Bar Exam Drills Flashcards
Executory Time Period:
the time period between the contract signing and the closing
The determination of who will receive the proceeds thus depends on who had ____.
equitable title
(Deed)
To create a valid death escrow:
a person had to place the deed beyond his control, reserving no power over it once it had been given to the attorney
The statue of frauds requires a writing evidencing an agreement to sell real property to ____.
identify the land to be sold
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 ____.
ever successfully sued on a title covenant in a future conveyance
In the absence of a contrary direction in the document creating the life estate, it is the duty of the life tenant to ____.
pay all general property taxes that accrue during the continuance of the life estate
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 ____.
has no duty to expend more than the income that can be generated from the land
The testator devised his house, which he owned at his death, to his grandchildren as a ____. (“grandchildren in fee simple”)
class gift
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 ____.
seek reimbursement under the law of suretyship
In examining whether there is a valid servitude or covenant you should think of the covenant ____/
WITHNVN
(W) writing
(I) intent
(T) touch and concern
(H) horizontal and vertical privity
(N) notice
Assignment:
is a legal term whereby an individual, the “assignor”, transfers rights, property, or other benefits to another known as the “assignee”
Restraints on alienation of land are ____.
strictly construed
The court will recognize dedications when there is a ____.
publishing of intent in the use of land for the public
Novation:
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
A novation is not a unilateral contract mechanism; therefore all concerned parties may ____.
negotiate the terms of the replacement contract until a consensus is reached
