TEXAS INTERACTIVE STUDY GROUP UNIT 5 QUESTIONS

Transcription

1 TEXAS INTERACTIVE STUDY GROUP 1 UNIT 5 S

2 TEXAS INTERACTIVE STUDY GROUP 2 SESSION 5 GRACE JENKINS

3 Notes for Tonight 3 1. PLEASE USE MUTE *6 TO SILENCE YOUR PHONE # 6 TO UNMUTE. 2. Chat is the best way to communicate questions.

4 Notes for Tonight 4 Contact Information Grace Jenkins and John Mathis releadinstructortx@kaplan.com

5 TONIGHT S TOPICS Community Property Homestead Deceptive Trade Practices Act Wills and Estates Landlord-Tenant Issues Foreclosure Sales Mechanic s and Materialman s Liens 5

6 Which of the following is considered community property? 6 A. Property acquired during marriage by gift or inheritance B. Property acquired during marriage by settlement or judgment for personal injury C. Income earned from separate property during marriage D. Sales proceeds received from separate property sold during marriage

7 Property acquired by either spouse during the marriage is trust property. 7 True False

8 8 Nancy received $350,000 from your parents through their will. Nancy purchased a rental property for $125,000 and paid off her home she shares with her husband, Bill. The investment property is considered A. separate property. B. a trust property. C. community property. D. an equally owned property.

9 The homestead law protects homeowners, holding 200 acres outside a city or 10 acres in a city. 9 True False

10 A person's homestead may be foreclosed if the owner is in default or delinquent for all of the following liens EXCEPT 10 A. ad valorem/property tax lien B. mechanic's lien C. mortgage lien D. personal property judgment

11 The purpose of the Deceptive Trade Practices Act is to protect consumers from hidden finance charges. 11 True False

12 12 A licensee concerned about the condition of a property inserted in paragraph 11 that the buyer agrees to accept the property as is. The licensee is still responsible for accurate representations according to the Deceptive Trade Practices Act. True False

13 When a spouse dies intestate, the deceased's community property passes to the 13 A. heirs according to the law of descent. B. child or children of the surviving spouse. C. parents of the deceased. D. individual or individuals named in the deceased's will.

14 When a spouse dies leaving a will, all separate property transfers to the devisees. 14 True False

15 The residential tenant s security deposit must be returned within 60 days after termination of the occupancy. 15 True False

16 The tenant s security deposit may be applied by the tenant to the last month s rent. 16 True False

17 17 Insufficient sale proceeds in a foreclosure may entitle the lender to seek a default judgment. Action to obtain the judgment must be commenced within two years of the foreclosure sale. True False

18 A mechanic s lien is an example of a statutory lien. 18 True False

19 Upon receipt of the final payment, the contractor must furnish a final bills paid affidavit. 19 True False

20 Notes for Tonight 20 Contact Information Grace Jenkins and John Mathis