Real Estate Principles 1 – Texas with complete solution

Document Content and Description Below

Real Estate Principles 1 – Texas with complete solution Civil Rights Acts of 1866 ✔✔ Prohibits only and all racial discrimination Steering ✔✔ Directing Home Seekers to particular neigh... borhoods based on the the fair housing protected classes Blockbusting ✔✔ Real estate agents creating fear in a neighborhood in order to induce the owner of the houses to sell the properties at a loss to the agents Equal Credit Opportunity Act of 1974 ✔✔ Prohibits discrimination based on race color, etc. and receipt of income from a public assistance program. Real Property/ Real Estate ✔✔ Land, improvements and the rights to own them Improvements ✔✔ Anything put on the land with the intent of improving the land. Chattel ✔✔ Personal Property Appurtenances ✔✔ Right or privilege attached to land that goes with the land when ownership of the land changes. Fixture ✔✔ Something that was personal property and has now become real estate because it has been attached to the land. Three tests of a fixture ✔✔ A) Method of annexation B)Fitness or adaptation to the property C) Intention of the parties Trade Fixture ✔✔ Something that is attached to a property under a commercial lease. Fixity or Permanence of Investment ✔✔ The fact that improvements to the land will take a long time to pay for them. Metes and Bounds ✔✔ Uses distance and directions to define and describe the shape and boundaries of the property. Datum ✔✔ Used to mark elevation Rectangular Survey System ✔✔ Uses latitude, longitude, standard and baselines to divide earth into areas Townships ✔✔ Areas of earth = 36 Sq. Miles Unit ✔✔ 1 sq. mile or 640 acres [Show More]

Last updated: 1 year ago

Preview 1 out of 9 pages