Texas Real Estate State Exam
Three Basic techniques to Appraisals - ANS-market information or income
evaluation,earnings or capitalization approach, and alternative price or summation method
three kinds of depreciation in fee method - ANS-Physical deterioration,Functional
obsolescence, Economic obsolescence
4 Characteristics of Value (DUST) - ANS-Demand, Utility,Scarcity,Transferability
four leasehold estates - ANS-Estate for years, periodic Tenancy, Estate at will, tenancy at
sufferance
Abstract of identify - ANS-entire records of all recorded activities affecting the name
Acceleration Clause - ANS-within the nation of default complete amt of main is due
Accesion - ANS-Acquiring exchange furniture through non removal previous to termination of
rent
Acre - ANS-43,560 rectangular toes
Adverse Possession (Squatters rights) - ANS-occurs when property is obtained from the
rightful owner via the State of Limitations
Agents duties (OLD CAR) - ANS-Obedience, Loyalty, Disclosure, Confidentiality, Accounting,
Reasonable Care *Trust isn't a responsibility
Alienation Clause - ANS-Due on sale clause states balance is due if sold w/o mortgagee's
approval
Annexation - ANS-Process of attaching personal assets to actual belongings making it a
fixture
Appraisers - ANS-must observe USPAP (Uniform requirements of Professional Appraisal
Practice) some lenders require Fannie Mae appraisal
Appraisers Principles to Value (9) - ANS-Highest and Best use, Principle of Substitution,
Principle of Conformity, Principle of Increasing and Decreasing Returns, Principle of
Contribution, The Principle of Regression, The principle of Competition, The Principle of
Change, The Principle of Anticipation
Assemblage or plottage - ANS-combining several parcels of land into one
, Assessed Value - ANS-price of assets for tax purposes
Assumption clause - ANS-if mortgage is assumed new shoppers obligated to pay off
mortgage
Bilateral contract - ANS-change promises which binds two birds ex sales agreement
Blanket mortgage - ANS-Covers one than one piece of belongings
Blockbusting - ANS-panic promoting
Broker Lawyer Committee - ANS-writes promulgated contracts 13 individuals 6 are agents 6
legal professionals and 1 public member
Brokers edu requirements - ANS-900 classroom hrs 30hrs in RE Brokerage 4yrs active
income licensee
Budget loan - ANS-includes PITI examples are FHA,VA, and maximum amortized constant
charge loans are price range mortgages
Buffer zone - ANS-region of land setting apart one land use for another
CERCLA - ANS-surpassed 1980 est. Superfund to smooth up dangerous waste
Chain of title - ANS-list of all owners of the property
Chronological age - ANS-age of assets in years
CMA Comparative Market Analysis - ANS-a tool licensee use to decide charge for his or her
property the use of modern listings,recent sales and expired listings
Conforming loans - ANS-Loans qualified to be bought within the secondary market
Conversion - ANS-spending commingled funds
Cost method - ANS-additionally know as summation technique how plenty it would fee to
breed or construct examples are churches or govt homes,new creation
Deed of believe - ANS-Texas makes use of instead of traditional mtg consists of "Power of
Sale" Clause that permits for "Non-judicial foreclosure" short foreclosures
Defeasance clause - ANS-release of lein whilst debt is repaided
Defeasible Fee, Conditional Fee, Qualified Fee, Qualified Defeasible Fee - ANS-ownership
with conditions or phrases which if violated may want to reason the possession interest to be
defeated or terminated.
Deferred Maintenance - ANS-sort of physical depreciation (normal put on and tear)
Three Basic techniques to Appraisals - ANS-market information or income
evaluation,earnings or capitalization approach, and alternative price or summation method
three kinds of depreciation in fee method - ANS-Physical deterioration,Functional
obsolescence, Economic obsolescence
4 Characteristics of Value (DUST) - ANS-Demand, Utility,Scarcity,Transferability
four leasehold estates - ANS-Estate for years, periodic Tenancy, Estate at will, tenancy at
sufferance
Abstract of identify - ANS-entire records of all recorded activities affecting the name
Acceleration Clause - ANS-within the nation of default complete amt of main is due
Accesion - ANS-Acquiring exchange furniture through non removal previous to termination of
rent
Acre - ANS-43,560 rectangular toes
Adverse Possession (Squatters rights) - ANS-occurs when property is obtained from the
rightful owner via the State of Limitations
Agents duties (OLD CAR) - ANS-Obedience, Loyalty, Disclosure, Confidentiality, Accounting,
Reasonable Care *Trust isn't a responsibility
Alienation Clause - ANS-Due on sale clause states balance is due if sold w/o mortgagee's
approval
Annexation - ANS-Process of attaching personal assets to actual belongings making it a
fixture
Appraisers - ANS-must observe USPAP (Uniform requirements of Professional Appraisal
Practice) some lenders require Fannie Mae appraisal
Appraisers Principles to Value (9) - ANS-Highest and Best use, Principle of Substitution,
Principle of Conformity, Principle of Increasing and Decreasing Returns, Principle of
Contribution, The Principle of Regression, The principle of Competition, The Principle of
Change, The Principle of Anticipation
Assemblage or plottage - ANS-combining several parcels of land into one
, Assessed Value - ANS-price of assets for tax purposes
Assumption clause - ANS-if mortgage is assumed new shoppers obligated to pay off
mortgage
Bilateral contract - ANS-change promises which binds two birds ex sales agreement
Blanket mortgage - ANS-Covers one than one piece of belongings
Blockbusting - ANS-panic promoting
Broker Lawyer Committee - ANS-writes promulgated contracts 13 individuals 6 are agents 6
legal professionals and 1 public member
Brokers edu requirements - ANS-900 classroom hrs 30hrs in RE Brokerage 4yrs active
income licensee
Budget loan - ANS-includes PITI examples are FHA,VA, and maximum amortized constant
charge loans are price range mortgages
Buffer zone - ANS-region of land setting apart one land use for another
CERCLA - ANS-surpassed 1980 est. Superfund to smooth up dangerous waste
Chain of title - ANS-list of all owners of the property
Chronological age - ANS-age of assets in years
CMA Comparative Market Analysis - ANS-a tool licensee use to decide charge for his or her
property the use of modern listings,recent sales and expired listings
Conforming loans - ANS-Loans qualified to be bought within the secondary market
Conversion - ANS-spending commingled funds
Cost method - ANS-additionally know as summation technique how plenty it would fee to
breed or construct examples are churches or govt homes,new creation
Deed of believe - ANS-Texas makes use of instead of traditional mtg consists of "Power of
Sale" Clause that permits for "Non-judicial foreclosure" short foreclosures
Defeasance clause - ANS-release of lein whilst debt is repaided
Defeasible Fee, Conditional Fee, Qualified Fee, Qualified Defeasible Fee - ANS-ownership
with conditions or phrases which if violated may want to reason the possession interest to be
defeated or terminated.
Deferred Maintenance - ANS-sort of physical depreciation (normal put on and tear)
