04 Flashcards
(25 cards)
contracts prepared and authorized by the Texas Real Estate Commission that must be used by real estate license holders; there are a few exceptions to this rule.
promulgated contracts
a group located at Texas A&M University to provide the results of research and education to license holders.
Real Estate Center
a committee that creates contract forms to be used by Texas real estate license holders.
Texas Real Estate Broker-Lawyer Committee
insurance that protects against mistakes a license holder might make in real estate transactions; it does not act of fraud or other intentional misconduct.
errors & omissions insurance
an abbreviated history of a property, including information on. any transfer, grants, wills, conveyances, liens, and encumbrances.
abstract of title
a fund managed by the Texas Real Estate Commission to provide payment to a party who has been damaged through the violation of The Real Estate Act by a license holder.
Real Estate Recovery Trust Account
the act of mixing personal funds with a client’s funds
commingling
a plea where a defendant does not admit guilt to a crime they are accused of, but does accept punishment as though they have been found guilty.
nolo contendere (no contest)
a system of legal land description that identifies a piece of platted property by referring to the section, lot, and block numbers in a subdivision.
lot and block
a land survey process in which a licensed land surveyor starts at a readily identifiable point of beginning and defines the boundaries of a property in terms of distances and compass directions, finally returning to the point of beginning.
metes and bounds
a fixed landmark, whether natural or human-made, used as a reference point in a metes and bounds legal description.
monument
the starting point for a metes and bounds legal description.
point of beginning
a system of legal land description that uses the global lines of longitude and latitude to create a surveyed grid of meridians, base lines, townships, and ranges to describe a piece of land; aka the government survey system.
rectangular survey system
a legally valid drawing of the dimensions of a piece of real estate, including its boundaries and the location of improvements.
survey
a measurement of land equal to 43,560 square feet.
acre
an imaginary line of longitude used to identify a certain area of the earth’s surface along a north-south direction.
meridian
a line of latitude.
parallel
a map indicating the locations and dimensions of lots in a lot and block system.
plat
the area of land between two consecutive range lines.
range
one of 36 equal square miles in a township.
section
line that runs east-west every six miles.
township line
area above parcels of land that are defined by elevation boundaries.
air lot
a map in which curved lines (contour lines) connect contiguous parts of equal elevation to define the contours of the land; aka topographic map.
contour map
a designated base reference point to elevation used by surveyors to determine the elevations of land or property in an area.
datum
