Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Law of Contracts > Flashcards

Law of Contracts Flashcards

1
Q

Real Estate Center

A

Created by the Legislature in the 1970s to collect and compile data about real estate in Texas.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Broker-Lawyer Committee

A

Established by TREC to write mandatory residential contract forms for license holders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Texas Real Estate Commission

A

Created by the Legislature in 1949 to carry out the provisions of TRELA.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Real Estate Recovery Trust Account

A

Administered by TREC to protect aggrieved individuals who suffer a monetary loss due to illegal acts of license holders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are TREC’s two promulgated lease forms.

A

-Buyer’s Temporary Residential Lease
-Seller’s Temporary Residential Lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Buyer’s Temporary Residential Lease

A

for use when the buyer occupies the property for no more than 90 days prior to closing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Seller’s Temporary Residential Lease

A

for the use when the seller occupies the property for no more than 90 days after closing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Right of refusal

A

gives the tenant the right to purchase the leased property by matching or bettering any offer before the property will be sold to someone else.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

DTPA define words:
Services

A

means work, labor or repair of goods. Brokerage is a service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Seller Disclosure not needed when

A

-pursuant to a court order or foreclosure
-by a bankruptcy trustee
-to a lienholder by the owner of a property
-by a mortgage (lender) who has acquired the property through a foreclosure or a deed in lieu of foreclosure.
-by a fiduciary (ie. an executor, trustee or guardian) in the course of administration of a decedent’s estate, guardianship, conservatorship or trust.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

CO-Ownership

A

-from one co-owner to one or more other co-owners
-to a spouse or to a person in the lineal line of consanguinity (ie. parents, grandparents, children) of one or more of the transferrers
-between spouses resulting from a divorce decree or a property settlement agreement incident to a divorce decree.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Does to or from any government entity sale of real property need a Seller’s Discosure Notice doc?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Does a new property need a Seller’s Disclosure Notice?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Where the value of the dwelling does not exceed five percent of the value of the property

A

No Seller’s Disclosure Notice due to purchasing the real property for the land only.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define personal property.

A

Things of a temporary or movable nature are not part of the real property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If personal property is being transferred along with real property it is done on what document?

A

Bill of Sale is generally used to accomplish the transfer, which would normally accompany the deed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Four economic characteristics of land are:

A

-Scarcity
-Modification
-Fixity
-Situs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Define modification.

A

refers to the fact that value is affected by man-made changes to the land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Forms of real estate ownership.

A

-Estate in severalty
-Co-Ownership
-Trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Estate in severalty

A

it involves ownership of real estate by one individual or entity.

21
Q

Co-Ownership

A

involves ownership of real estate by two or more entities

22
Q

Trust

A

a property may be placed in a trust, with ownership conveyed to a trustee for the benefit of others

23
Q

Identify the example:
Doug, a single person, purchased a vacation condo. Doug’s interest is an _______.

A

Estate in severalty

24
Q

Identify the example:
Big-Tex Inc(BIT). purchased a home for rental and investment purposes. While BIT has numerous stockholders, the firm is treated under the law as a distinct entity. The Big-Tex interest is an __________

A

Estate in severalty

25
Q

Sole proprietorship

A

a venture that is owned by one indivdual.

26
Q

General partner

A

workforce

27
Q

Limited partner

A

investors

28
Q

Cooperative defined

A

owners do not own a specific unit

29
Q

Who owns a cooperative complex?

A

corporation

30
Q

What is prohibited in advertising.

A

Limitation or preference based on race, color, national origin, religion, sex, familial status, or handicap.

31
Q

Familial status

A

married with no children

32
Q

Contract

A

An agreement between two or more parties to do something or to refrain from doing something.

33
Q

Option

A

an agreement between a buyer and seller or landlord and tenant.

34
Q

Elements of valid and enforceable contract.

A

-Competent parties
-Officer and acceptance (mutual agreement)
-Legal purpose
-In writing (when required by law)
-Consideration

35
Q

Non-Competent Parties

A

A person who enters into a contract under the influence of drugs or alcohol could be considered mentally impaired.

36
Q

Consideration

A

is defined a something given in exchange for a promise.

37
Q

Statute of Frauds

A

contracts for the conveyance of an interest in real estate or lease for a term more than one year must be in writing.

38
Q

If the contract is not writing it would be valid but ______.

A

not enforceable.

39
Q

Contract is executed

A

signing and Communication establish the effective date

40
Q

When the sale finally close, the contract is _______.

A

fully executed.

41
Q

Police power

A

the right of the government to regulate and control the way land is used. ei: zoning

42
Q

Buffer Zone

A

an area of land separating one land use from another, such as residential from commercial.

43
Q

Escheat

A

If a person dies intestate (without will) and without heirs, the government will take title to his real property under the right of escheat

44
Q

Quitclaim deed

A

is one with no guarantees, warranties, or covenants.

45
Q

Abstract Title

A

is a complete history of the title of a piece of property that includes deeds, easements, liens, foreclosures, wills, marriages, deaths, life estates fee simple estates, and anything else that may have ever recorded about a property.

46
Q

Encumbrance

A

a claim, lien charge or liability attached to and binding real property.

47
Q

If a buyer has concerns about possible contamination of a potential property, the buyer or the lender may opt to have an ________________(ESA).

A

Enviromental Site Assessment

48
Q

There are four types of leaseholds estates:

A

-Estate for years
-Periodic Tenancy or Periodic Estate
-Tenancy at sufferance
-Tenancy at will or estate at will

Real Estate (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions