Gemini Questions Flashcards
(44 cards)
Which is considered real property?
A fence installed around a property (fixtures are considered real property)
A rectangular survey system description for a property typically include
Township and range numbers
The right of the government to take private property for public use ,with just compensation, is known as
Eminent Domain
True or false: Zoning ordenances are a form of private and use control
False: Zoning ordenances are a form of public land use control
What is an easement appurtenant?
An easement that runs with the land, benefiting the dominant tenement
In a tenancy in commmon, if one co-owner dies, their interest in the property
Passes to their heirs or devisees
Which type of deed offer the greatest protection to the grantee?
General Warranty Deed
The primary purpose of recording a deed is to
Provide constructive notice of ownership
Community property in Texas means that the property acquired before marriage is automatically considered community property
False: Separate property acquired before marriage remains separate property in Texas
A lien that affects all of debtor’s property, both real and personal, is a
General Lien
The principle of appraisal that states the maximum value of a property is established by the cost of acquiring an equally desirable and valuable substitute property is
Principle of substitution
What is the process of estimating the value of real property?
Appraisal
The sales comparison approach to appraisal is generally considered the most reliable method of appraising residential properties.
True
An appraiser is valuing a commercial property using the income approach. If the net operating income (NOI) is $75,000 and the capitalization rate is 8%, what is the estimated value of the property?
$937,500= $75,000 / 0.08 = $937,500
Depreciation in real estate can be caused by
Physical deterioration
Functional obsolescence
Econonomic obsolescence
A contract that has been fully performed by both parties is considered
Executed
In a real estate transaction, the agent representing the buyer owes fiduciary duties primarily to the
Buyer
Which of the following is NOT an essential element of a valid contract?
Written agreement (while in real estate contracts must be in writing due to statute of frauds, its not a universal element of all contracts) the essential elements for a contract are:
-offer and acceptance
-consideration
-legal purpose
-competent parties
True or false: An “option to purchase” creates a binding contract to purchase real estate.
False: An option creates a unilateral contract where only the opionor is bound. The optionee has the right to purchase but is not obligated.
A broker who acts as an intermediary in a transaction must:
Treat both parties fairly and impartially
The Lead-Based Paint Hazard Reduction Act applies to residential properties built before
1978
Which is a common envirionmental hazard found in older homes?
Mold
Asbestos
Radon
The duty of a real estate agent to disclose known material facts about a property applies to
Both the seller’s and buyer’s agents
True or false: Puffing is considered a misrepresentation and is illegal
False: Puffing is an exaggeration of a property’s benefits, which is generally legal, provided it’s not a misrepresentation of a material fact.
