Special Deck - Property

Question 1

What are the necessary requirements for a valid deed?

Answer 1

(1) the names of the buyer (grantee) and the seller (grantor), (2) words evidencing an intent to convey, (3) a legally sufficient description of the land, (4) the grantor’s (and usually the spouse’s) signature, and (5) delivery of the deed

Question 2

What must be contained within a residential lease agreement?

Answer 2

The parties involved, lease payment amount, lease term, and a description of the leased property, and an exclusive right to the property during the term of the lease unless otherwise stated

Question 3

What are the things a general warranty deed warrants against?

Answer 3

(1) the seller has title and the power to convey the property described in the deed, (2) the property is free from any encumbrances, except as disclosed in the deed, and (3) the grantee (purchaser) will not be disturbed in his/her possession of the property by the grantor (seller) or some third party’s lawful claim of ownership

Question 4

List the necessary elements of adverse possession

Answer 4

(1) open and notorious possession; (2) hostile possession satisfied by Plant taking possession under a good-faith belief that the land in question was his; (3) actual possession; (4) continuous possession, and (5) exclusive possession for 30 years.

Question 5

With a race-notice type statute when would the 2nd property buyer prevail over the 1st buyer?

Answer 5

1. If the 2nd purchase was recorded first, AND 2. If the 2nd purchaser had NO notice of the first purchase.

Question 6

Describe both notice and race type statues.

Answer 6

With a notice statute, first purchaser always prevails. With a race statute the first one to record always prevails.

Question 7

What classes of property are exempt from treatment as like-kind exchanges?

Answer 7

Stocks, bonds, notes, convertible securites and parntership interests