Missed Exam ?s

• Consummation


  The closing of a real estate transaction in which all the appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender is called
• Buyers Temporary Residential Lease


  For use when Buyer occupies the property for no more than 90 days
• Title Commitment


  A Statement of the condition of the title at a moment of time
• Appreciation is the passive increase in value of a parcel of land due to market forces
• Functional obsolesce 


  is the loss in the desirability of style, layout, or function of an element of a property over time
• PMI basically ensures the difference between the borrower's down payment and 80% LTV
• Requirements of a valid lease


  competent parties

  let and take agreement

  adequate consideration

  legal purpose

  description of the property
• PMI is required when the LTV of a conventional loan exceeds 80%
• Real estate syndicates may be organized as a limited or general partnership or a corporation
• This loan estimate must be provided no later than three business days after receipt of the written application
• CERCLA


  gives the authority to recover natural resource damages caused by releases of hazardous substances. (Authority for cleanup under the act is granted to federal resource agencies, states' natural resource agencies, Native american tribes)
• 1 point is 1% of the loan amount
• The covenant of quiet enjoyment


  The grantor promises the grantee the uninterrupted us of property
• Four types of leasehold estates

  estate for years

  periodic tenancy

  tenancy at sufferance

  tenancy at will
• Two forms of REIT

  Equity and mortgage
• Buyers temporary residential lease


  Promulgated by TREC
• Police power is the right of the government to regulate and control the way land is used
• Blanket Mortgage


  is likely to contain a release clause, allowing the borrower to obtain partial release of specific lots by making required lump sum payments
• Inverse Condemnation


  If a landowner sues the government in order to force the buy his or her land
• Intestate succession 


  occurs when and individual dies, leaving no valid will. his or her property will disposed of under the provisions of the texas statute of descent and distribution