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Texas LAW of CONTRACTS SECOND EDITION UPDATE

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Texas LAW of CONTRACTS SECOND EDITION UPDATE Texas LAW OF CONTRACTS SECOND EDITION UPDATE Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. Customized for use solely by CE Souce. TX_Law_Contracts_2EU_v2.5_book.indb 1 10/11/2016 1:31:23 PM This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. President: Dr. Andrew Temte Executive Director, Real Estate Education: Melissa Kleeman-Moy Development Editor: Jennifer Brandt TEXAS LAW OF CONTRACTS SECOND EDITION UPDATE ©2016 Kaplan, Inc. Published by DF Institute, Inc., d/b/a Kaplan Real Estate Education 332 Front St. S., Suite 501 La Crosse, WI 54601 All rights reserved. The text of this publication, or any part thereof, may not be reproduced in any manner whatsoever without written permission from the publisher. Printed in the United States of America ISBN: 978-1-4754-4340-0 Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. Customized for use solely by CE Souce. TX_Law_Contracts_2EU_v2.5_book.indb 2 10/11/2016 1:31:23 PM Contents Acknowledgments vi UNIT 1 Texas Contract Law 1 Key Terms 1 Texas Real Estate License Act 2 Unauthorized Practice of Law 2 The Broker-Lawyer Committee 3 Use of Promulgated Forms 4 Deceptive Trade Practices Act 14 Summary 15 Unit 1 Review Questions 15 UNIT 2 Basics of Real Estate Law 17 Key Terms 18 Real Property and the Law 18 Land, Real Estate, and Real Property 18 Real Property vs. Personal Property 22 Characteristics of Real Property 26 Forms of Real Estate Ownership 27 Ownership of Real Estate by Business Organizations 32 Condominiums, Cooperatives, Town Houses, and Time-Shares 33 Laws Affecting Real Estate 36 Summary 37 Unit 2 Review Questions 40 UNIT 3 Contracts Used in Real Estate 42 Key Terms 43 Real Estate Contracts 43 Contract Law 43 Discharge of Contracts 47 Contracts Used in the Real Estate Business 49 Listing Agreements 50 Buyer Agency Agreements 55 Leasing Real Estate 55 Leasehold Estates 56 Lease Agreements 57 Types of Leases 60 Discharge of Leases 61 Options 61 Sales Contracts 62 Summary 62 Unit 3 Review Questions 64 Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. iii Customized for use solely by CE Souce. TX_Law_Contracts_2EU_v2.5_book.indb 3 10/11/2016 1:31:23 PM iv Contents UNIT 4 Ownership Rights and Limitations 66 Key Terms 67 Interests in Real Estate 67 Governmental Powers 67 Estates in Land 68 Homestead in Texas 71 Encumbrances 71 Water Rights 75 Environmental Issues 77 Summary 79 Unit 4 Review Questions 81 UNIT 5 The Sales Contract 83 Key Terms 83 Introduction 84 The Process 84 The Document 97 Financing Information 104 Disclosures 105 Conveyance of the Property 106 Contingencies 106 Signatures 106 Addenda and Amendments 106 Default and Breach Remedies 107 Summary 109 Unit 5 Review Questions 110 UNIT 6 Contingencies, Addenda, and Amendments 112 Key Terms 112 Introduction 113 Contingencies 113 Amendment 121 Addendum 124 Summary 126 Unit 6 Review Questions 127 UNIT 7 Financing Real Estate 129 Key Terms 130 Introduction 130 Mortgage Law 131 Security and Debt 131 Promissory Note 131 Mortgages or Deeds of Trust 133 Provisions of Land Contracts and Owner Financing 136 Foreclosure 136 The Real Estate Financing Market 138 Financing Techniques 140 Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. Customized for use solely by CE Souce. TX_Law_Contracts_2EU_v2.5_book.indb 4 10/11/2016 1:31:23 PM Contents v Loan Programs 144 Financing Legislation 148 Computerized Loan Origination (CLO) 149 Summary 149 Unit 7 Review Questions 152 UNIT 8 Conveyance of Title 154 Key Terms 155 Introduction 155 Title 155 Voluntary Alienation 155 Involuntary Alienation 162 Conveyance of a Decedent’s Property 164 Public Records 166 Proof of Ownership 169 Summary 171 Unit 8 Review Questions 173 UNIT 9 Transaction Process and Closing 175 Key Terms 176 Introduction 176 Transaction Process 176 Loan Approval 177 Inspections 193 Title Work 194 Preparation for Closing 194 Sample Checklist 202 Conducting the Closing 203 Real Estate Settlement Procedures Act (RESPA) 207 Prorations 210 Summary 211 Unit 9 Review Questions 213 UNIT 10 Common Contract Mistakes 215 Introduction 215 Contract Examples 216 Common Areas of Concern 219 Summary 221 Unit 10 Review Questions 221 Glossary 223 Answer Key for Unit Review Questions 235 Index 241 Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. Customized for use solely by CE Souce. TX_Law_Contracts_2EU_v2.5_book.indb 5 10/11/2016 1:31:23 PM Acknowledgments We would like to thank Leonard Thomas, contributing editor, for his efforts in revising this new edition of Texas Law of Contracts, as well as Peggy Santmyer, contributing editor, for her work updating this second edition update. We would also like to thank Doris Barrell, contributing author, for her work on the first edition. vi Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. Customized for use solely by CE Souce. TX_Law_Contracts_2EU_v2.5_book.indb 6 10/11/2016 1:31:23 PM 1UNIT Texas Contract Law ■■ LEARNING OBJECTIVES When you have completed this unit, you will be able to ■■ describe the composition and duties of the Texas Real Estate Commission (TREC); ■■ describe the unauthorized practice of law and how to avoid it; ■■ describe the composition and duties of the Broker-Lawyer Committee; ■■ describe TREC’s rules regarding the use of promulgated forms; ■■ explain and give examples of the exceptions to TREC’s rules regarding the use of promulgated forms; ■■ describe the requirement by Section 5.008 of the Texas Property Code for sellers to provide to buyers a written notice of a property’s condition; ■■ identify the exceptions to the seller’s disclosure requirement; ■■ explain when the seller has to provide the disclosure; ■■ describe the buyer’s rights based upon the receipt of the disclosure; and ■■ describe how the Deceptive Trade Practices Act applies to real estate agents. KEY TERMS Broker-Lawyer Committee promulgate Texas Real Estate License Deceptive Trade Practices Texas Real Estate Act (TRELA) Act (DTPA) Commission (TREC) Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. 1 Customized for use solely by CE Souce. TX_Law_Contracts_2EU_v2.5_book.indb 1 10/11/2016 1:31:23 PM 2 Texas Law of Contracts Second Edition Update TEXAS REAL ESTATE LICENSE ACT Real estate agents in Texas were first licensed through the Securities Division of the Secretary of State’s office, beginning in 1939 with passage of the Real Estate Dealers License Act (House Bill 17, 46th Legislature, Regular Session). In 1949, the Texas Real Estate Commission (TREC) was created to administer the act (Senate Bill 28, 51st Legislature, Regular Session). The act’s name was changed to the Texas Real Estate License Act (TRELA) in 1955. The purpose of TRELA is to protect the public through regulation of licensed real estate brokerage practitioners, real estate inspectors, residential ser- vice companies, and entities offering timeshare interests. The policy-making body of the Texas Real Estate Commission is a nine-member commission appointed by the governor with the advice and consent of the senate for overlapping six-year terms. Six members must be active in real estate as full- time brokers for five years immediately preceding appointment. Three members must not be licensed by the commission and have no financial interest in real estate, except as consumers. The commission has rule-making authority, and the rules of the commission have the full force and effect of law. That authority is established in the part of TRELA that is reproduced in the following: Sec. 1101.155. RULES RELATING TO CONTRACT FORMS. (a) The commission may adopt rules in the public’s best interest that require license holders to use contract forms prepared by the Texas Real Estate Broker-Lawyer Committee and adopted by the commission. (b) The commission may not prohibit a license holder from using for the sale, exchange, option, or lease of an interest in real property a contract form that is: (1) prepared by the property owner; or (2) prepared by an attorney and required by the property owner. (c) A listing contract form adopted by the commission that relates to the contractual obligations between a seller of real estate and a license holder acting as an agent for the seller must include: (1) a provision informing the parties to the contract that real estate commissions are negotiable; and (2) a provision explaining the availability of Texas coastal natural hazards information important to coastal residents, if that information is appropriate. Before engaging in the business of completing any contract forms that bind the sale, lease, temporary lease, or rental of any real property, the licensee should become thoroughly familiar with what the rules do and do not permit. UNAUTHORIZED PRACTICE OF LAW TRELA specifically prohibits licensees from practicing law by giving opinions or counsel regarding the validity or legal sufficiency of an instrument that addresses real property rights or as to the status of title to real estate. Throughout the act, it is clearly established that, prior to signing a purchase contract, the licensee must give a buyer written advice to have the abstract covering the property examined Unauthorized reproduction or resale of this product is in direct violation of global copyright laws. Customized for use solely by CE Souce.
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