Property Ii

Front 1

WHEN IS A BROKER'S COMMISSION TYPICALLY DUE?

Back 1

AT CLOSING

Front 2

IN TX, IS A BROKER LIABLE FOR LATENT DEFECTS WHEN THE BROKER DOES NOT HAVE ACTUAL NOTICE OF THEIR EXISTENCE?

Back 2

NO

Front 3

IS PREPARING DOCUMENTS LIKE CLOSING DOCS AND DEEDS AN AUTHORIZED PRACTICE OF LAW? WHAT DOES THIS MEAN?

Back 3

YES--YOU WILL BE HELD LIABLE IF YOU FAIL TO MEET OF FALL BELOW THE STANDARDS OF AN ATTY OR SOMEONE WHO IS LICENSED TO PRACTICE LAW

Front 4

EARNEST MONEY K/LAND SALE K

Back 4

EXECUTORY K WHEREIN BUYER PUTS UP A SUM OF MONEY WHICH IS HELD BY AN ESCROW AGENT PENDING THE CLOSING--WHEN THE CLOSING TAKES PLACE, THE K MERGES WITH THE DEED SO THAT IT IS NO LONGER ENFORCEABLE AS A SEPARATE DOCUMENT

Front 5

WHAT DOES THE BUYER PROMISE TO PURCHASE/SELLER PROMISE TO CONVEY IN AN EARNEST MONEY K?

Back 5

MARKETABLE TITLE

Front 6

EXECUTORY K FOR CONVEYANCE/K FOR DEED

Back 6

K THAT IS ENTERED INTO BY BUYER AND SELLER IN WHICH SELLER SAYS THEY WILL DELIVER DEED TO BUYER AT SOME FUTURE POINT IN TIME; METHOD OF SELLER FINANCING--LEASE TO BUY

Front 7

IS TX A LIEN THEORY OR TITLE THEORY STATE? WHAT DOES THIS MEAN?

Back 7

LIEN THEORY; BANK HAS ONLY A SECURITY INTEREST

Front 8

IN WHAT 3 CIRCUMSTANCES WILL AN ORAL AGMT TO SELL LAND BE ENFORCED IN EQUITY?

Back 8

1. IF THERE IS PYMT OF CONSIDERATION
2. IF BUYER HAS TAKEN POSSESSION OF THE PROPERTY
3. IF BUYER HAS MADE VALUABLE IMPROVEMENTS

Front 9

WHAT IS THE REMEDY IF A BUYER DEFAULTS BY FAILING TO MEET A CONDITION PRECEDENT SUCH AS OBTAINING FINANCING ON AN EARNEST MONEY K?

Back 9

SELLER GETS TO KEEP EARNEST MONEY

Front 10

MARKETABLE TITLE

Back 10

TITLE THAT GIVES NO INDICATION OF SUPERIOR RIGHTS--TEHRE IS NOTHING TO SUGGEST THAT THERE IS ANY ADVERSE CLAIM OR REASON TO FEAR LITIGATION; RPP APPRISED OF THE FACTS AND THEIR LEGAL IMPLICATIONS WOULD BE WILLING TO TAKE TITLE

Front 11

WHAT IS THE TX STANDARD WITH RE: TO A BUYER'S DUTY TO OBTAIN FINANCING?

Back 11

BUYER MUST DILIGENTLY PURSUE THE LOAN--THIS IS IMPLIED IF NOT EXPRESS, EXCEPT IF THERE IS AN EXPRESS PROVISION AGAINST IT

Front 12

IN WHAT 3 WAYS CAN A BUYER BE ASSURED THAT THE SELLER HAS GOOD TITLE?

Back 12

1. EXAMINE TITLE THROUGH ABSTRACTS
2. TITLE INSURANCE

Front 13

HOW IS A TITLE EXAMINATION DONE?

Back 13

SELLER DELIVERS TO BUYER, BUYER TAKES TO HIS ATTY FOR AN EXAMINATION

Front 14

ABSTRACT

Back 14

COMPILATION OF ALL OF THE RECORDED INSTRUMENTS AFFECTING A PIECE OF PROPERTY IN A COUNTRY (FROM SOVEREIGN TO TODAY)

Front 15

WHAT IS TITLE INSURANCE?

Back 15

AN INSURANCE POLICY THAT GUARANTEES THAT THE SELLER'S TITLE IS GOOD SUBJECT TO MANY RESTRICTIONS--SELLER OR BUYER'S MORTGAGE CO FURNISHES BUYER WITH INSURANCE UP TO LENDED AMT

Front 16

IF THE SELLER MISREPRESENTS THE TRUE BOUNDARY OF THE LAND, WHETHER INNOCENTLY OR INTENTIONALLY, CAN THE BUYER RESCIND? WHY OR WHY NOT?

Back 16

YES--THE PURCHASER IS NOT REQD TO ACCEPT TITLE WHICH MIGHT REASONABLY BE EXPECTED TO BRING LITIGATION

Front 17

WHERE DAMAGES ARE MEASURABLE AND THEREFORE THE REMEDY AT LAW IS ADEQUATE, IS SPECIFIC PERFORMANCE USUSALLY AWARDED?

Back 17

NO

Front 18

IN TX, IS SPECIFIC PERFORMANCE AVAILABLE TO SELLER AND BUYER?

Back 18

YES; SELLER CAN USUALLY CHOOSE BETWEEN SP AND EM (USUALLY TAKE THE EM AND RUN--SELL TO SOMEONE ELSE)

Front 19

WHAT IS THE GENERAL RULE FOR DAMAGES WHEN THE SELLER DEFAULTS

Back 19

LOSS OF BARGAIN DAMAGES/AKA BENEFIT OF THE BARGAIN

Front 20

LOSS OF BARGAIN DAMAGES/AKA BENEFIT OF THE BARGAIN

Back 20

DIFFERENCE BETWEEN THE K PRICE AND THE CURRENT MARKET PRICE

Front 21

WHAT'S THE EXCEPTION TO THE AWARDING OF LOSS OF BARGAIN DAMAGES

Back 21

FLEREAU DOCTRINE: IF THE SELLER IS NOT ABLE TO DELIVER TITLE BBY NO FAULT OF THEIR OWN, DAMAGES LIMITED TO PURCHASE PRICE PLUS SPECIAL DAMAGES

Front 22

DOES TX FOLLOW THE ENGLISH OR AMERICAN (MA) RULE RE: RISK OF LOSS AND INSURANCE?

Back 22

BUYER MAINTAINS RISK OF LOSS, BUT IF THE SELLER RECEIVES ANY INSURANCE, THE SELLER HOLD IN TRUST AND IS REQ'D TO CREDIT THE PROCEEDS TO THE PURCHASE PRICE

Front 23

DOCTRINE OF MERGER

Back 23

ALL OF THE PROVISIONS IN THE K OF SALE BECOME MERGED INTO THE DEED WHEN DELIVERED AND ARE NO LONGER ENFORCEABLE

Front 24

TX RESIDENTIAL CONSTRUCTION COMMISSION ACT

Back 24

REPLACED IMPLIED WARRANTY IN TX

Front 25

WHAT ARE THE 6 DUTIES OF THE TX RESIDENTIAL CONSTRUCTION COMMISSION ACT

Back 25

1. ADOPT PROCEDURES FOR REGISTRATION OF BUILDERS AND HOMES
2. ADOPT LIMITED STATUTORY WARRANTY AND PERFORMANCE STANDARDS
3. OVERSEE STATE INSPECTION
4. PROVIDE FOR CERTIFICATION
5. MAINTAIN REGISTRY
6. OVERSEE CERTAIN TASK FORCES

Front 26

WHAT IS THE COMMON LAW PRIORITY

Back 26

FIRST IN TIME, FIRST IN RIGHT

Front 27

GENERAL WARRANTY DEED

Back 27

CODIFIED AT 5.022; d. Not only warrants title (promises title is good), it also makes the promise to buyer and subsequent owners that title is good all the way back to the sovereign

Front 28

4 IMPLIED PROMISES IN THE GENERAL WARRANTY DEED

Back 28

1. covenant of seisen
2. covenant against encumbrances
3. covenant of quiet enjoyment
4. covenant of warranty

Front 29

covenant of seisen

Back 29

seller promises buyer that they own the interest that they are purporting to convey

Front 30

covenant against encumbrances

Back 30

guarantee/promise that the seller makes that there are no interest in third parties other than those that are accepted from the conveyance (as of time of conveyance, property is free of liens, etc. )

Front 31

covenant of quiet enjoyment

Back 31

seller promises grantee will enjoy possession in peace and without being disturbed by some hostile claim (cannot be successfully evicted by a third party)

Front 32

covenant of warranty

Back 32

similar to covenant of quiet enjoyment; seller assures grantee will not be ousted of possession by someone with greater title

Front 33

what words imply the covenant of seisen and the covenant against encumbrances?

Back 33

the words “grant or convey” in a deed

Front 34

what words imply the covenant of quiet enjoyment and the covenant of warranty?

Back 34

the language in the deed where grantor promises to “warrant and forever defend the said premises unto grantee and successors of the grantee against any other person”

Front 35

Special Warranty Deed

Back 35

Conveys title to grantee and restricts extent of covenants; Limits to grantor—restricts extent of deed covenants by only warranting by implication those events that affect BA during the time I owned it)

Front 36

WHAT WORDS INDICATE A SPECIAL WARRANTY DEED?

Back 36

Includes phrase: “by, through, and under grantor but not otherwise”

Front 37

DOES A QUITCLAIM DEED PURPORT TO CONVEY TITLED OR WARRANTIES?

Back 37

NO--ITS A FORM OF RELEASE AND WILL RELEASE WHATEVER INTEREST THE GRANTOR HAS, NO MATTER WHAT IT IS

Front 38

WHEN IS A QC DEED NORMALLY OBTAINED?

Back 38

WHEN THERE IS A REMOTE POSSIBLITY THAT SOMEONE MAY BE ABLE TO RAISE AN ISSUE RE: TITLE

Front 39

IN TX, DOES AN IRREVOCABLE LICENSE COUNT AS AN ENCUMBRANCE?

Back 39

YES