Texas Real Estate Paper 40

1

What is a deed of trust?






2

An offer






3

In which of the following types of agency might you see the termination of the agency relationship immediately after closing?






4

The right that a power company acquires in order to lay a service line across a customer’s property is called






5

An express agency relationship is most clearly evidenced by






6

The closing of the sale of a residential property is occurring on May 23. Homeowner’s association dues for the year have been paid in advance and taxes for the year will be paid in arrears. These items will be prorated at closing. How will this be shown on the HUD-1 settlement statement?






7

Jane is selling her house. It is located in a neighborhood of modest three-bedroom homes ranging in price from $80,000 to $100,000. Two years ago, she added a fourth bedroom, third bath, and put a swimming pool in the backyard. In determining an estimate of value, the appraiser will apply which principle of value to this situation?






8

A broker listed and sold a 50-year-old house but did not inspect the property to determine if there were any latent defects. Which of the following statements is true in this situation?






9

The lender charges two discount points to the buyer. How much does this increase the buyer’s closing costs on his $135,000 home if his LTV is 80%?






10

Domestic use of water by an owner from an adjoining navigable stream comes under control of which water right?






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