The challenges mortgagors use in foreclosure proceedings are based on the requirement
that the party foreclosing actually holds the mortgage note and lien.
There is increasing litigation between states over water allocation.
Multi-unit housing associations do not have a right of foreclosure for unpaid fees.
Title insurance affords coverage for zoning violations.
Transfer restrictions on co’‘op interests are invalid.
The EPA must now undertake steps to address carbon emissions issues.
Property taxes are not personal obligations, but obligations of the property.
Only individuals can file suit to enforce the Fair Housing Act.
A property owner affected by the overhang can bring suit for a court order requiring the
removal of the eaves or branches.
After a power of sale is exercised, there is no right of redemption.
The Fifth Amendment of the U.S. Constitution affords landowners protection in
eminent domain proceedings from the federal government.
When is a lender to a company liable for the clean-up of the debtor’s property for toxic
spills?
a. When the lender participates in the managerial and operational affairs of the debtor
b. When the lender provides financial advice or counseling to the debtor
c. When the lender forecloses on the property
d. When the lender leases the property after taking it back from the debtor
Under the UCC Secured Transaction Article, what is the order of priority for the
following security interests in store equipment?
I. Security interest in an air conditioner sold to a homeowner to replace an existing unit
on the home’s roof that was perfected by filing on April 15, 2009
II. A mortgage on that same home recorded on January 3, 2005
III. A purchase money security interest on new windows for the home that attached on
April 11, 2009 and was perfected by filing on April 20, 2009
a. I, III, II
b. II, I, III
c. III, I, II
d. III, II, I
A deed in lieu of foreclosure
a. Is unconstitutional
b. Must entitle the mortgagor to a clean credit report
c. Must still be followed by judicial proceedings
d. Is a quitclaim deed
The City of Page refused Specht’s application for a variance to operate a car dealership
in a commercial area of the city. Later, when a new dealer offered to buy a 2.5’‘acre
parcel of city land for use as a car dealership (in the same area), the city granted a
variance. What result?
The amount of home interest that is deductible is
a. Total amount of initial mortgage (if at or below market)
b. Total amount of refinancing
c. Total amount of market value
d. None of the above
“To the University of New Mexico for the time that the land is used for an observatory”
is a
a. Fee simple subject to a condition subsequent
b. Fee simple determinable
c. Estate for years
d. Life estate
Sandpoint Title Company has offered Lenox Homes a 15% discount on closing costs if
Lenox brings all of its homebuyers to Sandpoint for closing on their homes. The 15%
discount
a. Is a violation of RESPA
b. Is a violation of RESPA unless the volume discount is passed along to the Lenox
home buyers
c. Is not a violation of RESPA as long as the discount is disclosed
d. Is the YSP in the transactions
With regard to #17, the landlord
a. May increase Amy’s rent at any time
b. May not increase Amy’s rent at any time
c. May increase Amy’s rent with one month’s notice
d. May increase the rent when Amy subleases the apartment
Which of the following is not qualified residential interest?
a. Interest on a loan used to buy a cabin as a second home
b. Interest on a rental property mortgage
c. Interest on the loan for a $500,000 residence
d. All of the above are qualified residential interest
A broker
a. Has the authority to sell property
b. Has the authority to advertise property
c. Has the authority to represent the buyer
d. None of the above
A construction mortgagee will be second in priority
a. If the loan is funded after construction begins
b. If the loan is recorded after construction begins
c. If the subcontractors have been hired
d. None of the above
A definition of just compensation would be
a. Value of the government’s gain
b. Fair market value
c. Auction price
d. None of the above
With regard to #17, what is the maximum security deposit the landlord can charge Amy
under the URLTA?
a. $1200
b. $1800
c. $2400
d. $1600
Grids are the segments of land
a. Also known as townships
b. Located between guide meridians and parallels
c. Also known as sections
d. Both a and b
e. None of the above
If a conflict exists between the escrow instructions and the sales contract
a. The escrow is invalid
b. The sales contract will control
c. The escrow instructions will control
d. None of the above
A master-planned community
a. Is unconstitutional
b. Requires approval of the federal government
c. May require negotiations with the planning or zoning board to get approval
d. None of the above
The general problem with metes and bounds descriptions is
a. They are invalid legal descriptions
b. They have to contain a street address
c. They have to have certain and stable beginning and ending points in order to be valid
d. There are generally no legal problems with metes and bounds descriptions
The Soldiers and Sailors Relief Act
a. Prevents foreclosures on homes owned by those in the military
b. Provides time extensions and special notices before foreclosure on homes owned by
those in active service
c. Is applicable only to VA loans
d. None of the above
Discuss the liability of a builder for defects in common areas vs. units in a
condominium project.
The inheritance tax is paid by the recipient.
States cannot pass laws that supersede the Kelo case.
An accessway is an affirmative appurtenant easement.
The higher the degree of ownership of the annexor, the more likely property attached to
his premises will be treated as a fixture.
Describe the similarities between the development of federal clean air and clean water
regulations.