This is an example of mutual agreement

Texas - Law of Contracts - Real Estate Flashcards A valid lease can be executed byA 44 year old woman who is physically handicapped 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?Three (3) During a contract, a buyer lost his job. The seller decided they didn't want to sell after all, so the parties decided to terminate the contract.This is an example of mutual agreement EncroachmentA 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 Seller is the lenderIn a contract for deed A contract does not state in the consideration is consideredVoid With community property it "cannot"Be conveyed by one spouse only Indestructibility isA physical characteristic of land With an offer to purchase, the earnest money must be delivered to a Title company or deposited in an escrow account within 3 business days Default is failing toPerform in a contract Estate at willAn estate that give the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.When a property is destroyed by fire the seller willBear the loss A sales contract establishes the legal rights and obligations of the buyer but NOT the seller is FALSE Manufactured HousingConsidered Real Property in Texas if Owner chooses to treat it as such.A business organization may NOTOwn property as a tenancy by the entirety The difference between a TREC-promulgated form and a TREC-approved form is that promulgated forms MUST be used and approved forms MAY be used Fee simple, shared walls and a fractional interest in common areas are all characteristics of Town-house ownership Enacting zoning ordinance is an example of Police power Conveyance DeedTransfers permanently fixed objects attached to a home such as a permanently attached deck.Estate for yearsAn 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 If a homeowner fails to pay the real estate taxed on time the taxing authorities can impose a claim on the property.This is called a lien Receiving liquidated damages releases both Parties from a contract

A Suit for specific performance of a real estate contact asks for Conveyance of the property Assignment transfers contract obligations to another party and releases the first party obligations Is FALSE Mortgage liens are voluntary liensWhere mechanics liens are not A sewer system is NOTIncluded in the description of land Statute of limitationsFor a breach is 4 years The statute of limitations in Texas for break fo a written contract is

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Before title passes theContract is in an executory status The seller can provide the written disclosure of property condition to the buyer after the agreement is signed, But the buyer the right to terminate the contract within 7 days after the receipt of the disclosure.Completing a contract form for real property has been prepare by and requiere by The property owner is NOT considered "practicing law" Indestructibility ISA physical characteristic of land Listing agreements andbuyer agency agreements ae Similar because they are both employment contracts 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 FALSE Easement by NecessityJane 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.Accretion is land being acquired byDeposits from a river and or stream Personal property that is toRemain with the real property is addressed in an addendum An option to purchase contract allows the buyer toBuy for a fixed price within a specified time period EncroachmentShrubs from a property owner have grown over the last 20 years and now extended over onto a neighbor's property.A suit for specific performance of a real estate contract asks for a Conveyance of the property LeaseholdA 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.AccretionWhen additional land is deposited by a river running through an owner's property, this land has been acquired by ____.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.In this case then, the contract is VOID Suit for Specific PerformanceIf a seller decides not to sell after a contract has already been signed, the buyer may institute this.

Police power is an example of a governmental power such as a city appointing its citizens to zoning and building boards to create codes and zoning ordinances.During the period after a real estate sales contract is accepted but before the delivery of the deed That status of the contract is executory A business organization MAY NOTOwn property as a tenancy by the entirety The statute of guards requieresReal estate contracts to be in writing to be enforceable A seller promises to sell his house and transfer title to the buyer, who promises to pay $125,000 for the house.This is an example of bilateral contract Estates are generally created by deed or lease andNever by a bill of sale Fee simple ownership, shared walls, and common areas are similar to Town-house ownership 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.This is an example of a contract of deed contract.Estate for years, estate from period to period, and estate at will are all examples of leasehold estate A voidable contractMay be disaffirmed by one party Estates in real property areCreated by a deed and or a bill of sale Shrubs/tree limbs from an adjoining property are now growing in your property; This is encroachment If a seller decides not to sell after a contract has already been Signed by the buyer may institute a suit for specific performance An option to purchase contract allowsBuyer to buy for a fixed price etc.EncumbranceAnything- 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 A seller promised to sell and a buyer agrees to buy for a certain amount and out in writing; this is called a Bilateral contract 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.The buyer of A and C will probably be granted an easement by necessity by court action The Broker-Lawyer CommitteeDrafts but does not publish/promulgate forms.Deceptive trade practices act violation may result inTreble damages awarded to an injured party When an executory contract is in place and a zoning change takes place the Contract becomes void Legal rights in a contract are shared equally betweenA buyer and seller Evidence of title, payoff statement areProvided by the seller and given to escrow agent before closing Unlike sales contract a listing agreement is An employment contract

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

Abstract of TitleA summary of title search found in public records.Joint TenancyIf one tenant dies, the decedent's share of interest passes to surviving tenant(s).When real estate taxes are not paid on time a Lien will be filed by the taxing authority A listing agreement isAn employment contract A contract for deed is a method of selling real estate where the Seller is also the lender Failing to perform as agreed in a contract is considered to be in Default by the party who fails to perform During the option period,A buyer may terminate the contract for any reason During option period a buyer terminated the Contract for "any reason" Contract for deed theBuyer does not receive legal title An owner builds a deck and permanently attaches it to a house.When the property is sold, it will be transferred with the property with a conveyance deed 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 Is false When a joint tenant passes away the deceased property transfers to Surviving joint tenant Factual statements can be inserted inSpecial par.11 Community property CANNOTBe mortgaged or conveyed by one spouse without the consent of the other A buyer is under contract to buy property and is now being relocated. Her friend offers to buy the property instead.If the purchase contract allows, the friend can take over the buyer's contract rights by assignment The broker-lawyer committee drafts but does not Promulgate forms for mandatory use by licensees Mortgage liens areVoluntary liens Under the captive trae practices act DTPA, if a real estate professional knowingly deceives a client, Treble damages may be awarded to the injured party A breach of contract is NOTWhen an agent who has a listing cannot produce a ready, willing and able buyer A voidable contract may be disaffirmed by One party to the contract Under a contract of deed, the buyer has possession and maintains the property But does not have legal title Manufactured housing in Texas can be considered real property if The owner chooses to treat it as such Size type and age areSome items of information needed for a listing agreement Mechanics' liensare not voluntary liens.A contract to perform an unlawful act is Considered a void contract 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.This is an example of assignment During the period after a real estate sales contract is signes, but before title actually passes, the status of the