Bar Exam Drills

Question 1

Executory Time Period:

Answer 1

the time period between the contract signing and the closing

Question 2

The determination of who will receive the proceeds thus depends on who had ____.

Answer 2

equitable title

Question 3

(Deed)

To create a valid death escrow:

Answer 3

a person had to place the deed beyond his control, reserving no power over it once it had been given to the attorney

Question 4

The statue of frauds requires a writing evidencing an agreement to sell real property to ____.

Answer 4

identify the land to be sold

Question 5

Although the lender’s policy of title insurance ended when the loan was repaid, an owner’s policy of title insurance continues to protect the owner if the owner is ____.

Answer 5

ever successfully sued on a title covenant in a future conveyance

Question 6

In the absence of a contrary direction in the document creating the life estate, it is the duty of the life tenant to ____.

Answer 6

pay all general property taxes that accrue during the continuance of the life estate

Question 7

The only limitation on this duty (pay all general property taxes that accrue during the continuance of the life estate) is that the life tenant ____.

Answer 7

has no duty to expend more than the income that can be generated from the land

Question 8

The testator devised his house, which he owned at his death, to his grandchildren as a ____. (“grandchildren in fee simple”)

Answer 8

class gift

Question 9

The man, as the mortgagor, had personal liability for the loan. The purchaser assumed the mortgage debt. As soon as the man paid an overdue installment, he acquired the right to ____.

Answer 9

seek reimbursement under the law of suretyship

Question 10

In examining whether there is a valid servitude or covenant you should think of the covenant ____/

Answer 10

WITHNVN

(W) writing
(I) intent
(T) touch and concern
(H) horizontal and vertical privity
(N) notice

Question 11

Assignment:

Answer 11

is a legal term whereby an individual, the “assignor”, transfers rights, property, or other benefits to another known as the “assignee”

Question 12

Restraints on alienation of land are ____.

Answer 12

strictly construed

Question 13

The court will recognize dedications when there is a ____.

Answer 13

publishing of intent in the use of land for the public

Question 14

Novation:

Answer 14

occurs when a tenant signs a lease over to another party, who assumes both the responsibility for the rent and the liability for any subsequent damages to the property, as indicated in the original lease

Question 15

A novation is not a unilateral contract mechanism; therefore all concerned parties may ____.

Answer 15

negotiate the terms of the replacement contract until a consensus is reached

Question 16

Many events may occur during the executory time period, which is the time between the contract signing and the closing.

If the seller dies during this time period leaving a will that devises the real estate to one person and the personalty to the another, and if the contract contained no contingencies or all contingencies has been satisfied at the time of the death, the doctrine of ____ applies.

Answer 16

equitable conversion

Question 17

A tenant is paying monthly rent after the lease, it is a monthly term and therefore one month is ____.

Answer 17

sufficient notice

Question 18

When the developer assumed the mortgage obligation, the developer became ____ to the lender, and the landowner became ____.

Answer 18

(a) personally liable
(b) merely a surety