Texas Law of Contracts

Errata (2013-01-30)

At Dearborn™ Real Estate Education, we are proud of our reputation for providing the most complete, current, and accurate information in all our products. We are committed to ensuring the kind of quality you rely on. Please note the following changes, which will be reflected in the next printing of Texas Law of Contracts.

Page/Location / Was / Change to
2, Key Terms list, first column / emblements fixture / emblements
fixture
15, Separate property. / Any income earned from a person's separate property remains part of that person's separate property. / Any income earned from a person's separate property becomes community property.
49, under “Statute of limitations.” / In Texas, the statute of limitations must be brought with four years for a written contract and two years for an oral contract. / In Texas, the statute of limitations is four years for breach of a written contract and two years for breach of an oral contract.
58, first paragraph under Lease Agreements / Most states require no special wording to establish the landlord-tenant relationship, but an agency disclosure may be required. The law of the state where the real estate is located must be followed to ensure the validity of the lease. / Most states require no special wording to establish the landlord-tenant relationship, but an agency disclosure may be required. For instance, an agent representing the landlord would have to disclose to a potential tenant that the agent is representing the landlord and has no responsibility to the tenant. The law of the state where the real estate is located must be followed to ensure the validity of the lease.
83, end of page / Margin note:
Assignment = Substitution of parties
Novation = Substitution of a new contract / This margin note does not apply to the text next to it and should be deleted.
92, last sentence of first paragraph under Home Inspection / ASHA / ASHI
104, final paragraph under Mortgage Law / With amodified lien theory, the lender can take possession of the property through the actions of a trustee who initiates the public auction on behalf of the lender without requiring court action. / With amodified lien theory, the mortgagor (borrower) grants the power of sale to a trustee by way of a Deed of Trust. The trustee can then initiate the public auction on behalf of the lender without requiring court action.
Page 113, second paragraph under The Secondary Mortgage Market / See Figure 6.4 / See Table 6.1
Page 113, Table 6.1 / Comparisons of Price and Payment / Secondary Market and Makeup of Loan Packages
Page 178, first paragraph, final sentence / RESPA is administered by HUD. / RESPA, formerly administered by HUD, is now administered by the Consumer Financial Protection Bureau (CFPB).
Page 183, first paragraph, final sentence / See Figure 8.4. / See Figure 8.3.
Page 216, entry for Department of Housing and Urban Development (HUD) / Government agency that establishes rules and regulations impacting housing; enforces fair housing and RESPA regulations; administers FHA and Ginnie Mae. / Government agency that establishes rules and regulations impacting housing; enforces fair housing; administers FHA and Ginnie Mae.