Exam 18: Real Property And Land Use

Inverse condemnation by the government constitutes a taking requiring just compensation.

As part of any legislative proposal or other major governmental action that will significantly affect the quality of the environment,the government must generally include an environmental impact statement.

As opposed to a general partnership,property may not be held in a limited partnership.

The person who conveys real property by deed is called the grantee.

An assignment of a lease is a temporary transfer of the lease to a third party,whereas a sublease is a permanent transfer of the lease to a third party.

In a __________ financing transaction,the second lender lends the owner the additional funds and agrees to take over the servicing of the first loan.

A borrower cannot effectively agree to waive the benefits of a usury law,because such an action is considered contrary to public policy.

In a(n)__________ listing,the seller grants to a single broker the right to find a ready,willing,and able purchaser for the property for a specified period of time.

Vega is selling the family home.During the inspection with a broker,Vega discovered that some of the pipes in the walls had developed tiny leaks.The cost of fully repairing this condition would cost thousands of dollars and take approximately three months.Instead,Vega verbally represented to each and every buyer that the house was "in great shape" and "had no problems." Chan bought Vega's house; and six months after the deal closed,a pipe broke,causing $10,000 in damages.What remedies does Chan have against Vega regarding the sale of the house? Discuss fully.

Shea has a great farm bordering on a river and plans to build a house on a cliff overlooking the water.Shea was also considering building a couple of guest cottages to rent to vacationers.One day a land conservatory came to Shea and asked to have the land designated as a pristine area whereby no development or building could take place.Shea told them to get lost.Subsequently,the jurisdiction in which Shea lived had passed a regulation permanently prohibiting riverfront owners in the area from building any structures within one half mile of the river.There had been no such restriction in the state or county previously,and Shea suspects that the regulation is part of a plot to force landowners to agree to the request of the land conservatory.Shea tells the builder to go ahead with plans to construct the home because the government cannot take land through excessive regulation.Is Shea correct that the government cannot take land through excessive regulation?

The rate at which major financial institutions offer to lend to their most creditworthy customers is called the prime rate.

Compare and contrast joint tenancy and tenancy by the entirety.

__________ sell beneficial shares that are traded in the stock markets and thereby permit small investors to invest in a diversified portfolio of real estate.

As a general rule,a real estate broker may act for more than one person in a real property transaction without the knowledge of all parties to the transaction.

Nonresidents who acquire U.S.agriculture land are required to file an informational report with the U.S.Secretary of Agriculture.

Which of the following is NOT one of the three basic types of deeds?

A(n)__________ is an agreement by a lender to replace a construction loan with a permanent loan,usually after certain conditions,such as the timely completion of the project,have been met.

A change in the land-use regulations prior to vesting:

A title insurance policy does not insure against:

J.C.owns a 20-acre parcel of land in Smallville.Brady is a developer who wants to build a subdivision in Smallville and offers J.C.$1,000 for a 30-day option to purchase the land for $1 million.J.C.agrees.Clara is J.C.'s sister and has a valid right of first refusal on the same land.Brady has been told by the bank that it will provide a construction loan for the development.What rights did Brady legally obtain when purchasing the option? What effect will Clara's rights have on Brady's option? Explain the three types of loans-construction,gap,and take-financing-that could be involved to complete the development.Discuss fully.