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Texas Real Estate > TX law of contracts > Flashcards

TX law of contracts Flashcards

(76 cards)

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1
Q

possessory interest

A

the present right to physically occupy land and to exclude others from that same land

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2
Q

non possessory interest

A

one that cannot be presently exercised today but will become possessory in the future

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3
Q

homestead

A

legal status of real property created by the texas constitution

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4
Q

estate

A

the quantity, quality, degree and nature of a persons interest in real property that may become possessory

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5
Q

freehold estate

A

an estate with indefinite duration or that is measured by the length of someones life

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6
Q

non freehold estate

A

an estate with a fixed or determinable duration is classified

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7
Q

fee simple absolute absolute estate

A

the most complete form of ownership of land under anglo American concept of real property ownership

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8
Q

perpetual state

A

an estate of inheritance

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9
Q

present possessory freehold estate

A

includes all the rights to sell, exclude others, finance, and do any other things that the laws allow

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10
Q

fee simple defeasible

A

what several freehold estates are known as collectively

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11
Q

fee simple determinible

A

a present possessory interest in a grantee with a reversionary interest in the grantor

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12
Q

fee simple subject to condition subsequent

A

any fee estate containing a condition

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13
Q

life estate

A

present possessory interest that gives the grantee a possessory interest for the length of a measuring life

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14
Q

life tenant

A

the person to whom a life estate is conveyed

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15
Q

tenancy at sufferance

A

occurs when the tenant originally obtained lawfully but right to retain has expired

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16
Q

tenancy at will

A

tenant obtains possession of the property with the owners permission, does not sign a lease or pay rent

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17
Q

hypothecation

A

a legal arrangement that allows a borrower to remain in possession of a property secured by a loan

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18
Q

equitable title

A

the right to obtain absolute ownership to property when legal title is held in another’s name

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19
Q

naked title

A

title that lacks the usual rights and privileges of ownership

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20
Q

deed of reconveyance

A

conveys title to the property from the trustee to the borrower (trustor)

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21
Q

abstract of judgement

A

one page document that contains information about the court judgement

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22
Q

duration of liens

A

good for 10 years

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23
Q

lis pendens

A

lawsuit pending

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24
Q

ad valorem

A

according to value

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25
easement in gross
personal right of one person to use land owned by another
26
easement by grant
most straightforward; acquired by the express terms of the deed
27
easement by reservation
person sells land but retains an easement for personal use
28
easement by implication
property must be landlocked without an implied easment
29
mean vegetation line
the line where the grass stops growing at the edge of water
30
Riparian Doctrine
a person who owns land that borders a body of water/stream may use the surface water so long as it is reasonable to the use of others with riparian owners
31
profit-a-prendre
the right to enter another's land to remove soil or substances of the soil
32
escheat
the process by which private property reverts to government when owner dies and has no heirs or will
33
chapter 212
Texas law regarding subdivisions in cities
34
chapter 232
Texas law regarding subdivisions in counties
35
alienation
the act of transferring/conveying title to another
36
title vesting
proof of ownership
37
deed
written instrument that is used to transfer title from one person to another
38
5 basic implied warranties
covenant of seizen, covenant against encumbrances, covenant of quiet enjoyment, covenant of further assurance, covenant of warranty forever
39
covenant against encumbrances
grantor guarantees that the property is free from any undisclosed encumbrances
40
covenant of seizen
grantor is the rightful owner with legal right to convey title
41
covenant of quiet enjoyment
grantor ensures that the property's title can stand up to third party claimants
42
covenant of further assistance
grantor ensures delivery of any instrument required to remove any clouds on the title
43
covenant of warranty forever
guarantees the quality of the title against any future failure
44
quitclaim deed
the grantor only conveys the right, title and interest of the grantor
45
cloud on title
any condition that effects the clear title of real property or minor defect in the chain of title which needs to be removed
46
patent
document used by the government to transfer title to land instead of using a deed
47
contract for deed
conditional sales contract, aka land/installment contract
48
carry back
when the seller extends credit to a buyer by taking a promissory note
49
partition action
a court proceeding to settle a dispute between co-owners about dividing interest in property
50
financially insolvent
debts exceed assets and unable to pay current liabilities
51
intestate succession
when someone inherits a property without a will
52
color of title
the chain of transfers is irregular but ends with adverse possessor
53
accession
owners right to anything on the property that was placed there by man or natural forces
54
accretion
buildup of land due to avulsion
55
form T-1
owner policy
56
form T-IR
residential owner policy
57
form T-2
benefits the lender
58
table funding
the lenders ability to provide loan funds on the same day the transaction is signed by all parties
59
avulsion
sudden removal of land
60
reliction
receding of water through drought
61
primary purpose of a deed
transfer ownership
62
purpose money loan
when a seller carries the paper on the sale of their home
63
carryback financing
extension of credit by seller who takes back the note for a portion of the property
64
wraparound loan
used when seller acts as the lender for his/her own property
65
alienation
prohibits the transfer of a property to a new owner without the approval of the underlying lender
66
promissory note
evidence of a debt
67
usury
the act of charging a rate of interest in excess of that permitted by law
68
yield
interest earned on a loan
69
defeasance clause
paid in full
70
holder in due course
one who takes an instrument for value in good faith absent any notice that is overdue
71
straight note
calls for interest only payments for the term of the loan
72
installment note
requires periodic payments on the principal with interest payments made seperately
73
hypothecation
a legal arrangement that allows a borrower to remain in posession of a property secured by a loan
74
equitable title
the right to obtain absolute ownership to property when legal title is in another's name
75
bare legal title
lacks the usual rights and privileges of ownership
76
deed of reconveyance
conveys title from the trustee to the borrower

Texas Real Estate (2 decks)

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