JURI 550 Exam 3

JURI 550 Exam 3 / Quiz 3 Liberty University

JURI 550 Quiz 1: Introduction to Property & Personal Property

JURI 550 Quiz 2: Landlord-Tenant Law

JURI 550 Quiz 3: Property Purchase Transaction & Adverse Possession

JURI 550 Quiz 4: Government Land Use Regulation

1. A seller of real estate has the option to transfer title to the subject property to the buyer using one of the types of deeds described below. Which of the following statements is accurate?
2. “Negotiating the contract” follows the “locating the buyer” stage in a real property purchase-sale transaction. The general rule is that the purchase-sale contract must include:
3. During the escrow period when the parties are preparing to close the transaction, the common law rule will impose the risk of property damage or loss on the buyer unless the purchase-sale contract states otherwise. This is known as:
4. As the buyer and seller are “preparing for the closing”, they will be most concerned with:
5. The typical sales contract will contain a condition precedent regarding the quality of title that seller will transfer to buyer. What is this contingency clause in the contract intended to do?
6. In most modern transactions involving the sale of real property, which combination of title covenants is the most likely to be used as the bases of a claim by the grantee of a warranty deed against his grantor?
7. A vendee can negotiate a land installment contract to protect him from some of the contract’s
   However, a vendee must rely on courts in some jurisdictions to interpret which of the following contract terms to protect him?
8. During the escrow period when the parties are preparing to close the transaction, the seller will be required to disclose the condition of the property in most transactions. In most states the seller will be held to which disclosure standard?
9. In a situation where real property is concurrently owned by two or more persons, a co-tenant who is in possession of the tenancy property cannot adversely possess another co-tenant’s interest in the property, because all co-tenants have equal rights to possession of the property.
10. At what point does a deed become effective? Which of the following lists identifies the minimal set of elements for the deed to be effective?
11. Under the common law, which of the following is the most accurate statement?
12. Under the modern approach, a recorded quitclaim deed is considered to put would-be purchasers on inquiry notice by most jurisdictions. True or false?
13. Among the four basic stages of a real property purchase-sale transaction, the starting point is “locating the buyer”. What document and legal rule are central to the seller’s success in locating a buyer?
14. “Closing the transaction” is the last stage of a purchase-sale transaction. As far as the buyer is concerned, the most important document at closing is the deed. A buyer would prefer:
15. In the event that the purchase-sale contract does not include a provision regarding the quality of title, courts will imply the condition of marketable title, which is:
16. At the closing of the transaction, the purpose of recording the deed is:
17. From the perspective of the lender, the benefit of a mortgage is that the lender is contractually entitled to pursue a judicial foreclosure or a non-judicial foreclosure if the borrower defaults on the loan.
18. After a buyer and seller sign a real estate purchase-sale contract it is often the case that one of the parties wants to back out of the contract. The other party most likely will sue for the remedy of specific performance. Which of the following is incorrect regarding specific performance?
19. During the escrow period when the parties are preparing to close the transaction, both the buyer and seller are interested in determining as soon as possible whether the buyer can purchase the property with cash or finance the purchase with a loan. If the buyer will finance the purchase, the documents that are essential for the buyer to satisfy the purchase-sale contract and to close the transaction are:
20. A contract for the sale of real estate is enforceable in which of the following situations:
21. From the perspective of the borrower, the benefit of a mortgage in the event of the borrower’s default on the loan is:
22. Which of the following is the most accurate statement about a claim of title by adverse possession?
23. When a buyer-borrower executes the promissory note and the mortgage instrument for a $100,000 loan, most courts will make which of the following conclusions about the formation of the loan agreement?
24. Which statement most accurately describes how the statute of limitations operates with regard to a claim of title by adverse possession?
25. Regarding the modern view about disclosures of the condition of the property that is the subject of the sale contract, which of the following is inaccurate?