The Prior Appropriation Theory requires the rights of all appropriators to be equal.
SIPs are state plans for implementation of air quality standards.
A broker/agent has a duty to provide legal advice to clients.
Federal lands are exempt from real property taxes.
Brokers are not liable to buyers for intentional misrepresentations about the property.
The right to lights is governed by the same principles as air rights.
Private citizens do not have the right of suit under the Endangered Species Act.
A fee simple absolute is a freehold estate.
A column lot and air lot cannot be conveyed together in a grant separate from the
surface rights.
For an escrow to be created, the seller must deposit the deed.
A dual agency is valid only when both sides agree.
To qualify for an intrastate offering, all interests sold must be to residents of the state
where the corporation or partnership is organized.
Part performance is an exception to the statute of frauds requirements for land sales
contracts to be in writing.
Once brokers are licensed, they are referred to as realtors.
Property of a person dying intestate with no surviving spouse, but with descendants,
goes first to the person’s parents and then their children.
A mortgage need not be in writing to be valid.
A performance bond is used to protect the owner.
Limited partners can have their name used in the partnership name and still have
limited liability.
An operator of a facility who is leasing the land from another is not liable for any
required CERCLA clean-ups.
The deed restrictions in a subdivision require numerous upgrades to be present on all
homes built within the subdivision, such as shake or tile roof, fireplace, two’‘car garage
minimum, block’‘fence enclosed backyards, landscaping, etc. Two families wishing to
build in the subdivision claim the effect of the restrictions is to exclude all but those in
the upper’‘income brackets. They claim the restrictions are unconstitutional.
Which forms of syndication allow an investor the protection of limited liability?
What environmental issues exist for a developer?
For purposes of an implied easement, apparent use means visible use.
Agnes sold her property to Bellah. Bellah assumed the $190,000 mortgage Agnes had
with First Fifth Bank. Bellah sold the property to Charles who took the property subject
to the First Fifth Bank mortgage. Bellah has defaulted on the First Fifth Bank mortgage.
Describe what First Fifth Bank can do and against whom (assume no anti-deficiency
statute).
There is no implied warranty of habitability in commercial leases.
The Woodlands Condominium Development has the following restriction in its CCRs:
“No one under the age of 55 shall be permitted to reside in any condominium unit.”
Chad and Jill Summerlin live in one of the Woodlands Units. Their daughter, Sarah, 29,
has just been through a divorce and she and her son, Adam, age 7, need a place to live.
The Summerlins purchase a condo unit for them in the Woodlands so that they can be
nearby to help as Sarah needs it. The condo association has brought suit to have Sarah
and her son removed from the unit. Which is correct?
a. They cannot be removed because they are owners
b. They can be removed if there is just compensation
c. They can be required to leave the unit
d. They can be required to leave the unit only if the Summerlins agree
A triple-net clause refers to a percentage of gross sales rental payment.
Explain the difference between a warranty deed and a special warranty deed.
Give three examples of types of zoning.