TX Real Estate Law of Contracts (5)

Joint Tenancy

If one tenant dies, the decedent's share of interest passes to surviving tenant(s).

Conveyance deed

Transfers permanently fixed objects attached to a home such as a permanently attached deck.

Abstract of title

A summary of title search found in public records.

Surviving joint tenant

When a joint tenant passes away the deceased property transfers to

Town-house ownership

Fee simple ownership, shared walls, and common areas are similar to

Own property as a tenancy by the entirety

A business organization may NOT

Voluntary liens

Mortgage liens are

are not voluntary liens.

Mechanics' liens

Created by a deed and or a bill of sale

Estates in real property are

Lien will be filed by the taxing authority

When real estate taxes are not paid on time a

Easement by Necessity

Jane and Bill divided their 60-acre property into three 20-acre parcels (lots A, B, and C). A and C can only access the public road through B. The buyers of A and C will probably be granted this by court action.

Deposits from a river and or stream

Accretion is land being acquired by

RESPA

Real Estate Settlement Procedures Act is a federal act and applies to any residential real estate transaction involving a new first mortgage loan. It is designed to ensure that the buyer and seller are both fully informed of all settlement costs.

Contract becomes void

When an executory contract is in place and a zoning change takes place the

Bilateral contract

A seller promised to sell and a buyer agrees to buy for a certain amount and out in writing; this is called a

The Broker-Lawyer Committee

Drafts but does not publish/promulgate forms.

An employment contract

A listing agreement is

Leasehold estates

Estate for years, period to period, and or estates at will

Leasehold

A tenants right to occupy real estate during the term of a lease, generally considered a personal property interest, although a long-term lease may be eligible for treatment as real property for financing purposes.

Estate for years

An interest for a certain, exact period of time in property that continues for period to period, week to week, month to month, or year to year

Estate at will

An estate that give the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.

Special par.11

Factual statements can be inserted in

Before the title passes

Contract is in an executory status

One party to the contract

A voidable contract may be disaffirmed by

Statue of limitations

For a breach is 4 years

A buyer and seller

Legal rights in a contract are shared equally between

Suit for Specific Performance

If a seller decides not to sell after a contract has already been signed, the buyer may institute this.

Conveyance of the property

A Suit for specific performance of a real estate contact asks for

Three (3)

With an Offer to Purchase, the Earnest Money must be delivered to a Title Company or deposited in an Escrow Account within how many days?

Seller is the lender

In a contract for deed

Buyer does not receive legal title

Contract for deed the:

Bear the loss

When a property is destroyed by fire the seller will

Considered a void contract

A contract to perform an unlawful act is:

Perform in a contract

Default is failing to

Parties from a contract

Receiving liquidated damages releases both

Treble damages awarded to an injured party

Deceptive trade practices act violation may result in

Be conveyed by one spouse only

With community property it "cannot"

Buyer to buy for a fixed price etc.

An option to purchase contract allows

A contract for deed

Seller is also lender in

This is encroachment

Shrubs/tree limbs from an adjoining property are now growing in your property;

Encroachment

A building or some portion of it— a wall or fence, for instance— that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner or a public street

Encumbrance

Anything- such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or an outstanding dower right- that may diminish the value or use and enjoyment of a property

Promulgate forms for mandatory use by licensees

The broker-lawyer committee drafts but does not

But the buyer the right to terminate the contract within 7 days after the receipt of the disclosure.

The seller can provide the written disclosure of property condition to the buyer after the agreement is signed,

MUST be used and approved forms MAY be used

The difference between a TREC-promulgated form and a TREC-approved form is that promulgated forms

The property owner is NOT considered "practicing law"

Completing a contract form for real property has been prepare by and requiere by

Treble damages may be awarded to the injured party

Under the captive trae practices act DTPA, if a real estate professional knowingly deceives a client,

The owner chooses to treat it as such

Manufactured housing in Texas can be considered real property if

When the property is sold, it will be transferred with the property with a conveyance deed

An owner builds a deck and permanently attaches it to a house.

False

One of the parties to a joint tenancy dies. The deceased tenant's interest transfers to his heirs and not to the surviving joint tenants

Be mortgaged or conveyed by one spouse without the consent of the other

Community property CANNOT

Own property as a tenancy by the entirety

A business organization MAY NOT

In this case then, the contract is VOID

The buyer and the seller have an executory contract for sale of a property. The seller says the buyer can use the property as a shooting range. The buyer checked zoning and discovered that the special use is no longer lawful in that neighborhood.

False

Assignment transfers contract obligations to another party and releases the first party obligations

False

Despite her best efforts, a licensee is unable to find a ready, willing and able buyer for seller. This would be considered a breach of contract between the broker and seller

Size, type, age, construction of the house and required disclosures regarding property conditions

Information needed for a listing agreement generally includes

Similar because they are both employment contracts

Listing agreements and buyer agency agreements ae

all examples of leasehold estate

Estate for years, estate from period to period, and estate at will are

Executory

During the period after a real estate sales contract is signes, but before title actually passes, the status of the contract is

This is an example of assignment

A tenant received a job offer in another state and requested that the landlord allow her friend to take over her lease. The landlord agrees to allow the first tenant to sublet the apartment.

NOT the seller

A sales contract establishes the legal rights and obligations of the buyer but

May be disaffirmed by one party

A voidable contract

4 years

The statute of limitations in Texas for break fo a written contract is

A buyer may terminate the contract for any reason

During the option period:

That status of the contract is executory

During the period after a real estate sales contract is accepted but before the delivery of the deed

If the purchase contract allows, the friend can take over the buyer's contract rights by assignment

A buyer is under contract to buy property and is now being relocated. Her friend offers to buy the property instead.

Seller is also the lender

A contract for deed is a method of selling real estate where the

Buy for a fixed price within a specified time period

An option to purchase contract allows the buyer to

But does not have legal title

Under a contract of deed, the buyer has possession and maintains the property

This is an example of a contract of deed contract.

A buyer and a seller enter into a real estate sales contract. Under the contract's terms, the buyer will pay the seller $450 per month for 8 years. The seller will continue to hold legal title to the property. The buyer will live in the poetry and pay all real estate taxes, insurance premiums and regular upkeep costs.

Default by the party who fails to perform

Failing to perform as agreed in a contract is considered to be in

Void

A contract does not state in the consideration is considered

Town-house ownership

Fee simple, shared walls and a fractional interest in common areas are all characteristics of

Police power

Enacting zoning ordinance is an example of

Never by a bill of sale

Estates are generally created by deed or lease and

This is called a lien

If a homeowner fails to pay the real estate taxed on time the taxing authorities can impose a claim on the property.

Where mechanics liens are not

Mortgage liens are voluntary liens

The buyer of A and C will probably be granted an easement by necessity by court action

Jane and bill divided 6- acre property into three 2- acre parcel lots (ABC). A and c can only access the public road through B.

Encroachment

Shrubs from a property owner have grown over the last 20 years and now extended over onto a neighbor's property.

Accretion

When additional land is deposited by a river running through an owner's property, this land has been acquired by ____.

Signed by the buyer may institute a suit for specific performance

If a seller decides not to sell after a contract has already been

Doctrine of Prior Appropriation

A property owner wants to use water from a river that runs through the property to irrigate a corn field for beneficial use of the water. Based on this fact, it can be assumed that this property owners state relies on

Title company or deposited in an escrow account within 3 business days

With an offer to purchase, the earnest money must be delivered to a

Conveyance of the property

A suit for specific performance of a real estate contract asks for a