BLAW Test 1 Real Estate Law Review

Adequate land description is not required for a valid contract of sale or conveyance.

The Rectangular Survey System is used to describe land in Texas.

Tenancy in Common and Joint Tenancy are concepts related to sole ownership of real estate.

The Bundle of Sticks refers to the various interests that make up ownership in real estate, some of which cannot be conveyed away while still owning fee simple.

Remainder Interest follows another interest, often a life estate, and the person who gets that interest will not own fee simple again.

In Texas, the Rectangular Survey System was adopted after it became a separate country.

Inadequate land descriptions, such as only including a street address, are considered a valid contract of sale or conveyance according to the statute of frauds.

Tenancy in common involves the interest of a deceased tenant passing to their heirs, while joint tenancy results in the interest passing to the estate of the deceased tenant.

Under equitable conversion, the buyer becomes entitled to the real estate while the seller becomes entitled to the buyer's property.

Delivery of a deed requires both intent and symbolic delivery, and giving the deed to the buyer's agent can constitute delivery to the buyer.

The seller's agent always represents the seller, while the agent working with the buyer always represents the buyer.

Written agreements with real estate agents are not essential, as verbal agreements are equally valid and enforceable in most states.

Different types of listing agreements include exclusive right to buy, exclusive agency, open listing, and net listing, each with its own conditions and implications.

Real estate commissions are typically fixed at 6% and cannot be negotiated between brokers or clients.

Consequences of breaching a real estate contract can lead to compensatory damages or punitive damages.

Adverse possession can occur when someone trespasses on a property openly and continuously without any legal consequences.