Texas Real Estate Law - SAE Champions School Of Real Estate Practice Exam with Answers (81 Solved Questions) - Past Exams | Other Exams & Certifications

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Texas Real Estate Law - SAE Champions School Of Real Estate1.CERCLA LiabilityRulesHazardous Substance Liability1. Owner 2. Prop Manager 3. Cleaner of the Facility2.Fair Credit Re-porting ActA federal law that established procedures that con-sumer-reporting agencies must follow in order to ensurethat records are confidential, accurate, relevant and prop-erly used.3.Truth in LendingActAn act which requires lenders to inform borrowers of alldirect, indirect and true costs of credit.4.Equal Credit Op-portunity Act(ECOA)The federal law that prohibits discrimination in the exten-sion of credit because of race, color, religion, nationalorigin, sex, age, or marital status.5.CERCLAComprehensive Environmental Response, Compensa-tion, and Liability Act6.Title TheoryLegal concept that vests title to mortgaged property in themortgagee (lender) or a third party.7.Lien TheorySome states interpret a mortgage as being purely a lienon real property. The mortgagee thus has no right of pos-session but must foreclose the lien and sell the property ifthe mortgagor defaults. (Texas is a Lien Theory State)8.ExtraterritorialJurisdictionUnincorporated land area beyond the geopolitical bound-aries of a city over which the city exercises limited platreview of development.9.Intermediary Re-lationshipsBroker reps both the buyer and seller Broker remainsneutral and avoids negotiating. The broker must first getwritten consent of both parties10.Sources of Lawstatutory law- state and federal law. In the Area of realestate State law has been the controlling law as theuniqueness and backgrounds in each state.11.zoning statutes indirect municipal power use1 / 9

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Texas Real Estate Law - SAE Champions School Of Real EstateControl of LandUsed by City- Pri-mary Method12.Types of Owner-shipOwnership in Severalty, Tenancy in Common, Joint Tenan-cy13.Texas Home-steadTexas Homestead laws are created by the Texas Constitu-tion to provide special protections to land and the improve-ments thereon. Only certain land in certain amounts canqualify for these special protections and interests.14.Effective DatesContractsThe date all parties sign15.Causes of Forcessale of TX Home-steadNon payment of Maintenance Liens, Bankruptcy, Home-stead may not be a Yacht, Violates Drug Laws, Intentto defraud a creditor, A lien existed prior to designation,Renouncing Homestead rights before they were instated.Limited homestead to 125k if claimant filed for bankruptcywithin 1,215 days after acquiring homestead.16.Court ClaimsLimitsNo more than 10k17.Estates involvedin Easement Ap-purtenantAn easement appurtenant is created for the benefit ofanother tract of land. There must be two owners involvedthis owner is known as Servient Estate.18.Deed Term-CovenantsA clause in a deed that are usually given or received asconsideration for the transfer of title. A deed may containa covenant that as a part of the conveyance the granteeagrees not to construct any noxious or odorous industrialplants on prop. CONDITION!19.Deed Term-Ex-ceptionsExceptions convey limitations to title such as mineralrights, air rights and deed restrictions.20.RecordingIs a document the simplest method of creating notice. 4basic requirements that an instrument must have to be a2 / 9

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