Principles of Real Estate in Texas II

Sales Price (T) × Commission rate (%) = Commission (Formula to calculate commission)

Investors take advantage of same tax benefits as mutual fund investors when funds directed to:

What is frequently used to cure a title defect (cloud on title) such as misspelled name?

Construction loans-usully short term-require proprty sold by completion, or this loan is needed

Most probable use to which property suited resulting in highest value is called what?

Sets max VA loan amount for a property after the VA reviews appraisal by VA-approved appraiser.

What is it called when zoning variance permits relief from certain zoning ordinance regs?

Deed saying only that property not inhibited when held title except noted in deed.

REITs provide investors the ability to...

How should delinquent rent from tenants be handled?

How can you gauge the budget of a successful management plan?

How many days before closing, if buyer requests, must HUD-1 Settlement Statement be provided?

Under Texas promulgated sales contract, who is required to furnish evidence of good title?

Usually used in rental of retail business locations and provides min. fixed rental fee, etc.

Use of land not zoned for acceptable use may be permitted through a variance by obtaining...

After contract signed by all parties, TREC requires broker deposit earnest money by when?

What occurs when sale of home doesn't happen?

Acres allowed in 10-year adverse possession statute by one who cultivates/enjoys the property.

What is evidence of title in Texas?

Value of feature ($20K kitchen reno) in sbjct property but not in comp property should be what?

Who forecloses on property for benefit of lender if borrower defaults?

Upon issuance of a title policy, how often is the premium paid?

Utilities installed, parks constructed, marketing initiated, titles transferred as lots sold.

Intrst due on pymnt dt calc'd by computng totl yrly intrst based on __ & ÷ by # of yrly pymnts.

A record of condensed history of all instruments found in title search affecting a land parcel.

True ann. intrst rate includes nominal intrst rate & costs incurred b/c loan transaction occurs

Title co acquires all remedies/rights of insured against anyone resp. for settled claim via:

How is interest required to be given?

To what are changes in interest rates tied?

A record of a property's ownership is called:

Which party gives the title and must be signed by all of this party named in the deed?

A tenant should do which of the following with regards to smoke alarms and hearing impaired?

What clause defines quality and quantity of ownership given in a life estate, for example?

Through covenant against this, grantor warrants property free from liens, except stated in deed

To qualify as Texas veteran, loan applicant must:

A ground lease is for land only and is usually good for 50+ years. This is considered a...

Investor required to pay this tax on liquidated investments w/o acquiring replacement property.

This is the owner's right to redeem property before foreclosure sale.

A 100% LTV would give maximum leverage (use of borrowed money) to investor by...

Investor's initial cost for real estate adjusted by adding improvements, minus depreciation is?

Number of days prior that trustee is required to give written notice of proposed sale.

Who might a property owner hire to maintain and lease properties on property owner's behalf?.

Lease for any fixed time period, w/ specific start / end, no auto renew or termination notice.

What must happen to extend deed restrictions if specified in the deeds of a subdivision?

In Ltd. partnership agreement, this party organizes/operates/responsible for entire syndicate.

Under a will, this disposition is also called a legacy.

How does a real estate owner create a deed restriction?

Community property passes on the death of one spouse w/o a will in one of two ways:

Under Texas law, how many days must a tenant's security deposit be refunded upon surrender.

What's it called when a buyer is charged for something that increases their closing obligation?

When a landlord files suit for possession to have tenant removed from premises it's called...

Who pays for recording fees for deed to transfer title and for deed of trust if loan obtained?

Program offers this to 1st time home buyers for very-low-income or moderate-income families.

∅ pymnt due: til sold, move out > 12 mos w/o apprvl, dies, or defaults any terms deed of trust.

Utilities installed, parks constructed, marketing initiated, titles transferred as lots sold.