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Texas Real Estate Law - SAE Champions School Of Real Estate Practice Exam with Answers (81 Solved Questions)

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    Texas Real Estate Law - SAE Champions School Of Real Estate 1. CERCLA Liability Rules Hazardous Substance Liability 1. Owner 2. Prop Manager 3. Cleaner of the Facility 2. Fair Credit Re- porting Act A federal law that established procedures that con- sumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and prop- erly used. 3. Truth in Lending Act An act which requires lenders to inform borrowers of all direct, 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, national origin, sex, age, or marital status. 5. CERCLA Comprehensive Environmental Response, Compensa- tion, and Liability Act 6. Title Theory Legal concept that vests title to mortgaged property in the mortgagee (lender) or a third party. 7. Lien Theory Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of pos- session but must foreclose the lien and sell the property if the mortgagor defaults. (Texas is a Lien Theory State) 8. Extraterritorial Jurisdiction Unincorporated land area beyond the geopolitical bound- aries of a city over which the city exercises limited plat review of development. 9. Intermediary Re- lationships Broker reps both the buyer and seller Broker remains neutral and avoids negotiating. The broker must first get written consent of both parties 10. Sources of Law statutory law- state and federal law. In the Area of real estate State law has been the controlling law as the uniqueness and backgrounds in each state. 11. zoning statutes indirect municipal power use 1 / 9

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    Texas Real Estate Law - SAE Champions School Of Real Estate Control of Land Used by City- Pri- mary Method 12. Types of Owner- ship Ownership in Severalty, Tenancy in Common, Joint Tenan- cy 13. Texas Home- stead Texas 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 can qualify for these special protections and interests. 14. Effective Dates Contracts The date all parties sign 15. Causes of Forces sale of TX Home- stead Non payment of Maintenance Liens, Bankruptcy, Home- stead may not be a Yacht, Violates Drug Laws, Intent to defraud a creditor, A lien existed prior to designation, Renouncing Homestead rights before they were instated. Limited homestead to 125k if claimant filed for bankruptcy within 1,215 days after acquiring homestead. 16. Court Claims Limits No more than 10k 17. Estates involved in Easement Ap- purtenant An easement appurtenant is created for the benefit of another tract of land. There must be two owners involved this owner is known as Servient Estate. 18. Deed Term- Covenants A clause in a deed that are usually given or received as consideration for the transfer of title. A deed may contain a covenant that as a part of the conveyance the grantee agrees not to construct any noxious or odorous industrial plants on prop. CONDITION! 19. Deed Term-Ex- ceptions Exceptions convey limitations to title such as mineral rights, air rights and deed restrictions. 20. Recording Is a document the simplest method of creating notice. 4 basic requirements that an instrument must have to be a 2 / 9

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