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?
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A tenant is also referred to as a __________.
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A landlord is also referred to as a __________.
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A percentage lease is typically used with what type of tenant?
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A real estate developer may be interested in which of the following types of leases?
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A residential lease is typically what type of lease?
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An options agreement is included in which of the following contracts?
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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.
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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.