Exam (elaborations)
Texas Principles I & II (Real Estate): Q’s And A’s (100%)
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Texas Principles I & II (Real Estate): Q’s And A’s (100%)
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Texas Principles I & II (Real Estate): Q’s And A’s(100%)
A legal interest in land that defines the nature, degree, extent, and duration of
a person's ownership in land Right Ans - estate
The largest and most complete ownership recognized by law; an estate in fee
with no restrictions on its use; also known as a fee simple or estate in fee
Right Ans - fee/fee simple/estate in fee
A condition which, if it occurs at some point in the future, can cause a property
to revert to the grantor: for example, a requirement in a grant deed that a
buyer must never use the property for anything other than a private residence
Right Ans - condition subsequent
Personal property Right Ans - chattel
Annual crops produced for sale, by a tenant using or occupying the property
Right Ans - emblements
The most complete form of ownership of real property; also known as an
estate of inheritance Right Ans - estate in fee/estate of inheritance
A condition in which requires something to occur before a transaction
becomes absolute and enforceable: for example, a sale that is contingent on
the buyer obtaining financing Right Ans - condition precedent
An ownership concept describing all the legal rights that attach to the
ownership of real property Right Ans - bundle of rights
Using a threat of violence to get agreement in accepting a contract Right
Ans - menace
an unqualified agreement to the terms of an offer Right Ans - acceptance
Using unfair advantage to get agreement in accepting a contract Right Ans -
undue influence
, The rejection of an original offer that becomes a new offer Right Ans -
counteroffer
An innocent or negligent misstatement of a material fact which causes
someone loss or harm Right Ans - misrepresentation
Legal action taken to repeal a contract either by mutual consent of the parties
or by one party when the other party has breached a contract Right Ans -
rescission
Intention to be bound by an agreement, thus preventing jokes and jests from
becoming valid contracts Right Ans - contractual intent
Precise acts to be performed are to be clearly stated Right Ans - definite
and certain
Owners may use only a reasonable amount of the total water supply for
beneficial use Right Ans - doctrine of correlative user
Someone under 18 years of age Right Ans - minor
Someone who is legally set free from parental control/supervision Right
Ans - emancipated minor
The party making an offer Right Ans - offeror
A competent and disinterested person who is authorized by another person to
act in his or her place in legal matters Right Ans - attorney-in-fact
Legally binding Right Ans - valid
An agreement which is valid and enforceable on it's face, but may be rejected
by one or more of the parties Right Ans - voidable
Ownership of real property by one person or entity Right Ans - severalty
An agreement which is totally absent of legal effect Right Ans - void
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