Exam 9: Property Law

Works in the public domain are given copyright protection.

A release provides record notice that the mortgagee has been paid in full and no longer claims a lien upon the property.

The Real Estate Settlement Procedures Act provides disclosures about all costs made in connection with a real estate closing be disclosed to the parties.

A joint tenancy is a conveyance to two or more persons possessing at common law the four unities and a right of survivorship.

Mortgage insurance covers a lender in the event of a foreclosure if the value of the collateral is less than 80% of the amount of the outstanding debt.The borrower pays the premium on the mortgage insurance.

Patent protection lasts for 20 years after the patent application date, longer than the protection give by copyright law.

A trademark is a formula, process, or compilation of data used by a business that gives it an advantage over its competitors.

Because actual damages may be difficult to ascertain, the parties may stipulate in advance to a specific amount of damages due in the event of a default, which must not be punitive.

A gift causa mortis is made in contemplation of death and may be revoked if the donor survives.

The degree of care to be exercised by the bailee depends on who benefits by the bailment.

Seller and purchaser enter into a contract to purchase real estate at a purchase price of $310,000.Seller refuses to perform the contract, and at the time of the seller's default, the fair market value of the property is $350,000.The purchaser can recover from the seller the following money damages.

An acknowledgement is a sworn statement, made under oath.

Judgment liens may be foreclosed in the same manner as a mortgage.

The right of a borrower who is in default to pay all delinquent payments plus expenses and resume the monthly payments is known as

The land subject to an easement is known as

A partition action is brought against one who enters the real property without authority.

The cost of credit as a yearly rate, given charges in connection with the loan, required to be disclosed to consumers under the Truth-in-Lending Act is known as

Limitations of the extent of use under this doctrine depend on the circumstances.

An easement may be terminated by a knowing relinquishment of rights is known as

A purchase money mortgage is when the seller provides financing to the buyer for the purchase of the property.