Mann_BLRB 9_TB_Ch50

Business Law and the Regulation of Business

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Chapter 50—Transfer and Control of Real Property TRUE/FALSE 1. The transfer of real estate requires consideration to be valid. ANS: F MSC: AACSB Analytic 2. The Fair Housing Act is Title VIII of the Civil Rights Act. ANS: T MSC: AACSB Analytic 3. A warranty deed by Jeff to Paula includes Jeff's promise that he will be liable to Paula for any defects in title. ANS: T MSC: AACSB Analytic 4. A special warranty deed will give the buyer better rights against the grantor (seller) than a general war- ranty deed. ANS: F MSC: AACSB Analytic 5. To be effective, title to land may transferred only by deed. ANS: F MSC: AACSB Analytic 6. A warranty deed contains an implied warranty of good title and quiet enjoyment of the land. ANS: T MSC: AACSB Analytic 7. A deed is not effective to transfer title to land until delivery. ANS: T MSC: AACSB Analytic 8. Delivery of a deed may be made by giving it to a third party to hold until the grantee performs certain conditions. ANS: T MSC: AACSB Analytic 9. In most states, it is not necessary to record a deed for title to pass to the grantee. ANS: T MSC: AACSB Analytic 10. The UCC applies to real estate mortgages and trust deeds since they are security interests. ANS: F MSC: AACSB Analytic 11. An oral agreement for the sale of land is enforceable under the statute of frauds. ANS: F MSC: AACSB Analytic 12. A mortgage creates a security interest in real property.
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ANS: T MSC: AACSB Analytic 13. A deed of trust is almost identical to a warranty deed. ANS: F MSC: AACSB Analytic 14. A deed of trust differs from a mortgage in that the former conditionally conveys the property to a trust- ee for the benefit of the creditor. ANS: T MSC: AACSB Analytic 15. If Connie buys real estate subject to an existing mortgage, she will have to pay the mortgage if the mortgagor does not. ANS: F MSC: AACSB Analytic 16. A right of redemption of a mortgage cannot be defeated by operation of law. ANS: F MSC: AACSB Analytic 17. Foreclosure is an action through which the mortgage holder takes the property from the mortgagor, ends the mortgagor's rights in the property, and sells the property to pay the mortgage debt. ANS: T MSC: AACSB Analytic 18. If Russell's mortgage debt is greater than the amount for which his farm is sold in a foreclosure action, he is excused from payment of the remainder. ANS: F MSC: AACSB Analytic 19. The validity of zoning is based on the police power reserved to the states. ANS: T MSC: AACSB Analytic 20. Eminent domain does not grant power to take private land for public use. ANS: F MSC: AACSB Analytic 21. The usual method of enforcing a restrictive covenant is by specific performance. ANS: F MSC: AACSB Analytic 22. Restrictive covenants are strictly construed against the party asserting their applicability. ANS: T
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Mann_BLRB 9_TB_Ch50 - Chapter 50-Transfer and Control of...

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