Aceable: Principles of Real Estate A - C

Question 1

What is an abbreviated history of a property, including information of any transfers, grants, wills, conveyances, liens, and encumbrances?
L9, C13; L13, C1
a. assignment
b. encroachment
c. abstract of title

Answer 1

Abstract of Title

Question 2

What is the process that results in the gradual increase in land area through deposits of soil by natural forces? L13, C6
a. easement
b. accretion
c. novation

Answer 2

Accretion

Question 3

What is a measurement of land equal to 43,560 square feet? L11, C2

Answer 3

Acre

Question 4

What is a tax calculated according to the assessed value of a piece of real estate? L3, C2

Answer 4

ad valorem taxes

Question 5

What are the additions to a completed contract that specify supplementary information to the contract called? L12, C2

Answer 5

addenda

Question 6

What is a relationship where one party is authorized to act on behalf of the other?
L4, C1

Answer 6

agency

Question 7

What is an unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact in real estate called? L4, C1
a______ by r____________

Answer 7

agent by ratification

Question 8

What is the area above parcels of land that are defined by elevation boundaries called? L11, C3
a. air rights
b. air lot
c. arrears

Answer 8

air lot

Question 9

Who is an individual with authority to act on behalf of another; a state license if required to operate as an agent in real estate? L4, C2
a. broker
b. agent

Answer 9

agent

Question 10

What is the right to use the airspace above the surface of land called? L2, C1

Answer 10

air rights

Question 11

What is a change or modification to an already agreed-upon contract called? L12, C2

Answer 11

amendment

Question 12

What is a federal civil rights law passed in 1990 which prohibits discrimination against and creates standards for people with disabilities called? L7, C1
A. Americans with Disabilities Act
B. Civil Rights Act of 1866
C. Community Reinvestment Act (CRA)

Answer 12

ADA: Americans with Disabilities Act

Question 13

What is the process of paying off a debt/mortgage in regular installments based on a fixed payment schedule? L3, C4

Answer 13

Amortization

Question 14

What is a real estate license holder who locates dwelling units for prospective tenants called? L1, C2
a. broker
b. cooperating broker
c. apartment locator

Answer 14

Apartment Locator

Question 15

What is a license holder designated to work with a client as part of an intermediary transaction called? L4, C1
Clue: A__________ License Holder

Answer 15

Appointed License Holder

Question 16

What is the payment that occurs at the end of a period to compensate for charges accrued during that time called? L3, C4
a. avulsion
b. arrears
c. cloud

Answer 16

Arrears

Question 17

What is the transference of rights and obligations in a contract from one party to another called? L12, C4
a. conveyance
b. assignment

Answer 17

Assignment

Question 18

Who is a person who is licensed to give legal advice? L9, C2

Answer 18

Attorney

Question 19

What is the sudden loss of land by flood or when a stream or river changes course?
L13, C6
a. conveyance
b. avulsion

Answer 19

Avulsion

Question 20

What is a contract wherein both parties are obligated to perform in an exchange of promises? L12, C2
a. bilateral contract
b. universal contract
c. executed contract
d. executory contract

Answer 20

Bilateral Contract

Question 21

What is the illegal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area; aka panic peddling? L7, C3
a. redlining
b. blockbusting

Answer 21

Blockbusting

Question 22

Who is a licensee who holds a broker license and who engages in an activity enumerated in the license law for a commission or other valuable consideration? L1, C2; L9, C2

Answer 22

Broker

Question 23

What is a broker’s opinion of the value of a piece of real property, given in writing? L1, C7

Answer 23

Broker Price Opinion (BPO)

Question 24

What is the ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition? L13, C6

Answer 24

Bundle of Rights

Question 25

What is an agency agreement between a broker and a buyer wherein the broker represents the buyer in their effort to purchase or lease a property? L15, C3

Answer 25

Buyer Representation Agreement

Question 26

What is the ethical and professional standard for the real estate industry in Texas called? L8, C1 C______ of P_______ E______ and C________

Answer 26

Canons of Professional Ethics and Conduct

Question 27

What is a federal law that prohibits discrimination in housing based on race? L7, C1 C______ R_______ A______ of 18__

Answer 27

Civil Rights Act of 1866

Question 28

What is any claim to or encumbrance on the title to a property that affects transferability? L1, C8

Answer 28

Cloud

Question 29

What is a report that stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties? L3, C4

Answer 29

CLUE Reports

Question 30

What is an ownership of a property by more than one person? L14, C2

Answer 30

Co-Ownership

Question 31

What is the illegal act of mixing personal funds with a client’s funds? L1, C8; L9, C15

Answer 31

Commingling

Question 32

What type of elements are: portions of a shared ownership property not controlled by any one owner or tenant; examples include parking lots, lobbies, fitness centers, elevators, etc.? L3, C1

Answer 32

Common Elements

Question 33

What is property owned by a married couple in which each spouse has 1/2 ownership of any property obtained during the marriage, plus a right of survivorship ownership after the death of either spouse? L14, C2 -The type of estate that is created by c_________ p_______ also referred to as a statutory estate since it's an estate that was established by law in the legal union of marriage.

Answer 33

Community Property

Question 34

What is the legislation that seeks to enable all parts of a community to have access to credit?L7, C5 C___________ R___________ Act

Answer 34

Community Reinvestment Act (CRA)

Question 35

What is a report that compares the prices of recently sold or listed homes ("comparables") in order to estimate the market value of a similar property (the "subject property") located in the same area? L1, C7

Answer 35

Comparative Market Analysis (CMA)

Question 36

The fourth main type of estate is a c________ e______, which is an estate that is owned by 2 or more individuals (ex. co-ownership). Three subcategory estates fall under: 1. Joint Tenancy 2. Tenants in Common 3. Community Property

Answer 36

Concurrent Estates

Question 37

Which type? property where each owner has a separate interest in their own unit and undivided interest in the common areas L3, C1

Answer 37

Condominium

Question 38

What is a provision (supplying something) within a contract that makes performance conditional upon the occurrence of a stated event? L12, C4... when you have to do something before so that the deals goes through

Answer 38

Contingency

Question 39

Which type? a map in which curved lines (contour lines) connect contiguous parts of equal elevation to define the contours of the land; aka topographic map L11, C3

Answer 39

Contour Map

Question 40

What is an instrument that transfers a grantor’s interest in real property? a transfer of ownership of a piece of real estate from one person to another L13, C3

Answer 40

Conveyance

Question 41

What is a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration? L12, C1

Answer 41

Contract

Question 42

What is a life estate in which the measuring life is that of the life tenant; an estate created by a deed that lasts for the duration of the tenant's life? L13, C2 C_____________ L_______ E________

Answer 42

Conventional Life Estate

Question 43

Which type? the broker who assists another broker in showing the listed property to a buyer who subsequently purchases the property L15, C1

Answer 43

Cooperating Broker

Question 44

What type of property is where each owner owns shares in a corporation that owns a building, then has a proprietary lease for their unit? L3, C1

Answer 44

Cooperative

Question 45

What is a legally created business entity representing the interests of more than one person? L14, C4

Answer 45

Corporation (INC)