Exam 49: Transfer and Control of Real Property

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

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

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.

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

Most states have adopted the theory that a mortgage is a lien on real property for the payment of a debt.

A deed of trust differs from a mortgage in that the former conditionally conveys the property to a trustee for the creditor's benefit.

A restrictive covenant stating that a house cannot be sold to someone who is not of the Caucasian race will be upheld by the courts.

An action through which the mortgage holder takes the property from the mortgagor, ends the mortgagor's rights in the property, and sells the property to satisfy the debt is known as:

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

A title search guarantees rightful ownership.

Ellen's driveway is actually on Richard's land, but in 20 years nobody has ever said anything to Ellen about it.When Richard sells his house, a survey shows the problem and the new owner demands that Ellen abandon use of the driveway.Will she have to move her driveway?

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

If Connie buys the real estate subject to an existing mortgage, she will have to pay the mortgage if the mortgagor does not.

The debtor who grants a mortgage is the mortgagee.

A majority of jurisdictions follow the common law rule that the risk of loss or destruction of real property rests with the seller until the deed is conveyed to the purchaser.

Explain the concept of marketable title.

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

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):

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

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