Question 1

A restrictive covenant can bind only the original parties to it.

Accepted Answer

A) True 
 B)False

Question 2

The power to convert private property to public use is known as:

Accepted Answer

A)  allocation. 
B)  eminent domain. 
C)  after-acquired title. 
D)  enabling. 
A)  allocation. 
B)  eminent domain. 
C)  after-acquired title. 
D)  enabling.

Question 3

Marian lives in a "notice-race" state.She buys Blackacre from Robin but fails to record her deed.Robin then sells Blackacre to John,who also forgets to record.If Marian realizes her mistake and then records the deed,who will own title to the land?

Accepted Answer

A)  John,since he had no notice. 
B)  John,since he purchased in good faith. 
C)  Marian,because she was first to file. 
D)  Marian,because she bought the property first. 
A)  John,since he had no notice. 
B)  John,since he purchased in good faith. 
C)  Marian,because she was first to file. 
D)  Marian,because she bought the property first.

Question 4

Most zoning ordinances provide that a previously approved nonconforming use may be terminated:

Accepted Answer

A)  immediately. 
B)  after 6 months of the structure's future useful life. 
C)  when a nonconforming structure is destroyed or substantially damaged. 
D)  when the structure is sold. 
A)  immediately. 
B)  after 6 months of the structure's future useful life. 
C)  when a nonconforming structure is destroyed or substantially damaged. 
D)  when the structure is sold.

Question 5

The UCC applies to real estate mortgages and trust deeds since they are security interests.

Accepted Answer

A) True 
 B)False

Question 6

The original mortgagor and mortgagee can transfer their interests to assignees whose right and obligations will depend primarily on which of the following?

Accepted Answer

A)  Agreement of the parties to the assignment 
B)  Legal rules protecting the interest of one who is party to the mortgage but not to the transfer 
C)  Both of these. 
D)  None of these. 
A)  Agreement of the parties to the assignment 
B)  Legal rules protecting the interest of one who is party to the mortgage but not to the transfer 
C)  Both of these. 
D)  None of these.

Question 7

Stan has agreed to sell a warehouse to Ed for $150,000.The contract says that Stan will convey to Ed whatever interest he has in the property,but does not state that he has any interest.Ed is to receive a(n)____ deed.

Accepted Answer

A)  insurable 
B)  quitclaim 
C)  general warranty 
D)  special warranty 
A)  insurable 
B)  quitclaim 
C)  general warranty 
D)  special warranty

Question 8

If Carletta buys a house with 2 acres of land subject to an existing mortgage,she will have to pay the mortgage if the mortgagor does not.

Accepted Answer

A) True 
 B)False

Question 9

The warranty of habitability benefits only the original purchaser of a house.

Accepted Answer

A) True 
 B)False

Question 10

The seller's warranty that he has marketable title to the land would be breached if the buyer discovers:

Accepted Answer

A)  a lien on the land. 
B)  a defect in the chain of title. 
C)  a lease on the premises. 
D)  All of these. 
A)  a lien on the land. 
B)  a defect in the chain of title. 
C)  a lease on the premises. 
D)  All of these.

Question 11

Which of the following is NOT essential to a valid deed?

Accepted Answer

A)  Grantor 
B)  Grantee 
C)  Delivery 
D)  Recording 
A)  Grantor 
B)  Grantee 
C)  Delivery 
D)  Recording

Question 12

An uncommon but possible way to obtain title to property is by adverse possession.

Accepted Answer

A) True 
 B)False

Question 13

If there is a defect in title,the courts will allow the buyer to refuse to go through with the purchase.

Accepted Answer

A) True 
 B)False

Question 14

The Mortgage Reform and Anti-Predatory Lending Act of 2010 modifies the Sarbanes-Oxley Act by making those who obtain mortgages more accountable for their actions.

Accepted Answer

A) True 
 B)False

Question 15

Zoning ordinance variances:

Accepted Answer

A)  are usually available for hardships caused by the actions of the property owner seeking the variance. 
B)  are available if it affirmatively appears that the property as zoned cannot yield a reasonable return on the owner's investment in the property. 
C)  are available for hardships caused by the variance that are common to the zoned area. 
D)  All of these. 
A)  are usually available for hardships caused by the actions of the property owner seeking the variance. 
B)  are available if it affirmatively appears that the property as zoned cannot yield a reasonable return on the owner's investment in the property. 
C)  are available for hardships caused by the variance that are common to the zoned area. 
D)  All of these.

Question 16

One common type of restrictive covenant restricts the use of property to residential purposes.

Accepted Answer

A) True 
 B)False

Question 17

Drew grants a quitclaim deed to some property to Franco,but Elli has a life estate in the land.Drew has breached the warranty of title to Franco.

Accepted Answer

A) True 
 B)False

Question 18

The debtor who grants a mortgage is the mortgagee.

Accepted Answer

A) True 
 B)False

Question 19

In a state that adopts the lien theory regarding mortgages,the borrower would have the right to:

Accepted Answer

A)  burn down the barn. 
B)  live on the land after default. 
C)  possess the land after foreclosure. 
D)  refuse to discharge a prior lien. 
A)  burn down the barn. 
B)  live on the land after default. 
C)  possess the land after foreclosure. 
D)  refuse to discharge a prior lien.

Question 20

Recording of a deed is necessary to pass title from the grantor to the grantee.

Accepted Answer

A) True 
 B)False

Exam 49: Transfer and Control of Real Property

A restrictive covenant can bind only the original parties to it.

The power to convert private property to public use is known as:

Marian lives in a "notice-race" state.She buys Blackacre from Robin but fails to record her deed.Robin then sells Blackacre to John,who also forgets to record.If Marian realizes her mistake and then records the deed,who will own title to the land?

Most zoning ordinances provide that a previously approved nonconforming use may be terminated:

The UCC applies to real estate mortgages and trust deeds since they are security interests.

The original mortgagor and mortgagee can transfer their interests to assignees whose right and obligations will depend primarily on which of the following?

Stan has agreed to sell a warehouse to Ed for $150,000.The contract says that Stan will convey to Ed whatever interest he has in the property,but does not state that he has any interest.Ed is to receive a(n)____ deed.

If Carletta buys a house with 2 acres of land subject to an existing mortgage,she will have to pay the mortgage if the mortgagor does not.

The warranty of habitability benefits only the original purchaser of a house.

The seller's warranty that he has marketable title to the land would be breached if the buyer discovers:

Which of the following is NOT essential to a valid deed?

An uncommon but possible way to obtain title to property is by adverse possession.

If there is a defect in title,the courts will allow the buyer to refuse to go through with the purchase.

The Mortgage Reform and Anti-Predatory Lending Act of 2010 modifies the Sarbanes-Oxley Act by making those who obtain mortgages more accountable for their actions.

Zoning ordinance variances:

One common type of restrictive covenant restricts the use of property to residential purposes.

Drew grants a quitclaim deed to some property to Franco,but Elli has a life estate in the land.Drew has breached the warranty of title to Franco.

The debtor who grants a mortgage is the mortgagee.

In a state that adopts the lien theory regarding mortgages,the borrower would have the right to:

Recording of a deed is necessary to pass title from the grantor to the grantee.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property,property Insurance,bailments,and Documents of Title

Interests in Real Property

Trusts and Decedents Estates

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms