In both tenancies in common and joint tenancies, all tenants have the right to exclusive
use and possession.
A subdivision trust is a method of financing in which both the buyer and seller are
beneficiaries.
Just compensation is determined by the value of the property after the announced
government project.
The Troubled Asset Relief Program (TARP) does not permit the federal government to
purchase mortgages directly.
The warranty of habitability in leases is an example of a state-level law.
A street address and a plat map reference are a sufficient description.
Unanimous consent of all partners is required to admit a new general partner to a
limited partnership.
The Internal Revenue Code defines material participation.
A special permit is a temporary variance.
RESPA does not apply to residential refinancings.
Afterborn heirs must be born within 8.9 months of the death of the decedent in order to
inherit from their deceased relative.
Think about a landlord/tenant relationship and find which of the following sources of
law would not apply.
a. Private law
b. The Interstate Land Sales Full Disclosure Act
c. Uniform Residential Landlord Tenant Act
d. Fair Housing Act
A piggyback mortgage
a. Involves borrowing money for the down payment on a purchase financed by another
mortgage
b. Is the same as a wrap-around mortgage
c. Is the same as an Anaconda mortgage
d. a and b
Which of the following is not required to establish an easement by prescription?
a. Permission
b. Open and notorious use
c. Hostile and adverse use
d. All of the above are required
On May 1, 2005, Cynthia Hendrix bought her home and First Bank recorded its
mortgage. On June 24, 2007, Cynthia sold her home to Stanton Gulbrandsen for
$250,000. At that time, Cynthia’s mortgage was $225,000. Stanton assumed Cynthia’s
mortgage and gave Second Bank a second mortgage for $225,000. Second Bank did not
record its mortgage. On October 12, 2009, Stanton sold the home to Derek Bolger for
$275,000. Bolger took the property subject to the previous mortgages and executed a
$275,000 mortgage to Third Bank. Third Bank recorded its mortgage on October 18,
2009. Third Bank knew of the Second Bank mortgage.
Who is liable on the Third Bank mortgage?
a. Cynthia
b. Stanton
c. Derek
d. Both b and c
Which element is common to easements by implication and easements by necessity?
a. Prior unity in ownership
b. Absolute necessity
c. Adverse use
d. None of the above
On May 1, 2005, Cynthia Hendrix bought her home and First Bank recorded its
mortgage. On June 24, 2007, Cynthia sold her home to Stanton Gulbrandsen for
$250,000. At that time, Cynthia’s mortgage was $225,000. Stanton assumed Cynthia’s
mortgage and gave Second Bank a second mortgage for $225,000. Second Bank did not
record its mortgage. On October 12, 2009, Stanton sold the home to Derek Bolger for
$275,000. Bolger took the property subject to the previous mortgages and executed a
$275,000 mortgage to Third Bank. Third Bank recorded its mortgage on October 18,
2009. Third Bank knew of the Second Bank mortgage.
Following the sale of the property at foreclosure, whose liability is discharged on the
First Bank mortgage?
a. Cynthia
b. Stanton
c. Derek
d. None of the above
Which of the following is true regarding YSPs?
a. They are now illegal under RESPA
b. They are now limited under RESPA
c. They must now be disclosed under RESPA
d. They are not permitted when the builder is also the lender
What is included in a Phase I due diligence review conducted prior to purchasing
property?
a. A soil test
b. Water tests
c. A records search to determine whether there have been environmental issues with the
property
d. All of these are part of Phase I due diligence
Which is an example of private law?
a. Securities laws
b. The U.S. Constitution’s provisions on privacy
c. Zoning laws
d. Landlord’s rules for what you can have on the balcony of your apartment
The difference between a warranty deed and a special warranty deed is
a. In the types of warranties give
b. In the time periods for the warranty protections
c. That the special warranty deed is a sheriff’s deed
d. None of the above
A sublease
a. Is the same as an assignment
b. Is an assignment for part of a lease
c. Is void in most states
d. None of the above
Proof of misrepresentation by a broker requires
a. Proof of intent to defraud
b. Proof of a conspiracy with the seller
c. Proof of falsifying documents
d. None of the above
Randy Quince has leased an apartment in the Charlton Arms complex. The landlord
changes the air filters in the apartment heating and air conditioning units on the first day
of each month. On February 1, 2010, Randy is traveling for his job and no one has been
at his apartment. Because Randy is traveling, the landlord has been unable to reach
Randy. The maintenance company for the landlord is given access to Randy’s apartment
to change the filter.
a. The landlord has breached Randy’s covenant of quiet enjoyment
b. The maintenance company has trespassed in Randy’s apartment
c. Neither the maintenance company nor the landlord have done anything wrong in
entering the apartment to replace the filter
d. Maintenance is not a sufficient reason to enter a tenant’s premises without permission
Exclusionary zoning can
a. Never be valid
b. Be used to control growth
c. Be used to prevent growth
d. None of the above
Each section contains
a. 36 square miles
b. 640 acres
c. One township
d. a and c
e. None of the above
Which of the following is not a requirement for a valid deed?
a. Purchase price
b. Description
c. Writing
d. Signature of grantor
The amount of the security deposit is limited under the URLTA.
Day 1 0 → A
Day 2 0 → B (bfp)
Day 3 B records
Day 4 A records
In a race state, who would take title to the property?
a. A
b. B
A nuncupative will
a. Is valid in most states
b. Is an oral will
c. Is a will entirely in the handwriting of the testator
d. None of the above
A life estate lasts only as long as the holder is an heir of the grantor.
Commercial tenants are usually responsible for decorating their units.
Hours of operation are assumed in commercial leases.
In 1951, Margaret, Julia, May, and Jennie Hasselman (collectively, the Hasselman
Women) acquired by intestate succession an undivided one-half interest in the surface
and mineral rights of a 160-acre tract of land in San Juan County, New Mexico (the
Property). On April 26, 1951, the Hasselman Women conveyed their entire interest in
the Property to May’s husband. Immediately thereafter, May’s husband conveyed the
Property back to the Hasselman Women as joint tenants. The language of the deed from
May’s husband to the Hasselman Women explicitly stated: ‘Not in tenancy in common
but in joint tenancy.”
May died in November 1962. Julia died in November 1973. Margaret died in May
1974. In September 1981, Jennie executed a warranty deed conveying an undivided
one-half interest in the property to herself and her daughter, June, as joint tenants. Who
owns the Property now?
a. Jennie owns a full one-half interest in the Property
b. Jennie and June own a full one-half interest in the Property as joint tenants
c. Jennie and June own a full one-half interest in the Property as tenants in common
d. Jennie and June each own a 1/8th interest in the property and May, Julia and
Margaret’s heirs each own a 1/4 interest
American Savings and Loan Association (American) held a first deed of trust on certain
income’‘producing property. The deed of trust had a “due’‘on’‘sale” clause. American
permitted several transfers without requiring an increase in the interest rate due on the
underlying obligation.
Mr. Witter was one of the transferees of the property and he had defaulted on the
American deed of trust as well as on a second deed of trust held by Mr. Master (Mr.
Witter’s seller).
American permitted Master to foreclose with the understanding that after Master
acquired title to the property, there would be no increase in interest rates for a limited
period during which Master would dispose of the property.
Master failed to inform American that when he acquired title, he entered into an
agreement with Mr. Medovi and carried a second deed of trust on the property.
Medovi’s broker, Mr. Glick, carried a third deed of trust on the property.
When American discovered Master’s action, it told Medovi he could assume the loan
provided the interest rate was increased to market levels. Medovi refused to pay, and
American commenced foreclosure.
Did American act properly? Why or why not?
Under the Religious Land Use and Institutionalized Persons Act, expansion of religious
buildings is no longer possible without federal approval.
An implied easement requires proof that a quasi easement existed prior to division of
the tract.
Most states have a presumption favoring a fee simple determinable language
construction.
An Article 9 financing statement is valid for 10 years.
If there are two descriptions and one is ambiguous and the other is not, the
unambiguous description is used.