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8 Cards in this Set
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- Back
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Chapter 6, If the wronged party does not accept partial performance, substantial performance or mutual agreement, that may sue for specific performance. |
Partial performance: the parties have not completed everything required in the contract, but what is done is accepted by the wronged party.
Substantial performance: a considerable amount of the contract has been performed and is accepted by the parties. |
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A broker can indemnify herself against legal action by those with whom she deals with by purchasing what? |
errors and omissions insurance |
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The Texas Real Estate Broker-lawyer Committee consist of how many members? |
13 members 6 appointed by the commission 6 members of The State Bar of Texas 1 public member |
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An applicant for a broker's license must accumulate at Least ____points based on experience as a real estate licensee. |
3600 |
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A novation of contracts is the substitution of a contract for a contract. A novation of parties is the substitution of a party for a party |
Novation |
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What are examples of the government's exercise of its police powers? |
Planning laws, building codes, fire codes, rent control and health codes |
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What are not classified as a freehold estate? |
Dower rights, curtsey rights, community property and homestead. A leasehold estate does not require ownership, only tenancy. |
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What is the purchaser's right to acquire legal title to real property under the terms of a valid agreement? |
Equitable title gives the buyer the right to demand legal title to the property when the purchase price is paid. |
