Texas Real Estate Law - SAE Champions School Of Real Estate Correctly Answered 2024

Texas Real Estate Law - SAE Champions School Of Real Estate Correctly Answered 2024 CERCLA Liability Rules - Answer -Hazardous Substance Liability 1. Owner 2. Prop Manager 3. Cleaner of the Facility Fair Credit Reporting Act - Answer -A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used. Truth in Lending Act - Answer -An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit. Equal Credit Opportunity Act (ECOA) - Answer -The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national origin, sex, age, or marital status. CERCLA - Answer -Comprehensive Environmental Response, Compensation, and Liability Act Title Theory - Answer -Legal concept that vests title to mortgaged property in the mortgagee (lender) or a third party. Lien Theory - Answer -Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults. (Texas is a Lien Theory State) Extraterritorial Jurisdiction - Answer -Unincorporated land area beyond the geopolitical boundaries of a city over which the city exercises limited plat review of development. Intermediary Relationships - Answer -Broker reps both the buyer and seller Broker remains neutral and avoids negotiating. The broker must first get written consent of both parties Sources of Law - Answer -statutory law- state and federal law. In the Area of real estate State law has been the controlling law as the uniqueness and backgrounds in each state. Control of Land Used by City- Primary Method - Answer -zoning statutes indirect municipal power use Types of Ownership - Answer -Ownership in Severalty, Tenancy in Common, Joint TenancyTexas Homestead - Answer -Texas Homestead law