Question 1

A chronological report of recorded transfers and encumbrances to the property can be obtained by a(n):

Accepted Answer

A)  warranty deed. 
B)  title search. 
C)  attorney's opinion. 
D)  assumption of a mortgage. 
A)  warranty deed. 
B)  title search. 
C)  attorney's opinion. 
D)  assumption of a mortgage.

Question 2

Eminent domain would permit condemnation of land for all the following purposes except:

Accepted Answer

A)  constructing a railroad bridge over a river. 
B)  building senior citizens' center. 
C)  building a store. 
D)  building a post office. 
A)  constructing a railroad bridge over a river. 
B)  building senior citizens' center. 
C)  building a store. 
D)  building a post office.

Question 3

The elements of adverse possession include:

Accepted Answer

A)  open, constructive, and with permission of the true owner. 
B)  open, visible, under color of title, and with permission of the true owner. 
C)  secretive, invisible, hostile, and under claim of right. 
D)  continuous for the statutory period, open, actual, and adverse. 
A)  open, constructive, and with permission of the true owner. 
B)  open, visible, under color of title, and with permission of the true owner. 
C)  secretive, invisible, hostile, and under claim of right. 
D)  continuous for the statutory period, open, actual, and adverse.

Question 4

Susan bought Green Acre subject to a $500,000 mortgage granted by Joe to First Bank. If Joe leaves for Bolivia and does not pay the mortgage, which of the following is true?

Accepted Answer

A)  Susan will not have to pay the $500,000. 
B)  Susan will lose the land to First Bank (up to $500,000 value). 
C)  Both of these are correct. 
D)  None of these are correct. 
A)  Susan will not have to pay the $500,000. 
B)  Susan will lose the land to First Bank (up to $500,000 value). 
C)  Both of these are correct. 
D)  None of these are correct.

Question 5

A minority of states have adopted the common law lien theory of mortgages which gives the mortgagor the right of ownership and possession.

Accepted Answer

A) True 
 B)False

Question 6

Title insurance protects an owner of real property from losses due to defects in title, liens, or encumbrances.

Accepted Answer

A) True 
 B)False

Question 7

An instrument representing an interest in real property created to secure repayment of the debt is called a:

Accepted Answer

A)  warranty deed. 
B)  foreclosure. 
C)  mortgage. 
D)  default judgment. 
A)  warranty deed. 
B)  foreclosure. 
C)  mortgage. 
D)  default judgment.

Question 8

The Wall Street Reform and Consumer Protection Act of 2010 requires all but which of the following in relation to mortgages?

Accepted Answer

A)  That lenders ensure a borrower's reasonable ability to repay the loan. 
B)  That subprime mortgages not be issued. 
C)  Disclosure of the maximum amount a consumer could pay on a variable rate mortgage. 
D)  Expanded protection for borrowers of high-cost loans. 
A)  That lenders ensure a borrower's reasonable ability to repay the loan. 
B)  That subprime mortgages not be issued. 
C)  Disclosure of the maximum amount a consumer could pay on a variable rate mortgage. 
D)  Expanded protection for borrowers of high-cost loans.

Question 9

The right of redemption would require:

Accepted Answer

A)  a court order. 
B)  assent of all parties. 
C)  payment of the entire debt with interest. 
D)  payment of past due installments. 
A)  a court order. 
B)  assent of all parties. 
C)  payment of the entire debt with interest. 
D)  payment of past due installments.

Question 10

Title insurance is unnecessary if a title search is made.

Accepted Answer

A) True 
 B)False

Question 11

A buyer's remedies for breach of a contract for the sale of land include all but which of the following:

Accepted Answer

A)  rescission and restitution. 
B)  damages for loss of the bargain. 
C)  specific performance with a price reduction. 
D)  All of these remedies are available. 
A)  rescission and restitution. 
B)  damages for loss of the bargain. 
C)  specific performance with a price reduction. 
D)  All of these remedies are available.

Question 12

Darren grants a quitclaim deed to some property to Floyd. Now Floyd has found that someone else has a life estate in the land. Darren has breached the warranty of title.

Accepted Answer

A) True 
 B)False

Question 13

A warranty deed by Arthur to Bob includes Arthur's promise that he will be liable to Bob for any defects in title.

Accepted Answer

A) True 
 B)False

Question 14

A secured transaction consists of:

Accepted Answer

A)  a debt or obligation to pay money. 
B)  the creditor's interest in specific property that secures performance of the obligation. 
C)  Both of these. 
D)  None of these. 
A)  a debt or obligation to pay money. 
B)  the creditor's interest in specific property that secures performance of the obligation. 
C)  Both of these. 
D)  None of these.

Question 15

A variance may be granted to permit deviation from a zoning ordinance where the application of the ordinance to specific property would cause its owner particular hardship unique to the property.

Accepted Answer

A) True 
 B)False

Question 16

A doctrine allowing a mortgagor who has defaulted to regain her property prior to its sale by paying the debt in full with interest is known as:

Accepted Answer

A)  rehabilitation. 
B)  the covenant of quiet title. 
C)  foreclosure. 
D)  the right of redemption. 
A)  rehabilitation. 
B)  the covenant of quiet title. 
C)  foreclosure. 
D)  the right of redemption.

Question 17

A transaction involving real estate whereby one party deposits a deed or money with a third party who holds the deed or funds until the happening of an agreed-upon event is called a(n):

Accepted Answer

A)  adverse possession. 
B)  escrow. 
C)  foreclosure. 
D)  abstract of title. 
A)  adverse possession. 
B)  escrow. 
C)  foreclosure. 
D)  abstract of title.

Question 18

A real estate conveyance is governed by the:

Accepted Answer

A)  statute of frauds. 
B)  financial decisions of the lender. 
C)  terms of the mortgage. 
D)  law of secured transactions. 
A)  statute of frauds. 
B)  financial decisions of the lender. 
C)  terms of the mortgage. 
D)  law of secured transactions.

Question 19

The characteristics of a special warranty deed include:

Accepted Answer

A)  the grantor warrants the title so far as it concerns his acts or omissions. 
B)  the grantor warrants the title to be free of defects caused by acts or omissions of others. 
C)  a general warranty of title. 
D)  All of these. 
A)  the grantor warrants the title so far as it concerns his acts or omissions. 
B)  the grantor warrants the title to be free of defects caused by acts or omissions of others. 
C)  a general warranty of title. 
D)  All of these.

Question 20

Someone who expressly assumes a mortgage is personally obligated to pay it.

Accepted Answer

A) True 
 B)False

Exam 49: Transfer and Control of Real Property

A chronological report of recorded transfers and encumbrances to the property can be obtained by a(n):

Eminent domain would permit condemnation of land for all the following purposes except:

The elements of adverse possession include:

Susan bought Green Acre subject to a $500,000 mortgage granted by Joe to First Bank. If Joe leaves for Bolivia and does not pay the mortgage, which of the following is true?

A minority of states have adopted the common law lien theory of mortgages which gives the mortgagor the right of ownership and possession.

Title insurance protects an owner of real property from losses due to defects in title, liens, or encumbrances.

An instrument representing an interest in real property created to secure repayment of the debt is called a:

The Wall Street Reform and Consumer Protection Act of 2010 requires all but which of the following in relation to mortgages?

The right of redemption would require:

Title insurance is unnecessary if a title search is made.

A buyer's remedies for breach of a contract for the sale of land include all but which of the following:

Darren grants a quitclaim deed to some property to Floyd. Now Floyd has found that someone else has a life estate in the land. Darren has breached the warranty of title.

A warranty deed by Arthur to Bob includes Arthur's promise that he will be liable to Bob for any defects in title.

A secured transaction consists of:

A variance may be granted to permit deviation from a zoning ordinance where the application of the ordinance to specific property would cause its owner particular hardship unique to the property.

A doctrine allowing a mortgagor who has defaulted to regain her property prior to its sale by paying the debt in full with interest is known as:

A transaction involving real estate whereby one party deposits a deed or money with a third party who holds the deed or funds until the happening of an agreed-upon event is called a(n):

A real estate conveyance is governed by the:

The characteristics of a special warranty deed include:

Someone who expressly assumes a mortgage is personally obligated to pay it.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

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

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

the Legal Environment of Business

Contracts

Agency

Sales

Negotiable Instruments

Unincorporated Business Associations

Corporations

Debtor and Creditor Relations

Regulation of Business

Property