not generally recorded but it is the borrowers’s unconditional promise to repay and includes the amount borrowed, payment amount, due date, and rate of interest. This is called…
92
This mortgage lending activity includes sending monthly payment statements collecting monthly payments maintaining records of payments collecting and paying taxes and insurance remitting fund so the note holder and following up on delinquencies
93
This loan plan covers more than one piece of property
94
This FHA mortgage insurance premium occurs when the borrower pays two premiums, an upfront premium at closing and an annual premium
95
To participate in this program you must have a military background and obtain an FHA, VA, or conventional loan from a participating lender
96
The term residential mortgage loan officer is mandated by
97
Which act protects consumers rights to have an equal chance to obtain credit?
98
What year was the equal credit opportunity act originally passed?
99
devise is defined as..
100
Does a quitclaim deed have any guarantees?
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