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27
Mar
0

Warranty deed transfer the title to the grantee

Posted by on in Transfer of Property
When does the warranty deed transfer the title to the grantee?        A) WHEN THE DEED IS DELIVERED AND APPROVED                  B) WHEN THE DEED IS DELIVERED   C) WHEN THE DEED HAS BEEN SIGNED BY THE GRANTOR              D) WHEN THE DEED HAS BEEN ACKNOWLEDGED BY BOTH PARTYS      Explanation. The grantee must only accept delivery.  The grantee does not have to sign.          ... Continue reading
27
Mar
0

Types of ownership and the right of partition?

Posted by on in Property Ownership
What types of ownership does not allow the right of partition?   A) TENANCY BY THE ENTIRETY B) JOINT TENANCY C) TENANCY IN COMMON D) COMMUNITY PROPERTY            Explanation Tenancy by the entirety does not allow for the right of partition. Tenancy of the entirety is an undivided ownership between husband and wife, and if one dies the other will be entitled to the decedents by the right of survivorship. Joint Tenancy – A type of ownership between two or more people, all shares are equal and can be bought and sold. If an owner dies, that deceased owners... Continue reading
27
Mar
0

Rental Agreement and Expiration

Posted by on in Rental
Rental Agreement and Expiration   What is the legal term used to describe the situation when a tenant refuses to end his occupancy of a rental property after the rental agreement has expired?       A) HOLDOVER TENANT B) BINDING TENANT C) EXPIRED TENANT D) PERIODIC TENANT   Explanation Holdover Tenant is a tenant who at one point legally resided in a rental property but after the expiration of the lease continued to occupy the premises without the owner's agreement.... Continue reading
27
Mar
0

The differences between Tenancy in Common and Joint Tenancy

Posted by on in Property Ownership
The differences between Tenancy in Common and Joint Tenancy   Andrew and Kelly both have equal ownership of a property.  Upon Andrew's death, he has instructed that his portion of the property rights be given to an heir.  Kelly wants full ownership of the property upon Andrew's death and intends to seek legal action.  Kelly's attorney tells Kelly that she will likely be unsuccessful in gaining full property ownership.  The type of ownership described is:   A) TENANCY IN COMMON B) JOINT TENANCY C) TENANCY IN SEVERALTY D) TENANCY BY ENTIRETIES   Explanation   Tenancy in common is best described as... Continue reading
27
Mar
0

Penalties and the Lead Based Paint Hazard Reduction Act

Posted by on in Mandated Disclosures
Penalties and the Lead Based Paint Hazard Reduction Act   Laura, a licensed real estate agent, fails to give a buyer a signed lead based paint disclosure form as well as the mandatory lead based paint literature. According to the Lead Based Paint Hazard Reduction Act, how may Laura be penalized as a result of this            A) ALL OF THE ABOVE B) ORDERED TO PAY THREE TIMES THE COMPENSATORY DAMAGES IN A LAWSUIT C) $10,000 FINE D) A YEAR IN JAIL   Explanation The Environmental Protection Agency (EPA) has the power and right to pursue all these... Continue reading

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