Texas Real Estate Exam Questions And Answers Pdf

Brokers edu requirements {Ans: 900 classroom hrs 30hrs in RE Brokerage 4yrs active sales licensee}VA Loan {Ans: Guarantees repayment of loan, The guarantee is for the top 25% of the loan, assumable, require occupancy}Escalation Clause {Ans: allows lender to raise existing interest rate}Variance {Ans: if you violate zoning you can request this in order to fix or prevent a violation}Land 3 physical characteristics {Ans: nonhomogeneity, immobility, indestructibility}Lot,Block, and Subdivision {Ans: recorded map or plat, it is the most common description in residential listing agreements}Appraisers {Ans: must follow USPAP (Uniform standards of Professional Appraisal Practice) some lenders require Fannie Mae appraisal}Subordination Clause {Ans: allows lender to move or take a lower lien position}Plat {Ans: map of a town, section, or subdivision}Puffing {Ans: marketing use adj. and opinions rather than facts ex. Best water in the world}Defeasible Fee, Conditional Fee, Qualified Fee, Qualified Defeasible Fee {Ans: ownership with conditions or terms which if violated could cause the ownership interest to be defeated or terminated.}MLS {Ans: a licensee has 5 days to enter new listing into MLS}License {Ans: permission to do a particular act , go fishing or ticket to