MCQs Property 2 Flashcards
What is a special warranty deed?
This type of deed provides the same covenants of title as a general warranty deed, but only warrants against defects arising during the time the current grantor has title.
When does a taking by the government occur?
A taking occurs when the government takes title to land, physically invades land, or severely restricts the use of land. Generally, a governmental regulation that adversely affects a person’s property interest is not a taking.
When should a property owner seek a variance under a zoning ordinance?
When a property owner proposes to use her property in a manner that does not conform with the uses permitted by a zoning ordinance for the property, the owner should seek a variance from the zoning enforcement officer.
When can a landlord increase the rental amount due from a holdover tenant?
A landlord may increase the rental amount that is due from a holdover tenant where the landlord informs the tenant about the rent increase before the prior rental period expires and the rent increase is reasonable.
When must seller provide marketable title under an installment land K?
In an installment land contract, marketable title is not required to be given until delivery occurs after all installment payments have been made.
What is the effect of an undisclosed encumbrance on a installment land K?
An undisclosed private encumbrance (such as a mortgage) renders title unmarketable. If a seller delivers an unmarketable title, a buyer may
1. rescind the contract and recover payments, 2. sue for breach of contract, or
3. bring an action for specific performance with an abatement of the purchase price (e.g., price adjustment to compensate the buyer for the defect).
When can a non-freehold tenant remove a fixture attached to the leased property?
Absent an agreement to the contrary, a non-freehold tenant can remove a fixture that the tenant has attached to the leased property if (i) the leased property can be and is restored to its former condition after the removal, and (ii) the removal and restoration is made within a reasonable time.
Is Consideration required to exact a transfer of land by deed?
NO. Unlike with a contract, consideration is not required to effect a transfer of land by deed.
When do Cotenants owe each other a fiduciary duty?
Cotenants owe each other a fiduciary duty when they (1) jointly purchase property in reliance on each other or (2) acquire their interests at the same time from a common source. This duty arises when the property is sold at a foreclosure sale and purchased by a cotenant, allowing the other cotenants to reacquire their interests by paying their share of the purchase price.
