Questions and Answers
What does a ready, willing, and able buyer mean?
The buyer is the __________ in a Buyer Agency Agreement.
Principal
Which of the following exists without a contract or lease, and is unspecified in duration or exchange of payment?
Which of the following leasehold estates will automatically renew?
Signup and view all the answers
A tenant is also referred to as a __________.
Signup and view all the answers
A landlord is also referred to as a __________.
Signup and view all the answers
A percentage lease is typically used with what type of tenant?
Signup and view all the answers
A real estate developer may be interested in which of the following types of leases?
Signup and view all the answers
A residential lease is typically what type of lease?
Signup and view all the answers
An options agreement is included in which of the following contracts?
Signup and view all the answers
Study Notes
Buyer Agency Agreement
- A "ready, willing, and able buyer" is prepared to proceed with the property purchase, including signing contracts and having financial capability.
Roles in Buyer Agency
- In a Buyer Agency Agreement, the buyer is referred to as the principal.
Tenancy at Will
- Tenancy at will is characterized by the absence of a contract or lease, indefinite duration, and no specified rent payment.
Estate from Period to Period
- This type of leasehold estate automatically renews at the end of each rental period unless terminated by either party.
Lessee Definition
- A tenant in the context of a lease is commonly known as the lessee.
Lessor Definition
- The term for a landlord in a leasing agreement is the lessor.
Retail Tenancy and Lease Types
- A percentage lease is commonly associated with retail tenants, allowing rent based on a percentage of sales.
Ground Lease
- Real estate developers often pursue ground leases, which allow them to lease land for a prolonged period while retaining ownership.
Gross Lease
- Residential leases are typically categorized as gross leases, where most costs (like utilities) are included in the rent.
Options Agreement
- An options agreement is an integral part of the One to Four Family Residential Contract (resale), providing flexibility for buyers.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on key concepts from Chapter 5 of Texas Law of Contracts. This quiz includes essential terms like buyer readiness, agency agreements, and tenancy definitions. Perfect for students preparing for exams in real estate law.
