Texas Principles Of Real Estate II Final Exam: Questions & Answers:

Texas Principles Of Real Estate II Final Exam: Questions &
Answers:


A voluntary gift of private land to the public is known as:
A. Alienation
B. A dedication
C. Reliction
D. Annexation - B. A dedication

The general warranty deed contains:
A. The covenant of seisin
B. The covenant against encumbrances
C. Both A and B
D. Neither A or B - C. Both A and B

In order to convey title to real property, a deed must be signed by the:
A. Grantee
B. Grantor
C. Agent
D. Buyer - B. 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 through:
A. Adverse possession
B. Eminent domain
C. Foreclosure
D. Erosion - A. Adverse possession

The Act passed in 1968 to protect the consumer from land scams is the:
A. Buyers Land Protection Act
B. Interstate Land Sales Full Disclosure Act (ILSFDA or ILSA)
C. Federal Land and Housing Act
D. Texas Public Ownership - B. Interstate Land Sales Full Disclosure Act (ILSFDA or
ILSA)

The trustee in a deed of trust:
A. Writes the contract for the buyer
B. Shows the property to the buyer
C. Forecloses on the property in the event of default
D. Collects the monthly payments - C. 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:
A. Novation
B. Substitute
C. Covenants
D. Subdividing - A. Novation

-

1. Written documents affecting title to real estate are recorded:
A. Where the titleholder resides
B. Where the titleholder has legal residence
C. At the county clerk's office where the property is located
D. At any county clerk's office in Texas - C. 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:
A. Another executor
B. A legatee
C. An administrator
D. A devisee - C. An administrator

What is an abstract of title?
A. Title insurance
B. A history of all recorded activity affecting a parcel of real estate
C. A judgment on real property
D. A patent - B. A history of all recorded activity affecting a parcel

Property managers have a _______________ relationship with the property owner.
A. Partnership
B. Subagency
C. Binding
D. Fiduciary - D. Fiduciary

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:
A. Ownership from 1955
B. Chattel
C. A suit in a federal court
D. The original grant of the land from the government to a private citizen - D. 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(n):

, A. Nuncupative will
B. Holographic will
C. Oral will
D. Formal will - B. Holographic will


The right to redeem the property before a mortgage foreclosure sale is called:
A. Equitable redemption
B. Buyer redemption
C. Statutory redemption
D. This is never used in Texas. - A. Equitable redemption

The right to redeem the property after a tax foreclosure sale is called:
A. Equitable redemption
B. Buyer redemption
C. Statutory redemption
D. Never used in Texas - C. Statutory redemption

The Texas Bootstrap Loan Program:
A. Is a self-help housing construction program for very low-income families
B. Is only for persons over 65
C. Must be built completely by the family
D. Is only for homes costing more than $300,000 - A. Is a self-help housing construction
program for very low-income families

The Federal Reserve Bank:
A. Is the most common bank seen in most cities
B. Was created to provide the nation with a more stable monetary and financial system
C. Provides loans to most residential home buyers
D. Was created in 2013 - B. Was created to provide the nation with a more stable
monetary and financial system

FHA loans are_______________________ and VA loans are
_________________________.
A. Insured by the Federal Housing Administration ----- guaranteed by the Department of
Veteran Affairs
B. Backed by conventional banks ----- backed by commercial banks
C. Only for people with children ----- only for people without children
D. Farm loans ----- lake loans - A. Insured by the Federal Housing Administration -----
guaranteed by the Department of
Veteran Affairs

One of the property manager's fundamental responsibilities is:
A. Obtaining a construction loan for the owner
B. Financial reporting to the principal
C. Finding a buyer for the property