Texas - Law of Contracts - Real Estate Exam Study Guide with Complete Solutions
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Course
Texas Real estate
Institution
Texas Real Estate
Texas - Law of Contracts - Real Estate Exam
Study Guide with Complete Solutions
A sewer system is NOT - Answer️️ -Included in the description of land
Joint Tenancy - Answer️️ -If one tenant dies, the decedent's share of interest passes
to surviving tenant(s).
Manufactured Housing - Ans...
Mechanics' liens - Answer✔️✔️-are not voluntary liens.
Estates in real property are - Answer✔️✔️-Created by a deed and or a bill of sale
When real estate taxes are not paid on time a - Answer✔️✔️-Lien will be filed by the
taxing authority
Easement by Necessity - Answer✔️✔️-Jane and Bill divided their 60-acre property into
three 20-acre parcels (lots A, B, and C). A and C can only access the public road
through B. The buyers of A and C will probably be granted this by court action.
Accretion is land being acquired by - Answer✔️✔️-Deposits from a river and or stream
RESPA - Answer✔️✔️-Real Estate Settlement Procedures Act is a federal act and
applies to any residential real estate transaction involving a new first mortgage loan. It is
designed to ensure that the buyer and seller are both fully informed of all settlement
costs.
When an executory contract is in place and a zoning change takes place the -
Answer✔️✔️-Contract becomes void
A seller promised to sell and a buyer agrees to buy for a certain amount and out in
writing; this is called a - Answer✔️✔️-Bilateral contract
A breach of contract is NOT - Answer✔️✔️-When an agent who has a listing cannot
produce a ready, willing and able buyer
The Broker-Lawyer Committee - Answer✔️✔️-Drafts but does not publish/promulgate
forms.
A listing agreement is - Answer✔️✔️-An employment contract
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