Quiz legal aspects 5 Flashcards
Membership in a limited liability company (LLC) is:
personal property.
A money judgment against a member of a limited liability company (LLC) which does not also name the LLC as a judgment debtor can be satisfied by:
foreclosing on the member’s ownership interest in the LLC.
A creditor uses a ______to place lien on a limited liability company (LLC) member’s ownership interest in the LLC to satisfy a judgment.
charging order.
A _____ is recorded.
declared homestead
Liens with priority over the homestead exemptions include:
trust deeds.
mechanic’s liens.
Internal Revenue Service (IRS) tax liens
A _____, coupled with a quiet title action, allows a homeowner to remove judgment liens attached to their title.
declared homestead
A recorded declaration of homestead lasts:
until the homeowner abandons their home or records a new declaration of homestead on another residence.
To constitute slander of title, the oral or written statement must cause money losses and:
be published..
be untrue and disparaging to the owner’s property interest..
be made without privilege
A statement made about a real estate interest as part of a(n) ______ does not subject the person making the statements to liability for slander of title.
privileged publication
An owner can recover______ if they can show slanderous statements were made about their property with actual malice.
punitive damages
A _______ is a lawsuit to sever or sell real estate which is co-owned.
partition action
A(n) _______ is a real estate interest which is subject to a partition suit.
fee estate.
leasehold estate.
life estate
When real estate cannot be divided equally in a partition action, _______ is the money paid to even the distribution.
owelty
A notice of sale must be given to all parties named in a partition action at least _______ days before the sale date
20
A judicial procedure employed to determine claims to nonpossessory rights in disputes over title to real estate is called:
a quiet title action
_______ is an accounting between a buyer and seller which results in a refund to the buyer in exchange for the return of the property to the seller.
Restitution
A(n) _______ is an action seeking a judicial declaration of the rights and obligations
of parties to a disputed transaction.
declaratory relief action
A(n) _______ allows opposing parties in a declaratory relief action to preserve their respective claims so they may later pursue them.
reservation of rights agreement
A(n) _______ occurs when a buyer or seller somehow acts to repudiate the purchase agreement before the time for closing arrives.
anticipatory breach
A declaratory judgment will only be granted if:
an actual controversy exists..
future litigation is likely to result if the dispute is not resolved.
An investor who rent skims from _______ parcels they took title to during any two-year period may be held liable formultiple acts of rent skimming.
five or more
A tenant’s recovery from an investor who engages in rent skimming includes:
the security deposit..
moving expenses..
attorney fees
An investor is subject to _______ for one charge of multiple rent skimming
one-year imprisonment
A rent-skimming investor avoids both criminal and civil rent skimming when they:
use the money to pay medical expenses within 30 days of collecting the rent, and no other funds were available to pay the expenses.
A(n) _______ is a provision in an agreement permitting the prevailing party in a dispute to receive attorney fees when litigation arises due to the agreement.
attorney fees provision
The reciprocal fee statute applies to actions regarding:
contracts.
When the court enters its final judgment in a case, the prevailing party is the individual who:
receives the greater money damages award..
receives the requested equitable relief.
successfully defends against the plaintiff’s claim and the plaintiff obtains no relief.
The amount of attorney fees the non-prevailing party owes to the prevailing party is offset by:
any excess financial benefit received by the prevailing party from the non- prevailing party.
Fee agreements for attorney services must be in writing when it is known the fees will exceed:
$1,000
An attorney must provide an itemized billing within _______ days following a broker’s request for the billing statement.
ten
