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Flashcards in Final Exam Deck (50)
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1

Timeshares generally are:

the exclusive use of a property for a specified number of days each year

2

What does CERLA do?

Provides a Federal "Superfund" to clean up uncontrolled or abandoned hazardous-waste sites as well as accidents, spills, and other emergency releases of pollutants and contaminants into the environment.

3

An organization must meet all of the following conditions in order to be classified as a (real estate investment trust) REIT, except:

Must have at least 1000 shareholders after 1 year as a REIT

4

General warranty, special warranty, and quitclaim are all forms of:

Deeds

5

A landlord may not intentionally prevent a tenants from entering the leased premises unless:

These are all correct options:

- The landlord has the right to change the locks because the tenant has failed to pay rent in a timely manner according to the lease
- The tenant is delinquent in paying all or part of the rent
- the landlord has locally mailed (hand delivered on door) not later than the fifth calendar day before the date on which the door locks are changed

6

A landlord may not intentionally prevent a tenants from entering the leased premises unless:

These are all correct options (refer to Ch. 92 of Texas property code (Title 8)):

- The landlord has the right to change the locks because the tenant has failed to pay rent in a timely manner according to the lease
- The tenant is delinquent in paying all or part of the rent
- the landlord has locally mailed (hand delivered on door) not later than the fifth calendar day before the date on which the door locks are changed

7

Development sites, farms, data centers, storage facilities, senior/retirement housing facilities, medical office buildings and facilities, and various types of student housing are types of:

Real estate securities and Real property assets

8

Which of the following conditions must be met for an REIT?

At least 75% of the REIT's total assets must be invested in real estate assets and cash.

9

The area benefiting from the project paid for by the special assessment is called an

Improvement district

10

Comprehensive Plan:

Written doc prepared by a city's planning board that id's the goals, objectives, principles, guidelines, policies, standards, and strategies for growth and development of a community. AKA a Master Plan.

11

Which of the following is a VLB requirement?

The home must remain as the veteran's primary residence for at least three years.

12

The __ act created the Consumer Financial Protection Bureau.

Dodd-Frank

13

A privately run, for profit financial institution that provides a number of services, including mortgage lending is a

Bank

14

Testate:

The legal term for having a will at death.

15

Where would one take a duly executed, acknowledged, and delivered deed to have it filed as part of the public record?

The county clerk's office of the country where the property is located

16

The real estate settlement procedures act (RESPA)

- Outlaws kickbacks that increase the cost of settlement services
- Requires that consumers receive disclosures at various times in the transaction

17

The number 3.14 (Pi) is used for determining

the area of a circle

18

Which of the following objective values means the value of a piece of property will rise or fall because of a future benefit or a future complication?

Anticipation

19

What is the "natural breakpoint" on a commercial lease?

When the percentage of sales (in a percentage lease) equals the base rent.

20

A leasehold that continues for a definite period of time, which can be anywhere from weeks, to months, to years at a time is:

An estate for years

21

What is a unique political subdivision of a municipality in Texas?

Tax Increment Reinvestment Zone (TIRZ)

22

The right of government to take ownership of privately held real estate is called:

Eminent domain

23

What is a federal program run by the US dept of Treasury which is intended to help homeowners avoid foreclosure?

The Making Home Affordable Program

24

Which of these IS NOT a qualification required to be a licensed residential appraiser in Texas?

Provide 2,000 hours of acceptable and verifiable appraisal experience acquired over a minimum of 12 months.

*Must be 1500 Hours.

25

A CMA is what?

Comparative Market Analysis

26

What occurs in secondary capital markets?

Securities are traded between investors.

27

In a "closing" what actually closes is the:

- Real property sale between the buyer and seller
- buyer's loan between the buyer and his or her lender

28

$288,000 down on a home purchased at $360,000 would be what "loan to value"?

80%

29

Property managers may transfer funds from one owner ledger to a different owner ledger provided that:

?

30

Simple interest adds:

?