Exam 49: Transfer and Control of Real Property

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

If Julia buys a 4 bedroom home that subject to an existing mortgage, she will have to pay the mortgage if the mortgagor does not.

LeBraun is seeking a variable rate mortgage from High Street Financial. Under the Mortgage Reform and Anti-Predatory Lending Act of 2010, which modifies the Truth-in-Lending Act, High Street must disclose the maximum amount LeBraun could pay on the mortgage, with a warning that payments will vary based on interest rate changes.

In most states, eminent domain would permit taking of privately owned land for all the following purposes except:

The Dodd-Frank Act of 2010:

In most states, it is not necessary to record a deed for title to pass to the grantee.

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

Which is not true about zoning ordinance variances:

A doctrine allowing a mortgagor to relieve her property from a mortgage lien by paying the debt that the mortgage secures is known as:

The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 amended the Truth in Lending Act to exempt banks with assets below $250 billion from some requirements for residential mortgage loans.

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

A right of redemption of a mortgage cannot be defeated by operation of law.

An oral agreement for the sale of land is enforceable under the statute of frauds.

The Fair Housing Act only prohibits discrimination based on race and color.

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

A mortgage creates a security interest in real property.

Delivery of a deed may be made by giving it to a third party to hold until the grantee performs certain conditions.

The law of conveyancing firmly establishes that a contract for the sale of land carries an implied seller's obligation to transfer marketable title.

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

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