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Texas RE Exam > DDG - Exam Study > Flashcards

DDG - Exam Study Flashcards

(77 cards)

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1
Q

Accretion

A

when land is increased bc of water depositing additional soil gradually .

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2
Q

Alluvion

A

to wash against shoreline and deposit soil gradually creating firm ground

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3
Q

Avulsion

A

a sudden loss of land or soil due to a sudden natural act (earthquake river flow)

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4
Q

Prior Appropriation

A

scarce water results in assigning water rights from a water source - beneficial use must be shown.

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5
Q

Reliction

A

when water line recedes, leaves exposed land permanently dry.

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6
Q

Riparian Rights

A

when located directly next to flowing water source such as stream river

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7
Q

Littoral Rights

A

when land is next to non-flowing water - lake, ocean

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8
Q

Government Powers

A

police, eminent domain, taxation, escheat

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9
Q

6 bundles of Rights

A

use/occupy, sell, bequeath, lease, transfer, do nothing

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10
Q

Easement Appurtenant

A

easement belong/runs with the land

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11
Q

Easement Gross

A

benefits company - utilities

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12
Q

Laches

A

delay - results in loss of legal action

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13
Q

Lis pendes

A

notice of legal suit filed against specific lands

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14
Q

Novation

A

exchange old with new

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15
Q

Servient Estate

A

property burdened by right of way use

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16
Q

Severalty

A

sole ownership

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17
Q

Anticipation

A

a purchase decision

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18
Q

Assemblege

A

act of combining 2 or more parcels

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19
Q

FIRREA

A

1989 - requires that appraisers are state licensed or certified when appraising for properties that are
being used for FRTS

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20
Q

mortgagor

A

homeowner/borrower

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21
Q

motgagee

A

lender

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22
Q

acceleration clause

A

if borrow defaults then entire amount due

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23
Q

alienation clause

A

full mortgage balance due upon transfer in title

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24
Q

assignment clause

A

changes who owes the debt of mortgage without changing loan terms

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25
Defeasance clause
borrower has right to redeem the property after they pay the full debt and fees incurred
26
index
interest indicator that interest is based on
27
conventional mortgage
not guaranteed or insured by Gov, lender sets terms, LTV ration lower, PMI may be required
28
FHA
Gov insured, interest set by lender, borrower pays insurance premium, prepayment penalties not allowed, can be assumable
29
DVA
Gov guaranteed, can be assumable by non vet, loan up to 4x the amt of Vet entitlement
30
ARM mortgage
interest rate periodically adjusted
31
blanket mortgate
more than one piece of property
32
graduated payment mortgage
payment starts low and rises over time
33
open end mortgage
mortgagor can re-borrow against the principal
34
package mortgage
includes home furniture and other personal prop
35
participation mortgage
lender is entitled to a share of the property's income or has share of equity
36
purchase money mortgage
seller/owner financing
37
reverse annuity
owner borrows against equity in home and receives monthly tax-free payments from the lender
38
ursury
excessive interest - illegal
39
Civil Rights Act 1866
prohibits racial bias in buying renting selling holding
40
1968 Jones vs Mayer
upheld civil rights act 1866
41
1968 Fair housing act - title 8
prohibits discrimination - religion, race, color, national orgin
42
1974 Housing and Community Dev Act
sex and gender added to Fair Housing law
43
1988 Fair Housing
handicap (inc aids and alcoholics) and family status added
44
ADA
passed in 1990 - law in 1992 - portects from discrimination in public places - must have parking
45
Truth in Lending - Reg Z
FTC - if trigger terms are used in ad - then APR ,amt of loan, down payment etc must be stated
46
ECOA - Equal Credit Op Act
prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age. Can only consider income, net worth, credit rating and job stability
47
Rescission
mutual agreement to terminate
48
repudiation
rejecting the contract - liable
49
performance
agreement was completed
50
incapacity
either agent or client was mentally unable or bankrupt
51
Agent duties
confidentiality, care, loyalty, obedience, accountability, disclosure
52
right of reversion
prop is returned from tenant to owner
53
executory contract
process of being fulfilled
54
Devise
gifting real prop by will
55
Devisee
receiver of conveyed prop
56
granting clause
states type of deed with details on any covenants
57
habendum clause
a detailing of owners rights - to have and to hold
58
intestate
die without will
59
probate
court decides on validity of will, makes decisions based on that
60
testate
die with a will
61
testator
a person who made a will before they died
62
trustee
appointed to oversee the will or affairs
63
trustor
a person borrows money from lender
64
vested interest
right of ownership - possession and use
65
involuntary alienation
loss of property against will
66
title
legal document declaring ownership
67
deed
transfers the title
68
bargain and sale deed
grantor has right to convey title, no warranties against encumberances
69
quitclaim deed
quit/sign away any interest in a prop.
70
deed of trust
agreement between borrower and lender. Trustee will hold title of borrower until debt is paid to lender
71
leasehold estate
tenant occupies prop due to a lease
72
tenancy for years
lease lasts for a fixed period of time
73
periodic tenancy
wk to wk, mo to mo, yr to yr - lease ends with a notice
74
tenancy at will
giving reasonable notice to lessee or lessor - can terminate at any time
75
tenancy at sufferance
tenant remains after lease has ended - liable
76
GRM
Sales price divided by Gross Rental Income
77
GIM
Sales price divided by Gross Income

Texas RE Exam (2 decks)

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