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Texas Real Estate > TX law of contracts > Flashcards

TX law of contracts Flashcards

1
Q

possessory interest

A

the present right to physically occupy land and to exclude others from that same land

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2
Q

non possessory interest

A

one that cannot be presently exercised today but will become possessory in the future

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3
Q

homestead

A

legal status of real property created by the texas constitution

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4
Q

estate

A

the quantity, quality, degree and nature of a persons interest in real property that may become possessory

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5
Q

freehold estate

A

an estate with indefinite duration or that is measured by the length of someones life

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6
Q

non freehold estate

A

an estate with a fixed or determinable duration is classified

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7
Q

fee simple absolute absolute estate

A

the most complete form of ownership of land under anglo American concept of real property ownership

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8
Q

perpetual state

A

an estate of inheritance

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9
Q

present possessory freehold estate

A

includes all the rights to sell, exclude others, finance, and do any other things that the laws allow

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10
Q

fee simple defeasible

A

what several freehold estates are known as collectively

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11
Q

fee simple determinible

A

a present possessory interest in a grantee with a reversionary interest in the grantor

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12
Q

fee simple subject to condition subsequent

A

any fee estate containing a condition

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13
Q

life estate

A

present possessory interest that gives the grantee a possessory interest for the length of a measuring life

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14
Q

life tenant

A

the person to whom a life estate is conveyed

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15
Q

tenancy at sufferance

A

occurs when the tenant originally obtained lawfully but right to retain has expired

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16
Q

tenancy at will

A

tenant obtains possession of the property with the owners permission, does not sign a lease or pay rent

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17
Q

hypothecation

A

a legal arrangement that allows a borrower to remain in possession of a property secured by a loan

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18
Q

equitable title

A

the right to obtain absolute ownership to property when legal title is held in another’s name

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19
Q

naked title

A

title that lacks the usual rights and privileges of ownership

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20
Q

deed of reconveyance

A

conveys title to the property from the trustee to the borrower (trustor)

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21
Q

abstract of judgement

A

one page document that contains information about the court judgement

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22
Q

duration of liens

A

good for 10 years

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23
Q

lis pendens

A

lawsuit pending

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24
Q

ad valorem

A

according to value

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25
Q

easement in gross

A

personal right of one person to use land owned by another

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26
Q

easement by grant

A

most straightforward; acquired by the express terms of the deed

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27
Q

easement by reservation

A

person sells land but retains an easement for personal use

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28
Q

easement by implication

A

property must be landlocked without an implied easment

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29
Q

mean vegetation line

A

the line where the grass stops growing at the edge of water

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30
Q

Riparian Doctrine

A

a person who owns land that borders a body of water/stream may use the surface water so long as it is reasonable to the use of others with riparian owners

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31
Q

profit-a-prendre

A

the right to enter another’s land to remove soil or substances of the soil

32
Q

escheat

A

the process by which private property reverts to government when owner dies and has no heirs or will

33
Q

chapter 212

A

Texas law regarding subdivisions in cities

34
Q

chapter 232

A

Texas law regarding subdivisions in counties

35
Q

alienation

A

the act of transferring/conveying title to another

36
Q

title vesting

A

proof of ownership

37
Q

deed

A

written instrument that is used to transfer title from one person to another

38
Q

5 basic implied warranties

A

covenant of seizen, covenant against encumbrances, covenant of quiet enjoyment, covenant of further assurance, covenant of warranty forever

39
Q

covenant against encumbrances

A

grantor guarantees that the property is free from any undisclosed encumbrances

40
Q

covenant of seizen

A

grantor is the rightful owner with legal right to convey title

41
Q

covenant of quiet enjoyment

A

grantor ensures that the property’s title can stand up to third party claimants

42
Q

covenant of further assistance

A

grantor ensures delivery of any instrument required to remove any clouds on the title

43
Q

covenant of warranty forever

A

guarantees the quality of the title against any future failure

44
Q

quitclaim deed

A

the grantor only conveys the right, title and interest of the grantor

45
Q

cloud on title

A

any condition that effects the clear title of real property or minor defect in the chain of title which needs to be removed

46
Q

patent

A

document used by the government to transfer title to land instead of using a deed

47
Q

contract for deed

A

conditional sales contract, aka land/installment contract

48
Q

carry back

A

when the seller extends credit to a buyer by taking a promissory note

49
Q

partition action

A

a court proceeding to settle a dispute between co-owners about dividing interest in property

50
Q

financially insolvent

A

debts exceed assets and unable to pay current liabilities

51
Q

intestate succession

A

when someone inherits a property without a will

52
Q

color of title

A

the chain of transfers is irregular but ends with adverse possessor

53
Q

accession

A

owners right to anything on the property that was placed there by man or natural forces

54
Q

accretion

A

buildup of land due to avulsion

55
Q

form T-1

A

owner policy

56
Q

form T-IR

A

residential owner policy

57
Q

form T-2

A

benefits the lender

58
Q

table funding

A

the lenders ability to provide loan funds on the same day the transaction is signed by all parties

59
Q

avulsion

A

sudden removal of land

60
Q

reliction

A

receding of water through drought

61
Q

primary purpose of a deed

A

transfer ownership

62
Q

purpose money loan

A

when a seller carries the paper on the sale of their home

63
Q

carryback financing

A

extension of credit by seller who takes back the note for a portion of the property

64
Q

wraparound loan

A

used when seller acts as the lender for his/her own property

65
Q

alienation

A

prohibits the transfer of a property to a new owner without the approval of the underlying lender

66
Q

promissory note

A

evidence of a debt

67
Q

usury

A

the act of charging a rate of interest in excess of that permitted by law

68
Q

yield

A

interest earned on a loan

69
Q

defeasance clause

A

paid in full

70
Q

holder in due course

A

one who takes an instrument for value in good faith absent any notice that is overdue

71
Q

straight note

A

calls for interest only payments for the term of the loan

72
Q

installment note

A

requires periodic payments on the principal with interest payments made seperately

73
Q

hypothecation

A

a legal arrangement that allows a borrower to remain in posession of a property secured by a loan

74
Q

equitable title

A

the right to obtain absolute ownership to property when legal title is in another’s name

75
Q

bare legal title

A

lacks the usual rights and privileges of ownership

76
Q

deed of reconveyance

A

conveys title from the trustee to the borrower

Texas Real Estate (2 decks)

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