For the best protection for property rights, domestic partners should register their
partnerships in states that recognize such relationships.
In the deed of trust financing arrangement, the land owner is the trustee.
Oil and gas rights are always taxed as real property.
An option need not have consideration to be valid.
The good neighbor rule does not apply in cases of air pollution.
Low income housing investments have a limit of $25,000 on loss deductibility.
Condo and co-op board members have immunity from personal liability.
Tenancy in partnership has the characteristic of survivorship like that found in a joint
tenancy.
The Riparian Theory of water rights is one of first in time/first in right.
Prohibiting construction in wetlands is constitutionally exempt.
RESPA limits amounts that lenders can hold in the escrow account for service of loans.
The warranty of habitability applies to property conditions, such as the presence of
mold or second-hand smoke.
If a party moves to the nuisance, he/she is are precluded from recovering.
The Community Reinvestment Act is the Fair Housing Act.
Landlords are not liable when tenants are victims of crimes on the premises.
All’‘adult covenants in residential housing are constitutional.
An “X” is not a sufficient signature for a deed.
A quitclaim deed has a warranty of title only.
REIT interests are not considered securities.
On December 1, 2009, Tyrone, Ned, and Arlen were deeded a piece of land as tenants in
common. The deed provided that Tyrone owned 1/2 the property and Ned and Arlen
owned 1/4 each. If Arlen dies, who owns what and how much?
a. Tyrone 1/2, Ned 1/4, Arlen’s heirs 1/4
b. Tyrone 1/3, Ned 1/3, Arlen’s heirs 1/3
c. Tyrone 5/8, Ned 3/8
d. Tyrone 1/2, Ned 1/2
The Housing Economic Recovery Act
a. Provided authority for the liquidation of Fannie Mae
b. Makes subprime lending a federal felony
c. Prohibits foreclosures for one year after default
d. Does not apply to Freddie Mac
What protection does the homestead exemption provide for homeowners who have
mechanic’s liens on their property?
a. There is no protection; they are subject to the liens
b. The homeowners can generally claim the exemption amount in that state to eliminate
the liens from the property
c. The lienors cannot foreclose on the home to satisfy the liens
d. None of the above
Under the UPC, illegitimate children
a. Are treated as natural children of their mothers
b. Are never entitled to inherit
c. Only inherit if legitimized
d. None of the above
A wrap’‘around mortgage
a. Can be used to avoid the exercise of a due’‘on’‘sale clause
b. Has the seller carrying the full amount of the mortgage
c. Has the buyer assuming the existing mortgage
d. None of the above
A construction lender had an obligation to loan $250,000 to a builder/mortgagor. The
mortgage was recorded upon execution of the note. The funds were to be dispersed to
the mortgagor as follows: 20 percent when the foundation was set, 20 percent when the
building was roofed in, 20 percent when the interior plaster was set, 20 percent when
the certificate of occupancy was issued, and 20 percent 30 days later. Will the lender
have priority at the time of recording or at the time and amount of each advance?
Landlord/tenant statutes are part of state statutes.
William and Joann Lieberman purchased a house with both of their names on the deed.
However, the note and the mortgage for the purchase of the house had only William
Lieberman’s name. Following a divorce action, the lender sought to foreclose on the
property. Joann Lieberman objected.
Philip Carey Co. owned a tract of land in Plymouth Township, Pennsylvania, on which
it deposited a large pile of manufacturing waste containing asbestos. Carey sold the land
to Celotex, and Celotex sold the land to Smith Land & Improvement Corp. The EPA
notified Smith that unless it took steps to eliminate the asbestos hazard, the EPA would
do the work and pursue reimbursement. Smith cleaned up the land to the EPA’s
satisfaction at a cost of $218,945.44. Smith asked Celotex and Carey for
reimbursement. Which firms have liability for the cleanup costs?
Distribute Mona’s estate under per capita and per stirpes.
Explain when a seller would still owe a commission to a broker after a listing has
expired.