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| Early laws based on common practices, use and court decisions |
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| Residential, Commercial, InIndustrial, Mixed-use h TV, Agricultural and Special Purpose |
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| A member of the Nat'l Assn of Real Estate Boards |
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Definition
| A trademark used to define a member of a local association of realtors |
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Definition
| A licensed individual performing RE activities associated with a RE Broker |
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TEXAS REAL ESTATE COMMISSION
12345 6789 |
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Definition
| A group of (6) Brokers & (3) members of the public establised in 1949. All are appointed by the Governor and appoved by the Senate serving a (6) year term to oversee licensing and certification to "protect the public" |
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| TEXAS REAL ESTATE LICENSE ACT |
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Definition
| A statute passed in 1949 to control the licending and practices of RE licensees |
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Term
| TEXAS RE BROKER-LAWYER COMMITTEE. 6 + 1 + 6 = 13membrs |
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Definition
| The commmittee that drafts and revises standard contract forms to be used by RE licencees |
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| The surface of the earth , every thing above and below it including the trees and water |
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| The legal right to use the open space above a parcel of land |
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| SUB SURFACE RIGHTS ( minerals ) |
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Definition
| The legal right to use the space and or minerals below a parcel of land |
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Definition
| Land and all things permanantly attached to it including ownership rights and interests. |
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| Movable objects also called personalty and or chattels |
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Definition
| An item of personal property that is affixed to real property |
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Definition
| legal interest of land ownership which include: Possession Control, Enjoyment, Exclusion and Disposition.[image] |
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Definition
Movable personal property.
(Chattle souns like cattle)[image] |
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Definition
| Moveable crops such as wheat, corn, grapes etc...[image] |
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Definition
| A personal property item that has been permanently affixed to the real property so as to become part of the real property |
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| Moveable crops such as wheat, corn, grapes etc...[image] |
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Definition
| Expensese of real property including materials, labor, permits etc... |
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Definition
| The amount that the buyer is willing to pay |
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Definition
| A fair and acceptable amount for goods or services |
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Definition
| An antisipated or expected amount of value or benefit recieved |
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| A monatary amount or benefit recieved from an improvement |
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Definition
| A place where the price for goods and services are established |
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Definition
| An available amount of goods and or services in a given marketplace. ( Supply and Demand move in opposite directions ) |
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Definition
| The desireability of goods and or services in a given marketplace. ( Supply and Demand move in opposite directions ) |
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Definition
| Federal Emergency Management Agency |
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Definition
| The amount of income derived from the sale of an asset |
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Definition
| Profit amount remaining after debt settlement |
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Definition
| A clause in a homeowners insurance policy requiring a minimum of 80% coverage. |
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Term
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Definition
| A document added or attached to the original insurance policy |
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Term
LAND- PHYSICAL CHARACTERISTICS
( iin shape ) |
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Definition
| Immobile, Indestrucible, Non-homogeneous {i[image]mage: iin shape |
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LAND- ECONOMIC CHARACTERISTICS
$$$ A.R.I.P.$$$ |
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Definition
| Area preference, Relative scarcity, Improvements, Permanance[image] |
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Term
WATER RIGHTS
R-river
L-lake |
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Definition
R- Riparian rights[image]L-Littoral
{image:627w421533869.jpg" align="center">l rights{image:Lake |
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Definition
1.Labor supply
2.Construction & materials costs
3.Gov't controls & policies ie..taxes, zoning and permits |
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Definition
1.Area demographics
2.Area population
3.Employment & wages |
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Definition
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FEE SIMPLE
( FEE SIMPLE ABSOLUTE ) |
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Definition
| Simply put "Fee Simple is the absolute highest form of ownership. |
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Term
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Definition
| Principal, Interest, Taxes and Insurance are the costs of homeownership. " What a pity" |
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DEBT TO INCOME RATIO
( DTI ratio) |
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Definition
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Term
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Definition
$500,000 Married
$250,000 Single
Occupants two of the last five years |
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RULE OF CAPTURE
( Ground Water Rights ) |
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Definition
| A homeowner may drill a well and pump out the water. |
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Definition
| The right to use any body of water. |
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Term
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Definition
| The Association of Real Estate License Law Officials- Operate in the scope of promoting uniformstandatrds and policies of license law administration nd enforcement |
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Term
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Definition
| The Texas law which oversees TREC and other state agencies to evaluate its purpose. |
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Term
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Definition
| A licensed agent authorized to operate a RE brokerage business |
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Term
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Definition
| A duly licensed individual who performs real estate transactions for their sponsoring broker. |
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Term
TRELA
(Texas Occupations Code) |
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Definition
| Texas Real Estate License Act- The laws administerd by TREC that regulates real estate. |
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Term
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Definition
| A notice of up and comming license expiration mailed to the licensee 60-90 days prior if there is no email on file |
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Term
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Definition
| A licensees change in mailing address and contact information must be reported to TREC within 10 days. |
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Term
INFORMATION ABOUT BROKER SERVICES
( IABS ) |
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Definition
A form required to be given to prospective real estate principal at the first substantive discussion.
( Not required at an open house ) |
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Term
7 PROTECTED CLASSES
( F.R.e.S.H C.o.R.N. )
( Fair housing ) |
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Definition
1. Familial status
2. Race
3. Sex
4. Handicap/Disabled
5. Color
6. ReligioColor
7. Nat'l origin |
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Term
4 GOVERNMENT POWERS OVER LAND
( P.E.T.E. ) |
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Definition
Police power
Eminent domain
Taxes
Escheat |
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Term
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Definition
| An " enabiling act" of the state to preserve order and protect public health, safety, morals and general welfare. |
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Term
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Definition
| The government's power to condem private property for public use. |
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Term
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Definition
| The governments power to impose charges to raise funds to meet the public needs |
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Term
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Definition
| The goverments power to possess ownership of real and personal property absent heirs or a will upon their death. |
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Definition
| A form of Fee Simple ownership. that defeated on the occurrence or non occurrence of a particular event. |
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Term
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Definition
| A form of fee simple estate that automatically terminates on the occurrence of a specified event |
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Term
| FEE SIMPLE SUBJECT TO A CONDITION SUBSEQUENT |
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Definition
| A fee simple ownership that exist provided a condition is met. ie: A parcel of land donated only for a park. |
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Definition
| A a competent party who is The giver or the person transferring the deed. |
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Term
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Definition
| The person who receives the deed from the grantor |
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Term
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Definition
| Something of value given in exchange as payment |
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Term
GRANTING CLAUSE
( Words of conveyance ) |
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Definition
| words that Express the act of giving transferring selling or granting and quit claim |
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HABENDUM CLAUSE
"to have and to hold" |
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Definition
| A clause in the deed that begins with the words " to have and to hold" |
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Term
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Definition
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Term
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Definition
| The Final Act of transferring title |
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Term
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Definition
1. General warranty
2. Special warranty
3. Bargin and sale ( without warranty)
4.Quitclaim deed |
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Term
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Definition
| the type of deed that offers the greatest protection or amount of warranties. ( Grantor warrants the title unconditionally ) |
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Term
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Definition
| A warranty in which the grantor only warrants the property during that special time that they owned it |
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Term
BARGAIN AND SALE DEED
( Deed without warrrany ) |
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Definition
| " As is" No warranty against leins or encumbrances |
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Term
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Definition
| A deed without warranty and will also release an individuals. interest in the property thank you |
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Term
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Definition
1. Covenant of seisin
2. Covenant against encumbrances
3. Covenant of quiet enjoyment
4. Covenant of further assurance
5. Covenant of. warranty forever |
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Term
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Definition
| A Covenant that "sesin" the deed that the Grantor is the owner |
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DEED OF TRUST
( Mortgage ) |
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Definition
| A deed that is placed in trust with a trustee as security by trustor until the occurrence of a future event. |
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Term
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Definition
| A deed awarded by court order |
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Term
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Definition
| Alienating ones self from the property by means of a gift or sale |
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Term
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Definition
| Alienating ones self from the property by means of a undue force such as a forclousure, escheat, erosion or eminent domain |
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Term
ADVERSE POSSESSION
( Squatter rights ) |
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Definition
| the process of obtaining a person's land do to open notorious hostile and uninterrupted tenancy usually after a period of 3, 5, 10, or 25 years |
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Term
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Definition
| The person who has a will made |
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Term
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Definition
"D Real Property mann!" )
{[image]image:a7a9b71533889|center}. A gift of Real Property by the testor
( D Real Property |
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Term
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Definition
A gift of "personal property""
( "It B personal homie!"[image] ) |
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Term
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Definition
| Diying with a a valid will in place |
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Term
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Definition
| Diying without a valid will or hiers |
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Term
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Definition
1. Legal age
2. Sound mind
3. Proper wording
4. No duress
5. Signed
6. Witnessed |
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Term
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Definition
| a court process where a will is determined valid |
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Term
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Definition
| onveying property to heirs absent a will by the deceased |
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Definition
| Property owned equally by husband and wife in Texas |
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Term
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Definition
Property owned by one spouse prior to the marriage.
( signatures of both husband and wife are required to convey ) |
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Definition
An addition made to a will
( Codicil; change a will ) |
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Term
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Definition
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Term
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Definition
| a legal document that disposes property based on the wishes of the deceased |
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Term
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Definition
| A will written, signed and dated by the testator. No witness required |
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Term
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Definition
| a person who signs an affidavit in front of a notary |
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Definition
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Term
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Definition
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Term
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Definition
1.Appurtenant
2.Implication
3. Neccesity
4. Prescription |
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Definition
| A right to cross someones property as an only means of access. ( Both lots must have existed ad one single property at one time) |
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Term
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Definition
| An easement or right to use or pass through someone's property. Use must be open, adverse snf notorious for a period of 10 year. ie:.. A bike or walking trail[image] |
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Term
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Definition
| An easement that serves two adjacent properties. ( Run with the land [image]) |
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Definition
Right of a landowner to use water from a river.
[image] |
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Term
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Definition
| Right of a land owner to use water from a lake[image] |
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Term
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Definition
| A "Life Estate" based on someone else's life. ie...The granting of a property to a caregiver until the patient dies. |
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Term
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Definition
| "Let the buyer beware"[image] |
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Definition
| The land owner who benefits from an easement. |
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Term
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Definition
| The land owner who allows an easement on[image] his property to serve its purpose |
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Term
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Definition
| The earliest syastem of land ownership based on hostility[image] |
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Term
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Definition
| The current system of land ownership based on legal rights |
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Term
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Definition
| The granted right to ease onto and use someone's property |
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Term
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Definition
| A homeowners primary residence that is protected from and exempt from forced sale. |
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Term
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Definition
| A party to whom the title of the property will pass to upon the occurrence of an event. Ie; The husband has a life estate which names his wife as the beneficiary. She hold a "remainder interest" |
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Term
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Definition
| A designated party to whom the title of the property will pass to upon the ocdeath of a life estate owner. Ie; The husband has a life estate which names his wife as the "remainderman" |
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Term
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Definition
| A freehold estate that conveys to to a named party upon the death of the owner |
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Term
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Definition
| The process whereby title of the property reverts back to the owner or his heirs. |
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Term
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Definition
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Term
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Definition
Urban: 10 acres
Rural: 200 acres |
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Term
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Definition
| A right to use anothers property for gas lines, phone lines, right of way etc... |
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Term
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Definition
1. Requires two separate properties
2. Written agreement or by deed
3. Necessity
4.Prescription
5.Implication
6.Express grant ( deed )
7. Express reservation |
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Term
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Definition
| An implied right to use anothers property. ie.. A purchaser of anothers mineral rights. |
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Term
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Definition
1. Tenants in common
2. Joint tenancy
3. Community property |
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Term
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Definition
1. Two or more persons in the same bldg.
2. Share an "Undivided interest
3. Assumed by the courts unless stated
4.Unity of possession
5.Can be conveyed
[image] |
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Term
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Definition
| Ownership by a sole owner severed from everyone else |
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Term
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Definition
| Ownership whereby the title is held by a third party for the beneficiary |
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Term
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Definition
Ownership by two or more persons usually includes:
1. Right of survivorship"
2. Signed agreement
3. Requires the four unities of time, title, interest and possession |
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Term
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Definition
| A means whereby a person may manage and or transfer ownership of property during or after their lifetime |
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Term
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Definition
1. Living
2. Testemetary
3. Land |
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Term
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Definition
property ownership whereby each spouse holds 50%
ownership {image:707j6w1547410|center |
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Term
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Definition
Sole ownership of a single unit dwelling along with an
"undivided" interest in the common elements. ie; pool, parking etc...[image] |
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Term
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Definition
| A residential multihousing building where title is owned and maintaied by a corporation for the benefit of its shareholder occupants who hold[image] a "proprietary lease" |
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Term
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Definition
| An agreement or arrangement between two or more persons to operate a business as co-owners |
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Term
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Definition
| A type of partnership where each partner shares in the operation and administration of the entity. |
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Term
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Definition
| A partnership that includes at least one "General Partner" who oversees operations, administration and the "Limited Partner" does not. The Limited Partners loss is limited to the amount of their investment. |
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Term
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Definition
| A group of individuals or companies that pool their money together to invest in real estate |
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Term
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Definition
| A right of a Joint Tenant or Community Property spouse to inherit the ownership rights of their deceased partner. |
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