Exam 49: Transfer and Control of Real Property

Deeds must describe the land conveyed, describe the estate conveyed, and indicate the consideration received by the grantor.

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.

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

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

Which of the following are the most usual covenants to convey title of realty?

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

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 abandons use of the driveway.Will she have to move her driveway?

The transfer of real estate requires consideration to be valid.

A mortgage creates a security interest in real property.

Foreclosure is 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 pay the mortgage debt.

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

Title insurance policies may be issued to protect the interests of mortgagees or tenants of 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.

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

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:

An instrument representing an interest in real property created to secure repayment of the debt is called a:

A deed of trust is almost identical to a warranty deed.

A deed is not effective to transfer title to land until delivery.

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