Chapter 1

Question 1

Good consideration

Answer 1

Consideration with no monetary value such as “love and affection.”

Question 2

Assignment.

Answer 2

Process by which a party to a contract assigns their portion of the contract to a third party.

Question 3

Executed

Answer 3

1. Can mean when a party signs and initials the last counteroffer, or the original without a counteroffer, and every term in the contract is agreed to.

2.It can also mean when all promises have been met, typically on closing day when the buyer pays for the property and the seller delivers the deed.

Question 4

Executory contracts

Answer 4

Contracts that defer material action by either party into the future. Any contract for deed, lease option, or purchase option longer than 180 days is defined by the Texas Property Code as an executory contract.

Question 5

Equitable title

Answer 5

An interest that the buyer receives when the seller and the buyer agree to a contract.

Question 6

Texas Real estate license Act 1939

Answer 6

REDLA , The real estate dealers license Act.