Texas - Law of Contracts - Real Estate Exam Study Guide with Complete Solutions

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 - Answer️️ -Considered Real Property in Texas if Owner chooses to treat it as such. Conveyance Deed - Answer️️ -Transfers permanently fixed objects attached to a home such as a permanently attached deck. Abstract of Title - Answer️️ -A summary of title search found in public records. When a joint tenant passes away the deceased property transfers to - Answer️️ - Surviving joint tenant Indestructibility is - Answer️️ -A physical characteristic of land Fee simple ownership, shared walls, and common areas are similar to - Answer️️ - Town-house ownership A business organization may NOT - Answer️️ -Own property as a tenancy by the entirety Police power is an example of a governmental power such as - Answer️️ -a city appointing its citizens to zoning and building boards to create codes and zoning ordinances. ©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM Page | 2 Mortgage liens are - Answer️️ -Voluntary liens Mechanics' liens - Answer️️ -are not voluntary liens. Estates in real property are - Answer️️ -Created by a deed and or a bill of sale When real estate taxes are not paid on time a - Answer️️ -Lien will be filed by the taxing authority Easement by Necessity - Answer️️ -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 - Answer️️ -Deposits from a river and or stream RESPA - Answer️️ -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 - Answer️️ -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 - Answer️️ -Bilateral contract A breach of contract is NOT - Answer️️ -When an agent who has a listing cannot produce a ready, willing and able buyer The Broker-Lawyer Committee - Answer️️ -Drafts but does not publish/promulgate forms. A listing agreement is - Answer️️ -An employment contract ©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM Page | 3 Size type and age are - Answer️️ -Some items of information needed for a listing agreement Leasehold estates: - Answer️️ -Estate for years, period to period, and or estates at will Leasehold - Answer️️ -A tenants right to occupy real estate during the term of a lease, generally considered a personal property interest, although a long-term lease may be eligible for treatment as real property for financing purposes. Estate for years - Answer️️ -An interest for a certain, exact period of time in property that continues for period to period, week to week, month to month, or year to year Estate at will - Answer️️ -An estate that give the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite. A valid lease can be executed by - Answer️️ -A 44 year old woman who is physically handicapped Factual statements can be inserted in - Answer️️ -Speci