Flashcards in REG 16 - Real Property Deck (11)
On August 15, 1994, Tower, Nolan, and Oak were deeded a piece of land as tenants in common. The deed provided that Tower owned 1/2 the property and Nolan and Oak owned 1/4 each. If Oak dies, the property will be owned as follows:
A. Tower 1/2, Nolan 1/4, Oak's heirs 1/4.
B. Tower 1/3, Nolan 1/3, Oak's heirs 1/3.
C. Tower 5/8, Nolan 3/8.
D. Tower 1/2, Nolan 1/2.
A. In a tenancy in common, the owners have the right to pass their interests to their heirs through their estate.
Which of the following interests in land conveys the greatest ownership rights?
A. Easement by implication.
B. Life estate.
C. Fee simple.
D. Nonfreehold estate.
C. A fee simple estate gives the owner the right to sell, will, mortgage, and lien the property. It is the highest form of land ownership.
Sklar, Rich, and Cey own a building as joint tenants with the right of survivorship. Sklar gave Sklar's interest in the building to Marsh by executing and delivering a deed to Marsh. Neither Rich nor Cey consented to this transfer. Rich and Cey subsequently died. After their deaths, Marsh's interest in the building would consist of
A. A 1/3 interest as a tenant in common.
B. A 1/3 interest as a joint tenant.
C. Total ownership due to the deaths of Rich and Cey.
D. No interest because Rich and Cey did not consent to the transfer.
A. A joint tenancy requires that all tenants acquire their interests at the same time. Since Marsh acquired his interest after the fact, he would be a tenant in common.
Rich purchased property from Sklar for $200,000. Rich obtained a $150,000 loan from Marsh Bank to finance the purchase, executing a promissory note and a mortgage. By recording the mortgage, Marsh protects its
A. Rights against Rich under the promissory note.
B. Rights against the claims of subsequent bona fide purchasers for value.
C. Priority against a previously filed real estate tax lien on the property.
D. Priority against all parties having earlier claims to the property.
B. The purpose of recording is to keep the rights of the original parties intact and protect against future transfers or recorded rights.
T/F: Title cannot be obtained through adverse possession.
For title to pass, the possession must meet the following requirements:
1. Actual and open - Possessor must "live" on the premises.
2. Continuous - the possession must be continuous for the required statutory period (10-20 years)
3. Exclusive and hostile - the possession must be adverse to all, including the owner, and the party claiming title by adverse possession is on the property without the owner's possession.
T/F: In a subject to mortgage sale of property, the buyer is personally liable on the mortgage loan.
A non-possessory security right, that upon default of the mortgagor (debtor realty owner) allows the mortgagee (creditor holding the mortgage) to foreclose (sell or take title) on the property. The mortgagee cannot hold the buyer personally liable upon default.
T/F: In an assumption of mortgage sale of real property, the buyer is personally liable on the mortgage loan.
T/F: A profit is a right to remove soil or minerals from land.
T/F: A mechanic's lien, which is properly filed on a piece of real estate by a subcontractor plumber who installed a new bathtub in a home, is a lien on the entire realty (home) and if the plumber's service charge is not paid, the plumber can foreclose (sell) the home.
T/F: In a grant of land, "To my nephew for his life, and then to his children," the children hold a reversion interest.
reversion = a return to a previous state, practice, or belief