Real Estate Law Part A: Answer each of the following questions in one or two paragraphs. Each answer is worth 20 points.
- Compare and contrast the four types of concurrent ownership of real estate. How do they treat inheritance issues?
- Describe what paperwork items are required of the seller and buyer at a real estate closing.
- Discuss the process of title abstraction. What is required of the paralegal who conducts a title abstraction? Be sure to discuss both categories of title search.
Real Estate Law Part B: Answer each of the following questions in one to five sentences. Each answer is worth 4 points.
- Name three conditions, or contingencies, that may be added to a real estate agreement of sale.
- What is the difference between an appurtenant easement and an easement In gross?
- What is an acceleration clause? Can acceleration be stopped once it’s invoked?
- What is the difference between a covenant of seisin and a covenant of the right to convey?
- How does a reverse mortgage work? Who can get one? Are there any disadvantages?
- List at least five items that appear In the Adjustment section of the agreement of sale.
- Bob lives next to Sally. Bob recently had a survey done and discovered that his survey excludes a sliver of land between his and Sally’s properties that he has always believed he owned. Sally doesn’t claim to own the sliver of land. But she hesitates to deed the sliver of land to Bob because she doesn’t want to warrant title to the portion in dispute. How can she satisfy Bob’s request for a deed yet still avoid warranting title?
- If the remedy of specific performance is granted in litigation over a contract to purchase real estate, what will happen?
- John is renting a house from Sam. The furnace is broken, and has been for the last three months. Sam refuses to pay to have it fixed. It’s January. John refuses to pay his rent and Sam tries to evict him. What will be the result?
- In a mortgage transaction, which party is the mortgagor and which is the mortgagee? What rights and interest in the land does each party have?