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
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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