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Flashcards in Final Exam Deck (50)
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31

If a commercial landlord has locked a tenant out of leased premises in violation of Section 93.002, the tenant

May recover possession of the premises as provided by section 93.003

32

The Federal National Mortgage Association is better known as

Fannie Mae

33

A county clerk who accepts electronic docs for recording shall:

?

34

A home equity conversion mortgage (HECM) is also known as a(n):

reverse mortgage

35

In Texas, recording fees are paid to whom?

The county clerk in the county where the property is located

36

Which title is a property title that is considered free from defect and therefor the possibility of litigation is eliminated but even though there may still be encumbrances on the title it is one of which the parties are aware, such as a lien or an easement?

?

37

Width x Depth x 0.5 of a square will give you the area of a

triangle

38

A certified general appraiser is authorized to appraise:

All types of real property

39

A short sale is a situation where the mortgage lender allows the borrow to sell the property:

Rapidly and for an amount that does not cover the full balance of the loan

40

While they can happen at the same time, consummation is a legally distinct point in time where the borrower

Becomes contractually obligated to the lender

41

When an offer to purchase real estate in this state is signed, a license holder shall advise each buyer, in writing, that the buyer should

?

42

A property's assessed value is...

- determined by multiplying the property's appraised value by an assessment ratio
- a fixed percentage of the property's fair market value
- the lower of its real market value or its mx assessed value

43

The market comparison, or sale approach, estimates the value by:

comparing the property to similar properties that have sold in the local market, accounting for differences between the evaluated properties and comparison properties.

44

What is the general formula to determine capital gain

Purchase price-base value = capital gain

45

Properties are of like-kind:

If they are of the same nature or character, even if they differ in grade or quality

46

assets such as single-family homes, apartments or apartment buildings, or shopping facilities are what?

None of the answers are correct

47

Replacement cost, or the dollar amount to construct at current prices a structure that is NOT exactly the same is which type of appraisal?

None of these answers are correct.

48

The minimum general requirements for an instrument to qualify as a deed in texas are that it must contain each of the following, except:

An expiration date

49

Which of the following combines and replaces the final truth-in-lending disclosure and the HUD-1?

The closing disclosure

50

The four major factors adjusted for when performing a market comparison on a home DOES NOT include:

Climate