Texas - Law of Contracts - Real Estate Questions and Answers Latest 2024/2025 with complete solutions
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Course
Texas - Law of Contracts - Real Estate
Institution
Texas - Law Of Contracts - Real Estate
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
After an Offer has been accepted by a Seller...
Texas - Law of Contracts - Real Estate
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
After an Offer has been accepted by a Seller, one of the first things done in the transaction process is
that the Earnest money is deposited into the escrow account by - the buyer or buyer agent
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.
A business organization may NOT - Own property as a tenancy by the entirety
A business organization MAY NOT - Own property as a tenancy by the entirety
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
A contract does not state in the consideration is considered - Void
A contract for deed is a method of selling real estate where the - Seller is also the lender
A contract to perform an unlawful act is - Considered a void contract
A listing agreement is - An employment contract
, A mortgage or deed of trust usually includes an acceleration clause - Which if the property is
foreclosed on, the lender has the right to declare the entire debt due and payable immediately
A sales contract establishes the legal rights and obligations of the buyer but - NOT the seller is
FALSE
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
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
A sewer system is NOT - Included in the description of land
A sewer system would NOT - Be included as a description of land like trees water hills, etc
A Suit for specific performance of a real estate contact asks for - Conveyance of the property
A suit for specific performance of a real estate contract asks for a - Conveyance of the property
A breach of contract is NOT - When an agent who has a listing cannot produce a ready, willing and
able buyer
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
A valid lease can be executed by - A 44 year old woman who is physically handicapped
A voidable contract - May be disaffirmed by one party
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