TEXAS PRINCIPLES 1 EXAM - CHAMPIONS SCHOOL OF REAL ESTATE WELL RESEARCHED

• The law requiring real estate contracts to be in writing is called the...? statue of frauds • Statute of Frauds: law that requires some documents (deeds included) to be in writing and signed in order to be enforceable by law • Illegal practice of directing home seekers to a particular neighborhood based on fair housing protected classes? Steering • Taking buyers to or away from a particular area based on any of the protected categories under Fair Housing Laws is called...? steering or channeling • When a buyer purchases a property and takes over the payments and liability on an existing loan it is called a(n)...? straight assumption • A property description that is considered an informal reference is. tax: tax rate x assessed value = a street address