Law of Contracts 1-9

All of the following are contracts promulgated by TREC EXCEPT:

• Lease to Purchase Contract

• Farm and Ranch Contract

• Unimproved Property Contract

• One to Four Family Residential Contract

A breach of the lease occurs when a tenant refuses to vacate the property upon the expiration of the lease. When a tenant will not vacate, the lease becomes a(n):

• tenancy at sufferance

• illegal occupation

• suffrage operation

• illegal tenancy

Which of the following is NOT a valid reason for a party to discharge a contract?

• liquidated damages

• partial performance

• mutual agreement

• operation of law

In Texas, if a lease gives the tenant the option to purchase the property at the end of the lease term, what kind of contract is that?

• executory

• execution

• expired

• executed

When is the buyer entitled to receive the Seller’s Disclosure Notice and all information about the condition of the property?

• before making an offer

• before closing

• after closing

• within three days of the acceptance of the offer

Frank is the listing agent for a house that has had its foundation repaired. Frank believes that information could harm his seller, so Frank does not tell potential buyers about it. Frank advised the seller not to mention it on his seller’s disclosure. Is Frank in danger of ending up in court?

• Yes, he could be sued under DTPA.

• No, Frank is taking care of his seller.

To be enforceable, the statute of frauds requires all real estate contracts:

• be in writing

• be closed within one year

• be filed at the country clerks office

• pass through the three essential stages

In order for a loan to be approved, the lender must approve both the buyer and the:

• property

• seller

• financing

• loan origination

Which type of co-ownership for married couples dictates that each spouse has half ownership of any property obtained during the marriage, and cannot be sold without the signatures of both spouses?

• community property

• in severalty

• tenancy in common

• joint tenancy

Mary is leasing an apartment. She just purchased a ceiling fan for her apartment. While the ceiling fan is still in the box, the ceiling fan is:

• personal property

• land

• easement

• real estate