A periodic tenancy must be in writing to be valid.
The good faith estimate under RESPA must be given within one day of loan application.
In condominiums, the owner really owns air space.
The Rule of Capture permits a party to draw all minerals from the subsurface ‘“ even
those drifting in from adjoining properties.
The transfer of a limited partner’s interest results in the dissolution of the partnership.
Zoning boards have absolute discretion when it comes to variances for cell tower
placement.
Whether a public purpose is involved is a narrow issue in eminent domain.
In a subject to transfer, the grantee will be personally liable to the mortgagee.
A taking can occur through government-imposed use restrictions.
A sub-agency relationship is a breach of fiduciary duty.
A private nuisance is not actionable (the affected party cannot successfully sue).
Building height limitations are examples of intensity zoning.
A mechanics’ lien is a statutory lien.
Closings on commercial properties are not governed under RESPA rules.
The ILSFDA carries criminal penalties for violation.
An example of private law would be broker licensing provisions.
The Oil Pollution Act includes penalties for the failure to report spills.
The Fair Housing Act applies to appraisers.
Private suits by home buyers are used to enforce the RESPA protections for home
buyers.
A joint tenancy in which there are unequal shares will fail because of violation of the
unity of
a. Time
b. Title
c. Interest
d. Possession
The Comprehensive Environmental Response, Compensation and Liability Act is
a. The act that establishes the EPA
b. The act that establishes EIS requirements
c. The act that establishes the Superfund
d. None of the above
‘To A on the condition that the easement be maintained and should the easement not be
maintained, the property shall go to the Mesa Public School District for use as an
athletic field.’ A has
a. A life estate
b. An estate for years
c. A fee simple subject to a condition subsequent
d. A fee simple determinable
A holographic will
a. Is invalid in most states
b. Is an oral will
c. Is a will entirely in the handwriting of the testator
d. None of the above
X, Y, and Z run the XYZ Partnership. The partnership owns a factory located in Yuma,
Arizona. Z has passed away. Who owns the factory now?
a. X and Y
b. X, Y and Z’s heirs
c. X and Y as tenants in common
d. The partnership owns the building, but X and Y have the right to run it
With reference to #23, the Soledad owner tells Janice that if he installs the panels and
system without ACC approval, he can be fined by the Registrar of Contractors for the
state. What level of law would the Registrar fit into?
a. Federal law
b. Private law
c. State administrative law
d. None of the above
Tacking relates to which element of adverse possession?
a. Open and notorious use
b. Exclusive possession
c. Permissive use
d. Possession for the prescriptive period
Ellie Bernstein has a large oak tree on her property but the roots of the tree have grown
into her neighbor’s, Carl Ephron, property. Carl’s septic system is being damaged by the
roots. Carl
a. Has no rights to stop the tree roots because of the rule of capture
b. Can destroy the tree
c. Is entitled to remedies for trespass
d. Cannot seek remedies for trespass because Ellie did not enter his property physically
Which of the following is not part of the Clean Air Act Amendments of 1990?
a. Stricter regulation of motor vehicle emissions
b. EPA authority if states fail to formulate SIPs
c. Plant compliance with best available technology
d. Acid rain limitations
e. All of the above are part of the 1990 Amendments
To which of the following parties must the preliminary notice or notice of claim be
given?
a. Property owner
b. General contractor
c. Construction lender
d. All of the above
Which of the following is not part of the United States Code?
a. Securities Act of 1933
b. Internal Revenue Code
c. Interstate Land Sales Full Disclosure Act
d. Uniform Partnership Act
The Resources Conservation and Recovery Act of 1976
a. Establishes the superfund
b. Establishes the permit system for toxic substance disposal
c. Is an amendment to the Solid Waste Disposal Act
d. None of the above
On May 1, 2005, Cynthia Hendrix bought her home and First Bank recorded its
mortgage. On June 24, 2007, Cynthia sold her home to Stanton Gulbrandsen for
$250,000. At that time, Cynthia’s mortgage was $225,000. Stanton assumed Cynthia’s
mortgage and gave Second Bank a second mortgage for $225,000. Second Bank did not
record its mortgage. On October 12, 2009, Stanton sold the home to Derek Bolger for
$275,000. Bolger took the property subject to the previous mortgages and executed a
$275,000 mortgage to Third Bank. Third Bank recorded its mortgage on October 18,
2009. Third Bank knew of the Second Bank mortgage.
Who is liable on the First Bank mortgage?
a. Cynthia
b. Stanton
c. Derek
d. Both a and b
Transfer restrictions on co’‘op interests
a. Are invalid per se
b. Are generally invalid
c. Are void restraints on alienation
d. None of the above
The mortgagor’s right of redemption
a. Exists in a deed of trust
b. Exists even after the foreclosure sale
c. Requires only bringing of the loan current
d. None of the above
The grant, ‘To my husband for life, then to the Osborn Observatory provided that the
observatory has a governing board in place,’ creates which future interest?
a. Reversion
b. Contingent remainder
c. Fee simple subject to a condition subsequent
d. A remainder that violates the rule against perpetuities
Sheree Demming contacted Cheryl Underwood, a real estate broker in the
Bloomington, Indiana area. Ms. Demming discussed with Ms. Underwood her strategy
for investing in properties in and around Indiana University and then developing them.
They had agreed to a 7% commission for Ms. Underwood on any properties purchased.
Ms. Deming then asked Ms. Underwood to pursue the purchase of several properties.
The owners were not interested in selling initially, but Ms. Deming told Ms.
Underwood to keep trying. Ms. Underwood purchased one of the properties Ms.
Deming was interested in for herself and then failed to tell Ms. Deming that the seller of
one of the other properties was inviting written offers. Which of the following best
describes what has occurred here?
a. As a buyer’s agent, Ms. Underwood did not owe any duties to Ms. Demming in terms
of buying properties for herself
b. A buyer’s agent is free to work with any seller’s on her own behalf
c. Ms. Underwood breached her fiduciary duty to Ms. Demming
d. A buyer’s agent does not have to disclose that a seller has invited offers
The buyer’s information handbook
a. Contains a lay explanation of charges and the Uniform Settlement Statement
b. Must be printed by HUD
c. Need not be given in home equity loans
d. All of the above
The following grant is made: “To A for life, then if B is married, to B.”
a. What interests are created?
b. How can the wording of the grant be varied to change B’s interest?
What role has eminent domain played in the real estate market collapse that began in
2008?
a. Eminent domain has not played a role because it is used for gaining access to land for
purposes of right-of-ways
b. Cities have used eminent domain to take over foreclosed and abandoned residences
c. Eminent domain has been used in lieu of foreclosure
d. Eminent domains has been used to take over certain subprime loans from lenders
Edward and Elena Pucossi reside in Louisville, Kentucky, and purchased a lot on Nolin
Lake in Edmonson County, Kentucky. They contracted with a builder to construct a
lake house for them for a total contract price of $20,400. When the Pucossis had paid a
total of $16,050 to the builder, the builder abandoned the project and could not be
located. The lake house was never completed and was never occupied.
Bee Spring Lumber had furnished $8,292.68 in lumber and materials for the Pucossi
project to the builder. Bee Spring Lumber had a lien against the property and brought
suit to collect on that lien. The Pucossis claimed that they could not be held liable for
more than the contract price because this was residential construction. The trial court
held that the statutory exemption did not apply to vacation homes, only owner-occupied
homes, and held the Pucossis liable for the full amount ($8,292.68) owed Bee Spring
Lumber. Is the trial court correct?
Kay Winans purchased a home in a subdivision being developed by Trammer Homes.
When the subdivision was half’‘constructed, Trammer Homes pulled out of the project
and sold the remaining land to a townhome developer. Kay feels only single’‘family
homes should be built in her subdivision. What sources of law would help Kay resolve
her questions?
A pattern of development can result in a requirement that development continue to
follow the pattern.
Explain how the business judgment rule applies to the boards of homeowners’
associations.
States differ in the ability of same-sex partners to inherit under the intestacy laws.
List the ways a landowner can stop the acquisition of an easement by prescription.
Harry C. Sophos and his sister, Flora C. Sophos, owned a parcel of land as joint tenants.
Flora executed a listing agreement with a real estate agency to sell her part of the
property. Harry then passed away and his heirs sought to obtain his half of the property,
claiming the listing severed the tenancy. What result?