Academicmaterials

Attorney - A person who is licensed to give legal advice Broker - Someone who assists in buying and selling to receive a commission Commingling - An illegal act of mixing personal funds with a client's funds Errors and omissions insurance - Insurance that protects against mistakes a license holder might make in real estate transactions; does not cover acts of fraud or other intentional misconduct Nolo Contendere - A plea in a criminal court in which the defendant accepts the punishment wi...

Texas Property Tax Bundled Cases New 2024,2025 Versions Fully Solved 100%

25.25(c) corrects what kind of error - clerical error 25.25(d) corrects what kind of error - egregious error (1/3rd too high) A motion filed pursuant to the Texas Property Tax Code, section 25.25(d) requires the taxes be paid before the delinquency date (jan 31) in the amount of... - the tax in full or the undisputed amount of the tax Article VIII, Sec 1 of the Texas Constitution - establishes the right to tax real and tangible personal property; Equal and uniform taxation is cited in Cha...

Ad Valorem - according to value property taxes based on value Appraisal Districts - referred to as county appraisal districts or CADs for each county (except for Potter-Randall as they share) Elected board of directors governs each CAD Appraisal Review Boards - hears protest, taxing unit challenges, correction motions, and settles disputes about value approves records to create district's appraisal roll ARB hearings conclude when? - Must be concluded by July 20th Assessment phase - phas...

________________ can not engage in Ex Parte Communications. - A member of the board of directors of an appraisal district 4 types of units may levy property taxes: - 1. counties 2. cities and towns 3. school districts 4. special districts A notice of protest must be filed by taxpayers before ___(date)___ or __#__ days after the appraisal notice is mailed to them. - May 15, 30 A property owner is entitled to appeal through binding arbitration if the appraised market value of the property...

(Income Producing) Personal Property - Property not permanently attached to real estate and other assets such as inventories, furniture, and machinery 25.25(c) corrects what kind of error - clerical error 25.25(d) corrects what kind of error - egregious error (1/3rd too high) A motion filed pursuant to the Texas Property Tax Code, section 25.25(d) requires the taxes be paid before the delinquency date in the amount of... - the tax in full or the undisputed amount of the tax A motion filed...

(Income Producing) Personal Property - Property not permanently attached to real estate and other assets such as inventories, furniture, and machinery A taxing unit may elect to allow for split payments, with equal payments due before... - December 1 and July 1 Ad Valorem - Taxed according to value An acre of land contains - 43,560 square feet Appraisal Roll - A listing of all appraisal records, as changed by order of the ARB and approved by that board, constitute the appraisal roll for t...

11.31 pollution control exemption - person is entitled to exemption from taxation in whole or part for a facility or device that is used for the control of air, land or water pollution Ineligible for this exemption: property used to manufacture the devices, property used for residential or recreational purpose Must file permit application/exemption with the TCEQ (Texas Commission on Environmental Quality). Deadline is January 31 23.23(a) sets a limit on the appraised value of a residence h...

A delinquent tax incurs a penalty of... a. 20% for the first calendar month it is delinquent, plus 1% for each additional month until it is paid b. 6% for the first calendar month it is delinquent, plus 1% for each additional month or portion of a month it remains unpaid c. 5% for the first calendar month it is delinquent, plus 2% for each additional month or portion of a month it remains unpaid d. 10% for the first calendar month it is delinquent, plus 2% for each additional month or port...

A $50,000 mortgage has a $5,000 cash equivalency adjustment because of below market financing. The down payment was $3,000. What is the cash equivalent sales price? a. $50,000 b. $55,000 c. $48,000 d. $58,000 - Answer-c. $48,000 A ceiling fan installed in a home is... a. Personal property b. A trade fixture c. A fixture that is now part of the real estate d. Real Property - Answer-c. A fixture that is now part of the real estate A city has a zoning code that does not allow satellite d...

AYPO EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.

____ is the form that licensees are most likely to work with the most frequently a. New Home Contract (Completed Construction) b. Addendum for Property Subject to Mandatory Membership in an Owners' Association c. Environmental Assessment, Threatened or Endangered Species, and Wetlands Addendum d. One to Four Family Residential Contract (Resale) [TREC 1-4] - d. One to Four Family Residential Contract (Resale) [TREC 1-4] "Psychological stigmas," which involve violent or catastrophic event...

A C.L.U.E. report advises a consumer on: - up to seven years of claims history on a property A contract must have a legal purpose in order to be: - enforceable A contraction or generally slowing down of the economy is a: - Recession. A counteroffer is: - a rejection of the original offer A license holder is not liable for a misrepresentation or a concealment of a material fact made by a party to a real estate transaction unless the license holder: - knew of the misrepresentation or conceal...

70% of those who hold the CPM® designation: - hold the highest management positions in their offices (owner/partner/officer/director) A closing disclosure is a document that lists: - The fees and charges imposed on the borrower and the seller in a real estate transaction A CMA is what? - Comparative Market Analysis A county clerk who accepts electronic documents for recording shall: - (1) continue to accept paper documents; and (2) place entries for paper documents and electronic document...

A broker who fails to make it clear to all parties to a real estate transaction which party he or she is representing is normally punished through which of the following means? - A suspension of the broker's license A contract is terminated because the agent neglected to file all of the necessary paperwork to make the contract legal. This contract was terminated by which of the following? - Operation of Law A licensee inadvertently representing more than one party is normally also... - an ...

A "COE" generally IS NOT available to - Dishonorably discharged persons A "COE" generally IS NOT available to: - Dishonorably discharged persons A "direct endorsement" lender has the authority to: - Perform underwriting of the loan on their own a $20,000 5-year loan with 5% simple interest will add how much to the loan each year - $1,000 A contract deed is also called a: - Land Contract A conventional rate and term refinance generally DOES NOT offer an opportunity to: - Take out cas...

A "net listing" is a listing agreement in which the broker's commission? - Is the difference ("net") between the sales proceeds and an amount desired by the owner of the real property. A contraction or generally slowing down of the economy is called which of the following? - Recession A licensee is liable for a misrepresentation or a concealment of a material fact made by a party to a real estate transaction in which of these circumstances? - 1. The licensee knew of the misrepresentat...

A contract must have a legal purpose in order to be - Enforceable A contraction or Generally Slowing down of the economy is called ? - Recession A person not engaged in real estate brokerage, regardless of whether the person is licensed under this chapter, based solely on engaging in which of the following activities - Constructing and remodeling A subpoena may be issued throughout the state and may be served by: - Any person designated by the commission A tenancy by the entirety between ...

_____ is the form that licensees are most likely to work with the most frequently. - One to Four Family Residential Contract (Resale) "Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? - Permitted disclosures "psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? - Permitted disclosutes "subdivision information" means which of the following...

?Is an Agency Relationship Required - Technically, an agency relationship is not needed to assist a buyer during a transaction. Licensees can work with buyers informally as customers, eschewing any contractual agreement. Nor are agents of selling parties forbidden from providing assistance to buyers agents. However, seller's agents must not forget that dual agency is illegal in Texas. "Buyer Beware." - Historically real estate sales were performed under the concept of caveat emptor or "...