Exam 49: Transfer and Control of Real Property

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 deed ordinarily contains all of the following except:

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

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

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.

Jack lived in a block with two-family homes.He finished his third floor for his family and when his children left home,he wanted to rent the floor as an apartment.The town enacted a zoning ordinance restricting occupancy of the building to a maximum of two unrelated families.Jack's best argument for waiving the ordinance is:

In order for a deed to be effective between the purchaser and the seller of real estate,the deed must:

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

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

Jan owns lots in the Cruz neighborhood,where she was planning to build an 8-story apartment complex.Cruz has adopted a single-family dwelling ordinance that encompasses Jan's lots.Jan goes to the library and finds she can attempt to get judicial review of ordinances based on the following:

The 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 pay the mortgage debt is known as:

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

Deeds generally end with:

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

If Russell's mortgage debt is greater than the amount for which his farm is sold in a foreclosure action,he is excused from payment of the remainder.

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.

Title insurance is unnecessary if a title search is made.

Pam sells to Rob property which has a $50,000 mortgage in favor of First Bank.Rob purchases the property subject to the mortgage.The value of the property declines and there is a default on the mortgage.When First Bank forecloses,the property sells for only $30,000. a.Can First Bank recover the $20,000 balance from Rob? b.Can First Bank recover the $20,000 from Pam?

Zoning ordinance variances:

Controls that apply to the use of privately owned property include but are not limited to: