Property Laws

Question 0

Lender liability

Answer 0

Predatory laws
Usury laws
Repurchase
Civil and criminal penalties

Question 1

Easement types (3)

Answer 1

Appeutentant- benefits the owner adjacent
“Gross” someone other than adjacent- utilities
Perspective-usage of another’s without permission for a number of years
Land lease-popular in Maryland, Hawaii, PA

Question 2

Involuntary conveyance

Answer 2

Foreclosure
Eminent domain
Adverse possession
Interstate succession- without will

Question 3

Voluntary conveyance

Answer 3

Negotiated transaction
Gift
Last will and testament
Lottery

Question 4

Lien priority

Answer 4

Tax lien
Federal
State
Statutory-child support
Mechanics lien
Judgements
Mtg / deed
Subordinate liens
Hoa

Question 5

5 types of holding title

Answer 5

Individual
Joint tenancy-equal
Tenancy by entirety-co ownership w/ a group & survivorship
Tenants in common- goes to hiers
Community property- co-ownership thru marriage

Question 6

What is title

Answer 6

Protection against lost
Search
Insurance
Lenders /owners
Endorsements for risks or defaults

Question 7

Special ownership (3)

Answer 7

Condo
Co-op
Pud

Question 8

Foreclosure

Answer 8

State law and loan type will dictate foreclosure
Judicial- court supervised more expensive
Non judicial-quicker but lose the right to pursue deficiency Judgement

Question 9

Judicial foreclosure steps

Answer 9

Compliant- filing and public notice
Entry of decree of judgement
notice of sale
Foreclosure sale
Redemption period-ability to pay to acquire home
Filing defiance judgement prior to conclusion of foreclosure

Question 10

Bk types

Answer 10

Suspends collection and foreclosure activity
Ch7 liquidation of assets in order of liability
Ch11 reorganization of high net worth
Ch 13 reorganization from36 to 60 mths

Question 11

Bk terms

Answer 11

Discharge- complete & no new petition for 180 days
Trustee function liquidate assets and pay creditors
Cram down- order by judge when value is less than lien
-ch 7 and limited 13 don’t allow for modification

Question 12

Deed types

Answer 12

General warranty- no issues
Special warranty- limited
Bargain and sale- ability to convey- no covenants of title
Quit claim- quick and dirty

Question 13

Mtg clauses

Answer 13

Acceleration- entire balance
Assignment of rents- commercial / income properties
Defeasance-voids after repayment
Due on sale-due when sold
Extension- extend time for payment after default

Question 14

4 elements of security instrument

Answer 14

Mtg
Note
Title
Lien

Question 15

Default conditions

Answer 15

Foreclosure
Acceleration
Right of redemption
Deed in lieu
Defiencancy