Question 1

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

Accepted Answer

A)  adverse possession. 
B)  the title theory. 
C)  the lien theory. 
D)  equity of redemption. 
A)  adverse possession. 
B)  the title theory. 
C)  the lien theory. 
D)  equity of redemption.

Question 2

An enabling statute:

Accepted Answer

A)  delegates the power to zone to local city and village authorities. 
B)  typically allows municipalities to regulate and limit building heights. 
C)  typically grants the power to limit the intensity of use in a particular area. 
D)  All of these. 
A)  delegates the power to zone to local city and village authorities. 
B)  typically allows municipalities to regulate and limit building heights. 
C)  typically grants the power to limit the intensity of use in a particular area. 
D)  All of these.

Question 3

Adverse possession requires no:

Accepted Answer

A)  contract. 
B)  deed. 
C)  formality. 
D)  All of these. 
A)  contract. 
B)  deed. 
C)  formality. 
D)  All of these.

Question 4

The power to convert private property to public use is known as:

Accepted Answer

A)  allocation. 
B)  eminent domain. 
C)  after-acquired title. 
D)  enabling. 
A)  allocation. 
B)  eminent domain. 
C)  after-acquired title. 
D)  enabling.

Question 5

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.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

The rights and duties of the parties to

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

To be effective, title to land may transferred only by deed.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

The validity of zoning is based on the police power reserved to the states.

Accepted Answer

A) True 
 B)False

Question 11

Title insurance is unnecessary if a title search is made.

Accepted Answer

A) True 
 B)False

Question 12

Sam has agreed to sell a warehouse to Jordan for $150,000.The contract says that Sam will convey to Jordan whatever interest he has in the property, but does not state that he has any interest.Jordan is entitled to a(n):

Accepted Answer

A)  insurable deed. 
B)  quitclaim deed. 
C)  general warranty deed. 
D)  special warranty deed. 
A)  insurable deed. 
B)  quitclaim deed. 
C)  general warranty deed. 
D)  special warranty deed.

Question 13

Title to land may be transferred by which of the following?

Accepted Answer

A)  Deed. 
B)  Will or by the law of descent upon the death of the owner. 
C)  Open, continuous, and adverse possession by a nonowner for a statutorily prescribed period of years. 
D)  All of these. 
A)  Deed. 
B)  Will or by the law of descent upon the death of the owner. 
C)  Open, continuous, and adverse possession by a nonowner for a statutorily prescribed period of years. 
D)  All of these.

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

a.What public restrictions can be placed upon the use of land? Explain.
b.What private restrictions can be placed upon the use of land? Explain.

Accepted Answer

a.Public restrictions on the use of land

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Most states have adopted the:

Accepted Answer

A)  title theory, which gives the mortgagor the right of ownership and possession. 
B)  lien theory, under which the mortgagor retains title and is entitled to possession to the exclusion of the mortgagee, even if the mortgagor defaults. 
C)  title theory, which brings no right of redemption. 
D)  position that the person who owns property subject to a mortgage will not be liable to the creditor for "waste." 
A)  title theory, which gives the mortgagor the right of ownership and possession. 
B)  lien theory, under which the mortgagor retains title and is entitled to possession to the exclusion of the mortgagee, even if the mortgagor defaults. 
C)  title theory, which brings no right of redemption. 
D)  position that the person who owns property subject to a mortgage will not be liable to the creditor for "waste."

Question 18

An uncommon but possible way to obtain title to property is by adverse possession.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is true of restrictive covenants?

Accepted Answer

A)  They are widely used in subdivisions. 
B)  Restrictive covenants are construed strictly against a party asserting their applicability. 
C)  They may bind lot purchasers as though the restrictions had actually been asserted in their own deeds. 
D)  All of these. 
A)  They are widely used in subdivisions. 
B)  Restrictive covenants are construed strictly against a party asserting their applicability. 
C)  They may bind lot purchasers as though the restrictions had actually been asserted in their own deeds. 
D)  All of these.

Question 20

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

Accepted Answer

A)  constructing a railroad bridge over a river. 
B)  building senior citizens' home. 
C)  building a discount store. 
D)  building a post office. 
A)  constructing a railroad bridge over a river. 
B)  building senior citizens' home. 
C)  building a discount store. 
D)  building a post office.

Exam 49: Transfer and Control of Real Property

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

An enabling statute:

Adverse possession requires no:

The power to convert private property to public use is known as:

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.

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

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

To be effective, title to land may transferred only by deed.

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

The validity of zoning is based on the police power reserved to the states.

Title insurance is unnecessary if a title search is made.

Sam has agreed to sell a warehouse to Jordan for $150,000.The contract says that Sam will convey to Jordan whatever interest he has in the property, but does not state that he has any interest.Jordan is entitled to a(n):

Title to land may be transferred by which of the following?

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

a.What public restrictions can be placed upon the use of land? Explain. b.What private restrictions can be placed upon the use of land? Explain.

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

Most states have adopted the:

An uncommon but possible way to obtain title to property is by adverse possession.

Which of the following is true of restrictive covenants?

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

Introduction to Law

Business Ethicspart Ii: the Legal Environment of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Negligence and Strict Liabilitypart Iii: Contracts

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remediespart Iv: Sales

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remediespart V: Negotiable Instruments

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transferspart Vi: Agency

Relationship of Principal and Agent

Relationship With Third Partiespart Vii: Business Associations

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporationspart Viii: Debtor and Creditor Relations

Secured Transactions and Suretyship

Bankruptcypart Ix: Regulation of Business

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

International Business Lawpart X: Property

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Trusts and Wills

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