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Which of the following is like a freehold estate?
C.-Estate in fee
D.-Estate in sufferance
C. Estate in fee
Duke sold his property to Jane with the condition that Jane must never use it for any other purpose other than as a private residence. However, after owning the property for several years, Jane decided to start a board and care facility for handicapped adults. What is the status of the estate?
A.-It may revert to duke because it is a fee simple defeasible estate
B.- It may revert to duke because it is a fee simple absolute estate
C.-Duke has no claim because his condition is unlawful
D.-Duke has no claim because the statute of limitations ran out on the condition
A. It may revert to Duke because it is a fee simple defeasible estate
Which of the following is an example of a freehold estate?
A.-The interest created by a trust deed
B.-An estate at will
C.-A life estate
D.-A leasehold estate
C. A life estate
A seven-year lease would be considered:
A.-An estate for years
D.-All of the above
D. All of the above
A tenancy at sufferance would occur when:
A.-a tenant reamins in the property after the end of an estate for years and continues to pay rent.
B.-A tenant remains in the property after expiration of a lease without the owner's consent
C.-a landlord who delivers a 30-day notice to vacate the premises cannot find the tenant
D.-a landlord cannot obtain a writ of execution from the courts.
B. A tenant remains in the property after expiration of a lease without the owner's consent
The owner of a property adjacent to the water flow can acquire title to additional land by:
Dick and Jane, brother and sister, own an apartment building in joint tenancy. Dick needs $10,000 to cover unexpected medical expenses, so he borrows the money from a lender and signs a trust deed on the property that was soon recorded in the public records. Forty-five days later, Dick dies. Which of the following is most correct?
A.-Jane is now responsible for the entire $10,000
B.-Jane is now responsible for $5,000
C.- Jane now owns the apartment building free and clear of her brother's $10,000 debt.
D. If the loan is not prepaid, the lender can foreclose only on Dick's 1/2 interest in the property
C. Jane now owns the apartment building free and clear of her brother's $10,000 debt
Which of the following is needed to transfer property deeded "Mary Smith, a married woman"?
B.-Wife's signature only
C.-Both husband and wife's signature
D.-Husband's signature only, if the wife gives verbal consent
C. Both husband and wife's signature
If a real estate agent advises a buyer how to take title to real property, he/she may be liable for:
B.-Giving tax advice
D.-All of the above
D. All of the above
When selling his home to John, Bert negotiated a leaseback arrangement in order to continue renting and occupying the property for the next two years. John immediately placed the unrecorded grant deed into a safety deposit box for ultimate security. Two days later, Bert "sold" the home a second time to Julie who promptly recorded her deed. Which of the following is the most correct?
A.-John is the rightful owner of the home provided he can produce this first deed to the property
B.-Julie is the likely owner of the property because she recorded her deed first.
C.-Bert still owns the home until he vacates.
D.-The title company will decide who is the rightful owner of the property.
B. Julie is the likely owner of the property because she recorded her deed first
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