Texas Principles Of Real Estate II Final Exam: Questions &
Answers: Latest Updated
Written documents affecting a title to real estate are recorded: - VERIFIED
ANSWER- At the county clerk's office where the property is located
A person appointed by a court to settle the estate of a deceased person when
the executor cannot perform or refuses to perform is: - VERIFIED ANSWER- An
administrator
What is an abstract of title? - VERIFIED ANSWER- A history of all recorded
activity affecting a parcel of real estate
A title insurance policy in favor of the mortgagee will insure the: - VERIFIED
ANSWER- Lender
A chain of title shows the linkage of property ownership that connects the
present owner to the original source of title. In most cases it starts with: -
VERIFIED ANSWER- The original grant of the land from the Government to a
private citizen
A handwritten will signed by the testator but not witnessed is known as a -
VERIFIED ANSWER- Holographic will
,A voluntary gift of private land to the public is known as: - VERIFIED ANSWER-
Dedication
The General Warranty Deed contains: - VERIFIED ANSWER- The covenant of
seisin AND the covenant against encumbrances
In order to convey title to real property, a deed must be signed by the: -
VERIFIED ANSWER- Grantor
Sam has moved onto a property owned by Fred. Sam is not leasing the
property. If Sam holds possession of the property for a long period of time, he
will own the property thru adverse possession. - VERIFIED ANSWER- True
The act passed in 1968 to protect the consumer from land scams is the: -
VERIFIED ANSWER- Interstate Land Sales Full Disclosure Act (ILSFDA or LISA)
The trustee in a deed of trust: - VERIFIED ANSWER- Forecloses on the property
in the event of default
Removing the original borrower's name from the note and substituting the new
buyers name is called: - VERIFIED ANSWER- Novation
The right to redeem the property before a mortgage foreclosure sale is called:
- VERIFIED ANSWER- Equitable redemption
,The right to redeem the property after a tax foreclosure sale is called: -
VERIFIED ANSWER- Statutory redemption
The Texas Bootstrap Loan Program is a self-help housing construction program
for very low-income families. - VERIFIED ANSWER- True
The Federal Reserve Bank: - VERIFIED ANSWER- Was created to provide the
nation with a more stable monetary and financial system
The use of a property that will give it its greatest current value is its: -
VERIFIED ANSWER- Highest and best use
A small corner grocery store existed before the land was zoned residential by
a new zoning ordinance. The grocery store is an example of: - VERIFIED
ANSWER- A nonconforming use
Laws that limit the amount of interest that can be charged to borrowers are
called: - VERIFIED ANSWER- Usury laws
A borrower's property serves as collateral while the borrower retains the
rights of possession and use of it by the process of: - VERIFIED ANSWER-
Hypothecation
, Which of the following estimates of value is most likely to provide only a rough
estimate of the value of the rental property? - VERIFIED ANSWER- Gross rent
multiplier
An estate for years will always have an: - VERIFIED ANSWER- Expiration date
The use of property could be changed without changing the zoning by using a: -
VERIFIED ANSWER- Variance
Which of the following are public restrictions on the use of real property? -
VERIFIED ANSWER- A. ZONING LAWS
B. condominium bylaws
C. restrictive covenants
D. deed restrictions
A blanket mortgage is: - VERIFIED ANSWER- A mortgage that covers more than
one property
In the market approach, a real estate appraiser looks for data on sales of
comparable properties which have occurred within the last: - VERIFIED
ANSWER- Six months
The governing body of a cooperative is called a: - VERIFIED ANSWER- Board of
directors
Answers: Latest Updated
Written documents affecting a title to real estate are recorded: - VERIFIED
ANSWER- At the county clerk's office where the property is located
A person appointed by a court to settle the estate of a deceased person when
the executor cannot perform or refuses to perform is: - VERIFIED ANSWER- An
administrator
What is an abstract of title? - VERIFIED ANSWER- A history of all recorded
activity affecting a parcel of real estate
A title insurance policy in favor of the mortgagee will insure the: - VERIFIED
ANSWER- Lender
A chain of title shows the linkage of property ownership that connects the
present owner to the original source of title. In most cases it starts with: -
VERIFIED ANSWER- The original grant of the land from the Government to a
private citizen
A handwritten will signed by the testator but not witnessed is known as a -
VERIFIED ANSWER- Holographic will
,A voluntary gift of private land to the public is known as: - VERIFIED ANSWER-
Dedication
The General Warranty Deed contains: - VERIFIED ANSWER- The covenant of
seisin AND the covenant against encumbrances
In order to convey title to real property, a deed must be signed by the: -
VERIFIED ANSWER- Grantor
Sam has moved onto a property owned by Fred. Sam is not leasing the
property. If Sam holds possession of the property for a long period of time, he
will own the property thru adverse possession. - VERIFIED ANSWER- True
The act passed in 1968 to protect the consumer from land scams is the: -
VERIFIED ANSWER- Interstate Land Sales Full Disclosure Act (ILSFDA or LISA)
The trustee in a deed of trust: - VERIFIED ANSWER- Forecloses on the property
in the event of default
Removing the original borrower's name from the note and substituting the new
buyers name is called: - VERIFIED ANSWER- Novation
The right to redeem the property before a mortgage foreclosure sale is called:
- VERIFIED ANSWER- Equitable redemption
,The right to redeem the property after a tax foreclosure sale is called: -
VERIFIED ANSWER- Statutory redemption
The Texas Bootstrap Loan Program is a self-help housing construction program
for very low-income families. - VERIFIED ANSWER- True
The Federal Reserve Bank: - VERIFIED ANSWER- Was created to provide the
nation with a more stable monetary and financial system
The use of a property that will give it its greatest current value is its: -
VERIFIED ANSWER- Highest and best use
A small corner grocery store existed before the land was zoned residential by
a new zoning ordinance. The grocery store is an example of: - VERIFIED
ANSWER- A nonconforming use
Laws that limit the amount of interest that can be charged to borrowers are
called: - VERIFIED ANSWER- Usury laws
A borrower's property serves as collateral while the borrower retains the
rights of possession and use of it by the process of: - VERIFIED ANSWER-
Hypothecation
, Which of the following estimates of value is most likely to provide only a rough
estimate of the value of the rental property? - VERIFIED ANSWER- Gross rent
multiplier
An estate for years will always have an: - VERIFIED ANSWER- Expiration date
The use of property could be changed without changing the zoning by using a: -
VERIFIED ANSWER- Variance
Which of the following are public restrictions on the use of real property? -
VERIFIED ANSWER- A. ZONING LAWS
B. condominium bylaws
C. restrictive covenants
D. deed restrictions
A blanket mortgage is: - VERIFIED ANSWER- A mortgage that covers more than
one property
In the market approach, a real estate appraiser looks for data on sales of
comparable properties which have occurred within the last: - VERIFIED
ANSWER- Six months
The governing body of a cooperative is called a: - VERIFIED ANSWER- Board of
directors
