Champions Principles of Real Estate 1 Exam With 100% Correct Answers 2024

Champions Principles of Real Estate 1 Exam With 100% Correct Answers 2024 Leasehold Estates - answerpossession and use of property without ownership Estate for years (tenancy for years) - answerany lease with a specific starting and ending date. Survives the death or sale of the property Periodic Tenancy/periodic estate - answerlease that automatically renews itself for like periods. example month to month. Requires notice to terminate Estate at Will - answerVery loose agreement, terminates on death or sale of the property Tenancy in Sufferance - answercreated when a tenant remains on the property after a lease has expired Requirements of a Valid Lease - answerCompetent parties, let and take agreement, adequate consideration (rent), legal purpose, property description Emblements - answerAnnual crops. Even though attached to the land they remain personal property through harvest Recovery Trust Account - answerPayments may not exceed $50,000 for single transaction and $100,000 per licenseholder Estate - answerthe interest or nature of interest a person has in real property. Bundle of Rights - answerRights associated with property ownership Fee simple absolute - answerBest type of ownership - Always a state of inheritance Fee simple defeasible - answerOwnership that can be voided if a condition or requirement for use of land is not met Life Estate - answerownership for the duration of someone's life. Owner is called the life tenant. At the end of the tenant's life the property goes back to the original grantor ( life tenant with reversion) or to a 3rd party (remainderman) TREC time to file a complaint - answer4 years from incident date Agency - answerrelationship that exists when one person (agent) acts on behalf of another person (the principal or client). Fiduciary relationship based on trust Types of Agency - answerUniversal - full authority to conduct business on behalf of the clint - POA. Minors , Imprisonment, Militar General - right to represent individual in a particular type of transaction. Property Manager to Owner Agent to Broker Special - most limited - agent performs limited duties for the principal. Agent to Client. Broker to Client Legal Descriptioin - answerUsed in sales contracts and agreement IABS (Information about Brokerage Services) - answerProvides consumers with necessary information regarding agency relationships with licenseholders. Must be provided to all potential parties at first substantive discussion. TRELA (Texas Real Estate License Act) - answerThe purpose is to protect the public against unscrupulous brokers and ag