The note or debt instrument should be referenced in the mortgage.
Brokers are only required to disclose direct profits they might make from an offer to the
seller.
Water running from one landowner’s property to another causing flooding is a trespass.
Brownfields enjoy special funding programs for redevelopment.
Brokers must communicate all offers made prior to acceptance to the seller.
Brokers must be licensed in all states.
In a lien state, mortgage foreclosures can be accomplished without court proceedings.
The laws on multi’‘unit housing are uniform among the states.
Regulatory zoning of adult bookstores is not permitted because of First Amendment
protections.
Once a developer finishes a project, homeowners become responsible for enforcement
of deed restrictions.
How can a company have its penalties for environmental violations reduced?
a. By following the requirements under the Self-Policing guidelines
b. By applying for assistance from the Superfund
c. By showing it is only a lessee of the property
d. By showing it was only in the chain of title
How many shareholders can a corporation have and still qualify for Subchapter S
treatment?
a. 100
b. 10
c. 75
d. 20
e. None of the above
Which is not a unity required for a joint tenancy?
a. Time
b. Person
c. Title
d. Interest
e. None of the above
Rachel Finnegan is a broker who specializes in selling small homes. She has a listing
for a small home with a list price of $90,000. When a prospective buyer comes through
the house, he tells Rachel he is interested but the $90,000 is too high of a price. Rachel
tells him, ‘Look, these people are desperate. They need to move, like tomorrow. They’ll
take whatever you offer.’ Rachel
a. Is just acting as a dual agent
b. Cannot control offers and has done nothing wrong
c. Has breached her fiduciary duty to her client sellers with this disclosure
d. None of the above
With reference to #46, the Mesa Public School District has
a. A life estate
b. An estate for years
c. A springing executory interest
d. A vested remainder
e. None of the above
A metes and bounds description begins with the following, ‘Starting at the point of the
site of Old Clay Springs Mill and proceeding….” Which of the following best describes
whether a deed description with this beginning?
a. The description will be legally sufficient as long as the Mill remains there
b. The description will be legally sufficient as long as it closes at the Mill beginning
point
c. The description is not legally sufficient because a building location is imprecise
d. The description will be legally sufficient if the Mill address is included.
If one co’‘tenant is living on the property of the tenancy he/she must
a. Pay rent to the other tenants
b. Pay all taxes
c. Share rental profits if he rents to a third party
d. None of the above
Which of the following rights does a lender have when a mortgager is in default?
a. Foreclosure
b. Deficiency judgment (in many states)
c. a and b
d. None of the above
A latent ambiguity
a. Is one which the courts cannot correct
b. Is a mistake in typing
c. Both a and b
d. None of the above
A and B are tenants in common, with each owning a 1/2 interest. B conveys her interest
to C. A dies, leaving all her property to her children. Who owns the property now?
a. C owns 1/2 and A’s children own 1/2
b. A’s children own the property exclusively
c. B owns the property
d. None of the above
What entitles a local government to engage in a zoning plan?
a. The 14th Amendment
b. Commerce clause
c. Police power
d. Standard State Zoning Enabling Act
In the absence of an agreement, a commercial/retail tenant leasing premises that are
under construction
a. Need not pay rent
b. Must continue paying rent if access still exists
c. Can cease paying rent if business falls off
d. None of the above
“To A so long as the premises are used for the operation of a restaurant,” is an example
of
a. A fee simple absolute
b. A fee simple subject to a condition subsequent
c. A fee simple determinable
d. Tenancy at will
e. None of the above
Buyers are not permitted to use a builder’s title company under RESPA.
What are brownfields?
a. Oil fields that have not yet been developed
b. Areas that require clean-up and remain unused because of the costs of clean-up
c. The property surrounding factories that polluted the air for so long that the ground
has turned the color of the emissions
d. Superfund sites that have been cleaned up, but not sold or in use
Which of the following ads would be a violation of the Fair Housing Act?
a. Non-smoking tenant required
b. Master bedroom
c. Christian tenant
d. Merry Christmas
Nicholas Sharp and Barry and Rhonda Downey own adjacent tracts of land in Howard
County, Maryland. Their two adjacent lots were a single tract of land owned by Jack
Ryan, Inc., the corporate alter ego of John E. Ryan. On February 20, 1996, Ryan
divided the tract by deed, creating Lot 1 and Lot 2. Ryan then conveyed Lot 1 to Pamela
Jekel. On the same date as the conveyance of Lot 1, Ryan and Jekel executed an
easement instrument which gave Ryan access to his Lot 2 over the existing Jeep trail
located on Lot 1. Jack Ryan ended up married to Pamela Jekel and conveyed his lot to
Nicholas Sharp. Pamela Jekel Ryan conveyed her lot to Barry and Rhonda Downey.
What type of easement were they attempting to create?
a. An express easement
b. An easement by absolute necessity
c. An implied easement
There is no obligation for a commercial tenant to conduct business on leased
commercial property.
Explain the right of a mortgage company that is foreclosing on a property where there
are other perfected and secured parties.
Consider the following grant:
“This transfer or deed is made with the full understanding that should the property fail
to be used for the Church of God, it is to be null and void and property to revert to W.
E. Collins or heirs.”
Discuss the interests created.
‘To A’ creates a fee simple interest.
An oral easement is a license.