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PASSED 2 (02) Review
AAPL CPL Chapter 2 Real Property Law Review Questions
| Question | Answer |
|---|---|
| Warranty clauses in conveyances invoke the doctrine of after acquired title? | True |
| Name the three kinds of notice that can destroy your innocence as a purchaser. | 1.) Actual knowledge - has received information about it 2.) Constructive notice - able to check the records 3.) Inquiry notice - has a reason to know about it |
| What special words are used to change a (General) Warranty Deed into a Special Warranty Deed? | A.) "By, through, and under acts of grantor" B.) Grant and convey with special warranty". In short, Special Warranty Deed recourse is for title failure is only responsible for what the seller did or didn't while owning the property. |
| What is the important legal concept behind the problem with a Dresser Drawer Deed? | There is a question of validity. Argument that deed died with person. |
| What are the problems associated with leasing descendants under a probated will? | 1.) Executor must sign or have court approval to have a good lease. 2.) Taxes may cause a partition or sale, which isn't subject to your lease. 3.) If the will is bad, the property it will pass in accordance with the laws of dissent and distribution. |
| What are the essential elements of a deed? | 1.) In writing 2.) Contain words of grant 3.) Competent grantor 4.) Identify grantee 5.) Provide consideration 6.) Adequate description 7.) Signed by grantor 8.) Delivered by grantee |
| What is the main problem with a Tax Sale deed? | 1.) Tax titles are often considered unmarketable because of complex proceedings that must be strictly observed. 2.) In most states, a tax sale will not carry severed minerals unless specifically and properly included in lien and foreclosure. |
| If A and B own as JT and B conveys to C, what is the status of JT? | Both are TIC |
| What is the difference between joint tenancy and tenancy by the entireties? | Tenancy by the entireties is like joint tenancy but can only exist between husband and wife and by which together they hold title to the whole with right of survivorship. Upon death of either, the other takes the whole interest. |
| What is a deed without warranty? | A deed that doesn't contain any covenant of warranty |
| When is a QCD used? | A seller who does not know his title is good or bad. Also, described as a deed without covenants. |
| How do you protect your lease acquisition when acquiring from a Life Tenant? | A life tenant alone can't grant a lease. A valid lease may be taken only from the life tenant and all Remainderman, preferably on one lease instrument with a special provision as to how the bonus, delay rentals, and royalties are to be divided. |
| What is the venue on an acknowledgment? | State and county where signed. |
| What is the purpose of an acknowledgment? | Provide proof the person who has purported signing it, did. |
| What is the difference between the types of notice/recording statutes? | 1.) Actual knowledge - has received information about it 2.) Constructive notice - able to check the records 3.) Inquiry notice - has a reason to know about it |
| What is the basis of the legal system of Louisiana? | Based on civil code |
| What is a Servitude Of Passage? | A Right-of-way or Easement. Louisiana law states that if you don't use a servitude, you'll lose it. It reverts to the land. Minerals revert in 10 years with no use. Royalty will also reverts in 10 years if not used. |
| What is prescription as it applies to Louisiana minerals and royalties? | Louisiana law states that if you don't use a servitude (right of way or easement), you lose it. Minerals revert in 10 years with no use; Royalty reverts in 10 years. Minerals and Royalty revert to the land. |
| Is an unacknowledged lease valid? | Yes. The acknowledgment makes the document recordable but the document is valid without one. If the document is not recorded third parties who have no actual knowledge of the document are not bound by it. |
| What is the difference between the two primary types of property (Real vs. Personal)? | Real is attached to the ground, cannot be moved. Home, oil and gas in the ground. Personal property can be moved, such as an automobile or home furnishings. Oil extracted from ground is personal property. Oil in ground, is real property. |
| What is a Deed? | Transfer of acquisition of title |
| What is a Stray Deed? | "Stranger to title." Appear in title chain but no known interest. |
| What is required to obtain title to land through Adverse Possession? | LOOKUP |
| What is Dower and Courtsy? | Courtsy- interest that goes to husband when wife dies. Dower- interest that goes to wife when husband dies. |
| What is the Open-Mine-Doctrine? | If minerals are produced at the time of creation of life estate, the life tenant may continue to produce the minerals and receive funds. |
| Why is a residue clause important and what happens to the interests not so listed? | The part of the will that states "The rest, residue and remainder of my estate shall pass to...." If not Residue Clause, property will pass by the laws of Descent and Distribution. |
| Is a Quitclaim Deed described as a deed without covenants? | Yes |
| Life Estate Example. A conveys to his son B, reserving a life estate. A is Life Tenant and B is Remainderman | True |
| Life Estate Example. A conveys to his son B, for life, remainder to his grandson C. B is Life Tenant and C is Remainderman. | True |
| Title can be acquired through foreclosures or mortgage, deeds of trust, mechanics liens, materialman's liens, or the liens of judgements against the owner of property. | True |
| Does a Quiet Title Decree transfer title? | Not ordinarily. Simply determines that alleged defects in title, or claims title arising through such defects, are null and void. May transfer title when deemed that prior deed was fraudulent and void. |
| Title to property may be transferred by sale for non-payment of ad valorem taxes on real property? | True |
| Tax sale is the sale of property for non-payment of ad valorem taxes on real property | True |
| A deed of trust serves the same function as a mortgage, however, there are a few important differences. Name the differences and similarities | 1.) Both recorded in public records. 2.) Deed of Trust has a trustee, borrower, and lender. 3.)Trustee holds temporary title until debt paid 4.) DOT process upon default doesn't involve court system. |
| A Quitclaim Deed is described as a Deed Without Covenants. | True |
Created by:
MrCPL