State laws governing homeowner associations have increased in the past few years.
Brokers can be held liable for negligent misrepresentation.
A buyer who does not qualify for financing is not a ready, willing, and able buyer.
All-adult covenants are a violation of the Fair Housing Act.
Bylaws specify meeting requirements.
The property tax is an example of an ad valorem tax.
The doctrine of constructive eviction requires the tenant to move out as one of its
elements.
Partners can deduct their portion of partnership losses from their personal income.
Brokers generally have authority to accept offers on behalf of their sellers.
Landlord tenant laws apply to cooperatives.
A tenant in a tenancy in partnership can convey his interest by will.
Most grantor capacity cases in deeds involve issues of age capacity.
The FHFA was eliminated from the federal government under the Housing Economic
Recovery Act.
How many sections in a township?
a. 16
b. 36
c. 24
d. None of the above
b Which of the following accurately describes cumulative zoning?
a. Higher uses not permitted in lower areas
b. Lower uses are permitted in higher areas
c. Nonconforming uses are permitted
d. None of the above
Alice Long had her home built by Talman Developers. After closing, and upon moving
into the house, Alice is troubled by an odd smell. A property inspector concludes that
Talman used Chinese drywall in the home, a drywall that contains formaldehyde ‘“ a
substance that begins to emit odors in warm, humid climates (such as Florida where
Alice lives). Which of the following describes Alice’s rights?
a. Alice can recover from Talman for the repair of the problem because it was a breach
of the warranty of habitability
b. Alice will have to recover for her damages from the dry wall installer or the Chinese
manufacturer
c. Alice has no remedy because she has already closed on the house
d. If Talman had an ‘AS IS’ clause in its contract, it is not liable to Alice
Which of the following is true of shopping center leases?
a. There is an implied warranty of habitability
b. The tenant usually bears the cost of improvements
c. Common maintenance fees are illegal
d. None of the above
In a wrap-around mortgage
a. The seller/mortgagor remains personally liable on the original mortgage
b. The buyer is also personally liable on the original mortgage
c. The seller is discharged from and only the buyer is liable on the original mortgage
d. Both a and b
Jonas Smith owns a corner lot that the school children use continually as a short cut on
their way to and from Jackson Elementary. Smith grew tired of seeing the diagonal
path. He posted signs, which did not deter the children. He erected a gate which they
climbed over. He then posted an attack dog at 8:00 a.m. and 3:00 p.m. A child who tried
to pet the dog was mauled.
a. Smith is liable for the child’s injuries.
b. The child was a trespasser and Smith is not liable.
c. The child was a licensee, but was warned, hence Smith is not liable.
d. None of the above
Kent Jones operates a dry-cleaning business. He has been served with a notice from the
Environmental Protection Agency (EPA) that he is in violation of 18 U.S.C. §1808.
Kent is unsure what he has done and wants to know where he might find information on
the law the EPA says he has violated. Where would you advise Kent to look?
a. Because he is a small business, he should look at his local ordinances and will find
the statute there
b. Because the EPA is a federal agency, he should look at federal administrative
regulations
c. Because the EPA is a federal agency, he should turn to the U.S. Constitution
d. None of the above
When there are more lien claims than funds available in an equal footing state, the
lienors
a. Will receive equal amounts of the funds
b. Will receive funds in order of their lien filing dates
c. Will receive funds in order of their completion dates
d. None of the above
Which of the following is not included in the Declaration of Condominium?
a. Legal description of the property
b. Limitations on use of common areas
c. Legal agent or representative
d. All of the above are included
d Janice Greyson was visiting the condo development, Rushing Springs, to see her
nephew. As she walked across the grassy area in between major building of the
development, she tripped and fell in a sink hole in the grass. She suffered a broken
ankle. Who is liable for her injury?
a. No one is liable because she is not an owner
b. Janice’s nephew would be liable because he invited her there
c. The condo association is liable for her injuries, but only if it was aware of the sink
hole
d. The condo association is liable for her injuries because of a duty to maintain common
areas
Joan Kingman is listing the Schubach Farm for sale. In inspecting the property, Joan
notes several sinking areas in the property. Joan is unsure of what they are.
a. Joan need not disclose their presence because she doesn’t know what they are
b. Joan must disclose their presence
c. Joan must disclose them only if the Schubachs agree
d. Joan need only ask the Schubachs what they are
Which of the following is not an element for the exercise of eminent domain?
a. Public purpose
b. Court proceedings
c. Just compensation
d. All of the above are elements
Which of the following would be a valid basis for a homeowner’s challenge to
enforcement action by the homeowners’ association?
a. The association was trying to enforce a rule that was not adopted by proper
procedures
b. The association formerly consisted only of the developer
c. The association is incorporated
d. The association is trying to enforce an assessment in addition to regular fees
With respect to #58, suppose that the foreclosure sale brings $80,000. How will this
amount be distributed?
a. $76,000 to the original mortgagor and $4,000 for costs
b. A split of the $80,000 on a pro rate basis between the costs, the original mortgagee,
and the second mortgagee
c. A split on a pro rate basis among the contractor and the two mortgagees
d. The original mortgagee receives a portion of the $80,000 or 80,000/92,000
The purpose of a living will is
a. To serve as a substitute if the holographic will is invalid
b. Address end-of-life issues
c. Have mutually binding provisions for a husband and wife
d. None of the above
Which of the following is a defect in marketable title to real property?
a. Recorded zoning restrictions
b. Recorded easements disclosed in the listing agreement and contract
c. A pending lawsuit against the seller
d. Unrecorded easement
George Fiskar has been operating a hat store in the Cumberland Mall. George built the
racks that hold his hats. The racks are floor-to-ceiling design and George custom-fit
them to the curvature of the store walls. George’s business has done well and he needs
to move to a larger location. At the end of his lease, the landlord notified George that
the hat racks had to stay because they were custom-made. Which of the following is
correct?
a. The landlord is correct, the racks must stay
b. The landlord is incorrect because all attachments in a commercial lease belong to the
landlord
c. The landlord is incorrect because the hat racks are trade fixtures and belong to the
tenant
d. The landlord is correct because without a lease provision the racks stay
A tenancy at will
a. Can be created by agreement
b. Cannot be terminated by either party at any time without paying damages
c. Arises after termination of an express periodic tenancy
d. None of the above
Refer back to #59, where the property is sold for $80,000, who makes up the difference
between what the sale brings and the amount due on the mortgage?
a. No one, if there is an antideficiency statute
b. The Tesslers will owe it plus the expenses if there is an antideficiency judgment
c. The original mortgagee can recover from the secondary mortgagee
d. None of the above
With reference to #21 above, the grantor
a. Holds a reversion
b. Holds nothing
c. Holds a possibility of reverter
d. None of the above
Which of the following home mortgagors would not be eligible for relief under the
Hope for Homeowners Act?
a. A homeowner whose monthly mortgage payments are 25% of monthly income
b. A homeowner who lives in a condo
c. A homeowner with an $820,000 mortgage
d. None of the above would be eligible for relief under the Act
The Faulkners have purchased the property pictured below, property that was divided
into the four parcels by the owner of Tract C.
a. The Faulkners have an easement by necessity through Tract A
b. The Faulkners have an easement by implication through Tract A
c. The Faulkners must negotiate an easement that is the least intrusive on the tracts
d. The Faulkners will have access only if there is a state law that prohibits the sale of
landlocked property
The Code of Federal Regulations is passed by Congress.
State laws on real estate cannot violate the U.S. Constitution.
State statutes are the only reliable source of real estate law.
Day 1 0 → A
Day 2 0 → B (bfp)
Day 3 B records
Day 4 A records
Suppose that A recorded on Day 1, in a race state, who would take title?
a. A
b. B
Explain what tortuous interference with an inheritance is.
Place the following creditors on one residential property in order of priority.
January 1, 2009 ‘“ Initial mortgage (recorded)
March 1, 2009 ‘“ Second mortgage for swimming pool (recorded)
June 1, 2009 ‘“ PMSI security interest in new air conditioner that is installed on the
property
September 1, 2010 ‘“ Sears kitchen remodeling with new built-in appliances (PMSI
recorded)
The Rule in Shelley’s case applies to remainders given to the heirs of a life estate
holder.
Fixtures are land interests.
Describe the effect of the decision in the Kelo case.