TEXAS LAW OF CONTRACTS- FINAL EXAM
1. TRID
Answer TILA-RESPA Integrated Disclosure Rule (The Final Rule)
2. TRID Rule
Answer Lenders must give a copy of the booklet, must provide a loan estimate (within 3 business days), a closing disclosure
3. RESPA
Answer Real Estate Settlement Procedures Act
4. Adverse Possession
Answer A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile
& uninterrupted for a certain period of time.
5. RESPA requirements include
Answer Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate,
requires uniform settlement statement
6. Notorious possession
Answer a possession without concealment
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, 7. Hostile Possession
Answer The possession of the property is without the owner's permission, either expressed or implied.
8. Voluntary Alienation
Answer the legal term for the voluntary transfer of title
9. Involuntary Alienation
Answer A transfer of title to real property without the owner's consent . Examples. escheat, foreclosure, eminent domain,
adverse possession and estoppel.
10. eminent domain
Answer Power of a government to take private property for public use.
11. encroachment
Answer intrusion on a person's territory, rights, etc.
12. Bilateral Contract
Answer a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other
party's act.
13. Riparian Rights
Answer A legal right of a landowner who owns land next to a natural watercourse to reasonable use of whatever water
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1. TRID
Answer TILA-RESPA Integrated Disclosure Rule (The Final Rule)
2. TRID Rule
Answer Lenders must give a copy of the booklet, must provide a loan estimate (within 3 business days), a closing disclosure
3. RESPA
Answer Real Estate Settlement Procedures Act
4. Adverse Possession
Answer A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile
& uninterrupted for a certain period of time.
5. RESPA requirements include
Answer Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate,
requires uniform settlement statement
6. Notorious possession
Answer a possession without concealment
1/
12
, 7. Hostile Possession
Answer The possession of the property is without the owner's permission, either expressed or implied.
8. Voluntary Alienation
Answer the legal term for the voluntary transfer of title
9. Involuntary Alienation
Answer A transfer of title to real property without the owner's consent . Examples. escheat, foreclosure, eminent domain,
adverse possession and estoppel.
10. eminent domain
Answer Power of a government to take private property for public use.
11. encroachment
Answer intrusion on a person's territory, rights, etc.
12. Bilateral Contract
Answer a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other
party's act.
13. Riparian Rights
Answer A legal right of a landowner who owns land next to a natural watercourse to reasonable use of whatever water
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