A lessee can never have a mechanics’ lien validly imposed upon the lessor’s property.
Appraisals now require a physical visit to the property.
Rent controls are generally in place for housing that qualifies for low-income housing
credits.
Equitable servitudes are a doctrine based on patterns of development.
Corporate shareholders’ liability is limited to the amount of their investment.
Joint tenants must own equal shares.
The bubble concept applies to nonattainment areas.
Flippers are also known as speculators.
In an assignment of a lease, the original tenant is discharged from responsibility for the
lease.
Once an escrow is opened, it cannot be cancelled.
Planned unit developments include only homes and no amenities.
Liens are filed with land records.
Default under a mortgage is generally defined by state statute.
Commercial landlords must take reasonable security precautions but they are not
insurers against criminal conduct.
To exercise self’‘help, the tenant must first ask the landlord to make repairs.
Taxpayers may be able to deduct interest payments on two homes.
Jack Payson was the listing agent for some property sold by Alice and Dan Faroni. The
Faronies had agreed to finance the purchase for the buyer. Payson never told the
Faronies to secure their financing with a deed of trust or mortgage. When the buyer
defaulted on the payments, the Faronies could only seek a judgment against the buyer
and the litigation process was expensive and the judgment difficult to collect. Which of
the following is an accurate statement about this situation?
a. Payson is not a legal adviser and has not done anything that results in liability to the
Faronies
b. Payson breached his duty of reasonable care and would have liability to the Faronies
for their losses from the lack of security for the loan
c. Whether Payson would have liability depends upon whether he was an
exclusive-right-to-sell agent or part of an open listing
d. Payson would have liability to the Faronies only if they asked him for his advice on
the financing
Discuss brownfields and their effect.
Compute the capital gain on the following:
If a homeowner is plagued with smells and dirt from a nearby factory, suggest
appropriate remedies.
‘To my wife if she survives me. If my wife does not survive me, then to my daughters.’
What type of estate is created in the daughters?
Fee simple determinable
a. A life estate
b. A fee simple subject to a condition precedent
c. A fee tail female
d. None of the above
Explain the differences between a periodic tenancy and a tenancy for years.