Exam 49: Transfer and Control of Real Property

a. What is a marketable title? Explain. b. What is the implied warranty of habitability? Explain. c. Alice buys a home in which she plans to live with her family. After she moves in, everyone in the family becomes very ill. Eventually, they trace the source of the illness to chemicals in the cabinets and walls of the home. What can Alice do? Explain.

Adverse possession:

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.

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.

A warranty deed contains an implied warranty of good title and quiet enjoyment of the land.

A mortgage creates a security interest in real property.

Explain the difference between the lien theory and the title theory in relation to mortgages.

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

The case of VonHoldt v. Barba & Barba Construction, Inc. held that:

Marketable title means that the title is free from which of the following?

Restrictive covenants are strictly construed against the party asserting their applicability.

A deed ordinarily contains all of the following except:

Which of the following is INCORRECT regarding zoning?

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

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

Most states have adopted the:

The Mortgage Reform and Anti-Predatory Lending Act of 2010 regulates only mortgages that are not subprime.

Anders Builders builds and sells new residences. According to the law in all states, Anders impliedly warrants to the original purchasers and to subsequent buyers for a reasonable time that the houses are free of latent defects.

Which of the following carries with it no warranties or guarantees of title?

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