Mortgage Law & Ownership - Need To Know

Question 1

A seller who gives a purchase money mortgage as part of the financing is considered the ________

Answer 1

Beneficiary or Mortgagee

Question 2

What are other names for the Uniform Real Estate Contract?

Answer 2

Land contract,
Contract for deed,
Installment sales contract

Question 3

Which of the following can force a sheriff’s sale as part of the foreclosure process due to default on a mortgage or trust deed?

Answer 3

Mortgagee
* Remember, a trust deed is on-judicial and therefor would never lead to a Sheriff’s sale. In a mortgage foreclosure, the court will order the sale, but the mortgagee, or lender, holds the lien and forces the sale.

Question 4

When an apartment building is converted to a condominium, what do hey call the modification process?

Answer 4

Condo-conversion

Question 5

How does an owner take ownership of a timeshare?

Answer 5

With interval ownership or title

Question 6

X has an easement on Y’s property. Y would be considered a:

Answer 6

The servient tenant

Question 7

The property of an owner who does restate and names the person who is to administer the will, is transferred by which deed?

Answer 7

Executor’s Deed.

*If an executor was not named, the answer is and Administrator’s Deed

Question 8

A passive investor who has invested in a syndication would be considered a ________

Answer 8

Limited Partner

Question 9

May a married joint tenant sell their 50% interest in the property without the knowledge or consent of their spouse?

Answer 9

Yes.
Knowledge and consent to sell interest in joint tenancy is not needed; it is needed for tenancy by entirety and if the spouse insists on selling the entire property.

Question 10

If a joint tenant insists on selling the entire property, but the other joint tenant refuses, what would be needed to sell the property?

Answer 10

A partion action