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Flashcards in Mortgage Law & Ownership - Need To Know Deck (10)
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1

A seller who gives a purchase money mortgage as part of the financing is considered the ________

Beneficiary or Mortgagee

2

What are other names for the Uniform Real Estate Contract?

Land contract,
Contract for deed,
Installment sales contract

3

Which of the following can force a sheriff's sale as part of the foreclosure process due to default on a mortgage or trust deed?

Mortgagee
* Remember, a trust deed is on-judicial and therefor would never lead to a Sheriff's sale. In a mortgage foreclosure, the court will order the sale, but the mortgagee, or lender, holds the lien and forces the sale.

4

When an apartment building is converted to a condominium, what do hey call the modification process?

Condo-conversion

5

How does an owner take ownership of a timeshare?

With interval ownership or title

6

X has an easement on Y's property. Y would be considered a:

The servient tenant

7

The property of an owner who does restate and names the person who is to administer the will, is transferred by which deed?

Executor's Deed.

*If an executor was not named, the answer is and Administrator's Deed

8

A passive investor who has invested in a syndication would be considered a ________

Limited Partner

9

May a married joint tenant sell their 50% interest in the property without the knowledge or consent of their spouse?

Yes.
Knowledge and consent to sell interest in joint tenancy is not needed; it is needed for tenancy by entirety and if the spouse insists on selling the entire property.

10

If a joint tenant insists on selling the entire property, but the other joint tenant refuses, what would be needed to sell the property?

A partion action