Principles of Real Estate 1
% x list price= - ✔✔Sales price
% x market value= - ✔✔Assessed value
% x original cost= - ✔✔Profit
% x total area= - ✔✔Usable area
% x total= - ✔✔Part
1 acre= how many sq ft? - ✔✔43,560 sq. ft
100% - commission rate x sales price= - ✔✔Seller's net
100% - depreciation % x original cost= - ✔✔Depreciated value
100% + appreciation % x original cost= - ✔✔Appreciated value
A complete history of the title of a piece of property is called an - ✔✔abstract
A contract that can be canceled by one of the parties is called - ✔✔voidable
A contract that meets all of the requirements of the law is called - ✔✔valid
A handwritten will is called a - ✔✔holographic will
A lease with a specific starting and ending date is called - ✔✔an estate for years or tenancy for years.
, A loan that covers two or more pieces of property on one note is called - ✔✔a blanket loan
A mortgage becomes a lien when it is - ✔✔recorded
A property description that is considered an informal reference is - ✔✔a street address.
An easement can be terminated by - ✔✔merger
capitalization rate x market value= - ✔✔Net income
commission rate x sales price= - ✔✔Commission
Contracts that are signed and carried out are called - ✔✔executed
Deeds require the signature of - ✔✔the grantor
Higher value properties cause an increase in the value of the subject property is called - ✔✔Progression
How long does a consumer have to file a complaint with TREC against a licensee? - ✔✔Four years
If the licensee pays a commission to any unlicensed person, places a sign offering a property without the
written permission of the owner, sells real estate by lottery this can happen.... - ✔✔A license can be
revoked or suspended by the TREC
If the parties of a contract agree to terminate the contract, it is called - ✔✔mutual rescission
If you believe you are a victim of discrimination under the Federal Fair Housing laws, how long do you
have to file a complaint? - ✔✔1year
% x list price= - ✔✔Sales price
% x market value= - ✔✔Assessed value
% x original cost= - ✔✔Profit
% x total area= - ✔✔Usable area
% x total= - ✔✔Part
1 acre= how many sq ft? - ✔✔43,560 sq. ft
100% - commission rate x sales price= - ✔✔Seller's net
100% - depreciation % x original cost= - ✔✔Depreciated value
100% + appreciation % x original cost= - ✔✔Appreciated value
A complete history of the title of a piece of property is called an - ✔✔abstract
A contract that can be canceled by one of the parties is called - ✔✔voidable
A contract that meets all of the requirements of the law is called - ✔✔valid
A handwritten will is called a - ✔✔holographic will
A lease with a specific starting and ending date is called - ✔✔an estate for years or tenancy for years.
, A loan that covers two or more pieces of property on one note is called - ✔✔a blanket loan
A mortgage becomes a lien when it is - ✔✔recorded
A property description that is considered an informal reference is - ✔✔a street address.
An easement can be terminated by - ✔✔merger
capitalization rate x market value= - ✔✔Net income
commission rate x sales price= - ✔✔Commission
Contracts that are signed and carried out are called - ✔✔executed
Deeds require the signature of - ✔✔the grantor
Higher value properties cause an increase in the value of the subject property is called - ✔✔Progression
How long does a consumer have to file a complaint with TREC against a licensee? - ✔✔Four years
If the licensee pays a commission to any unlicensed person, places a sign offering a property without the
written permission of the owner, sells real estate by lottery this can happen.... - ✔✔A license can be
revoked or suspended by the TREC
If the parties of a contract agree to terminate the contract, it is called - ✔✔mutual rescission
If you believe you are a victim of discrimination under the Federal Fair Housing laws, how long do you
have to file a complaint? - ✔✔1year
