TEXAS PRINCIPLES OF REAL ESTATE EXAM 1
When using the _________________ method in a deed's legal
description, the terminal points are measured from a
... [Show More] known
starting point or monument. - ...ANSWER...metes and bounds
Since intangible monuments cannot be seen or touched, it is
best to use a(n) _________________ for metes and bounds
property measurements. - ...ANSWER...tangible item such as
a tree or large stone
The first corner of a parcel located at the specified distance
and compass point from the monument is known as the
______________. - ...ANSWER...the point of a beginning
When using metes and bounds as a legal description, the
starting point is a(n) _______________ that can be tangible or
intangible. - ...ANSWER...monument
One form of a legal description is the use of the
____________ that includes the tax book year and the volume
number. - ...ANSWER...lot number
A(n) __________ legal description can create a cloud on a
title, cause delays in transferring a title or settling a court case
and even cause the deed to be voidable. -
...ANSWER...inaccurate
When reading a metes and bounds description of the borders
around a plot of land you notice "S 0oE." You know that a(n)
___________ was used and that the notation means true south
- ...ANSWER...compass
Problems due to an inaccurate legal description can cause the
deed to __________________. - ...ANSWER...having a
cloud, be voidable, cause a delay in transferring a title
If the owner of a heavily treed acre of land finds a crude
structure on the property with a family living inside, this is
called a(n) ________________ and becomes an encumbrance
that, unless they move, could remain an encumbrance, even if
the property is sold. - ...ANSWER...adverse possession
A property owner was very upset when he found out his
neighbor had built a shed that encroached on his property. He
was upset because the property now had a(n)
_________________ that would not go away unless the
building was moved or razed. - ...ANSWER...encumbrance &
restriction
A new home buyer under the age of 60 noticed taxes on the
new home were _____________ for the portion of the year he
owned the home. This meant that the 70-year-old seller had
not transferred the over-65 homestead exemption to a
different address. - ...ANSWER...unchanged
If a(n) __________ lien is filed against a debtor, that means
the owner had no choice in whether or not the lien was
applied for, such as what happens when a county improves the
roads and assesses each property adjacent to the road. -
...ANSWER...involuntary
Adverse possession is when someone trespasses, squats or
otherwise uses the property without the owner's permission.
This type of possession is a(n) ________________ on the
property. - ...ANSWER...encumbrance
An unsecured lien for credit card debt was filed against a
property owner who declared bankruptcy before the lien was
paid. The unsecured debt is in the _____________________
category in the priority of payment schedule. -
...ANSWER...third
One way to lower the tax bill on a home is to file for a
homestead _______________ . - ...ANSWER...exemption
If you purchase a new home, homestead exemption
applications must be sent between
________________________. - ...ANSWER...january 1 and
april 30
Easements, encroachments, and restrictions are common
encumbrances on property. If a property is purchased with
such an encumbrance, the new owner _____________ the
encumbrance. - ...ANSWER...would have to honor
A monetary encumbrance that can be applied against any and
all property owned is called a(n) __________________. -
...ANSWER...judgement
An applicant can file for a homestead exemption if the person
has an ownership interest in the home and the home is used
for the person's ________________. - ...ANSWER...principal
residence
If a property owner declares bankruptcy and all of the owner's
property is sold to pay some of the debt, the last category to
be paid (if there are any funds remaining) is
_______________. - ...ANSWER...unsecured liens
When an encumbrance, such as a lien or judgement, is filed
against a property at the courthouse, the property is said to
have a _____________________. - ...ANSWER...cloud on
title
If you owe money to the IRS and a general lien is filed against
you, this type of encumbrance affects _____________. -
...ANSWER...every piece of property you own
If you are over 65 years of age, purchase a new home, and the
previous owner had a(n) ___________ homestead exemption,
the taxes would remain the same for the rest of the year, if the
seller does not transfer the exemption to a different address. -
...ANSWER...over 65
A 70-year-old man and his 60-year-old wife were in poor
health and moved into a nursing home. The couple kept their
principal residence for their children to stay in when they
came into town for visits. Because the parents were not living
in the principal residence any longer, their homestead
exemption ____________. - ...ANSWER...remained valid [Show Less]