Exam 49: Transfer and Control of Real Property

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Ann sells to Bob property, which has a $50,000 mortgage in favor of First Bank. Bob purchases the property subject to the mortgage. The value of the property declines and there is a default on the mortgage. When First Bank forecloses, the property sells for only $30,000. a. Can First Bank recover the $20,000 balance from Bob? Explain. b. Can First Bank recover the $20,000 from Ann? Explain. c. What rights does Bob have during and after the foreclosure? _No_,_Bo_b_purchase_d_th_e_propert_y_"subjec_t_to_"_th_e_mortgage_._Thi_s_mean_s_tha_t_the

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Question 1

Correct Answer:

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_a_.a newly constructed house is free of latent defects. In some states, this implied warranty benefits only the original purchaser. In other states, the warranty has
been extended to subsequent purchasers for a reasonable period of time.
If her state implies a warranty of habitability, Alice can sue the builder-seller for
_b_.violation of the warranty of habitability. It is also possible that she may be able to pursue a warranty of merchantability or strict liability in tort action against the
_manufacture_r_o_f_th_e_cabinet_s_an_d_wallboar_d_materials.

Debra buys land from Oscar, relying upon a mortgage release executed and recorded by the mortgagee, Keith. Keith, however, had previously assigned the mortgage to Andrew who failed to have the assignment recorded. In this case, Andrew has:

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Question 2

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A contract agreeing to indemnify the insured against certain specified defects in title to real property is called:

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Question 3

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

(True/False)

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Question 4

Discuss the types of deeds that can be used to transfer title.

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Question 5

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?

(Multiple Choice)

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Question 6

The validity of zoning is based on the police power reserved to the states.

(True/False)

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Question 7

Foreclosure is the mortgagee's right to sell the property to satisfy the debt.

(True/False)

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Question 8

A buyer of real estate subject to a mortgage who does not undertake any personal liability for payment of the mortgage debt:

(Multiple Choice)

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Question 9

Which of the following would be an invalid restrictive covenant in a deed?

(Multiple Choice)

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Question 10

In order for a deed to be effective, it must contain all of the following except:

(Multiple Choice)

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Question 11

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

(Multiple Choice)

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Question 12

What should the simplest agreement for the sale of land contain?

(Multiple Choice)

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Question 13

A mortgagee cannot assign a mortgage without the consent of the mortgagor.

(True/False)

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Question 14

If there is a defect in title, the courts will not allow the buyer to refuse to go through with the purchase.

(True/False)

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Question 15

If a zoning restriction causes a financial loss to a property owner, this amounts to a taking of property and the local government will have to compensate the landowner for his loss.

(True/False)

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Question 16

In a quitclaim deed, the grantor warrants that:

(Multiple Choice)

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Question 17

The doctrine declaring that the mortgagee's interest in the property is limited to the amount of the outstanding obligation is known as:

(Multiple Choice)

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Question 18

General contract law provisions govern the sale of real property.

(True/False)

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Question 19

Giving a deed to an escrow agent may be sufficient delivery of a deed.

(True/False)

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Question 20

Showing 1 - 20 of 86

Exam 49: Transfer and Control of Real Property

Debra buys land from Oscar, relying upon a mortgage release executed and recorded by the mortgagee, Keith. Keith, however, had previously assigned the mortgage to Andrew who failed to have the assignment recorded. In this case, Andrew has:

A contract agreeing to indemnify the insured against certain specified defects in title to real property is called:

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

Discuss the types of deeds that can be used to transfer title.

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?

The validity of zoning is based on the police power reserved to the states.

Foreclosure is the mortgagee's right to sell the property to satisfy the debt.

A buyer of real estate subject to a mortgage who does not undertake any personal liability for payment of the mortgage debt:

Which of the following would be an invalid restrictive covenant in a deed?

In order for a deed to be effective, it must contain all of the following except:

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

What should the simplest agreement for the sale of land contain?

A mortgagee cannot assign a mortgage without the consent of the mortgagor.

If there is a defect in title, the courts will not allow the buyer to refuse to go through with the purchase.

If a zoning restriction causes a financial loss to a property owner, this amounts to a taking of property and the local government will have to compensate the landowner for his loss.

In a quitclaim deed, the grantor warrants that:

The doctrine declaring that the mortgagee's interest in the property is limited to the amount of the outstanding obligation is known as:

General contract law provisions govern the sale of real property.

Giving a deed to an escrow agent may be sufficient delivery of a deed.

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