Practical Real Estate Law 5th Edition Hinkel, Daniel F. - Solutions

Discover comprehensive solutions to your study needs with the "Practical Real Estate Law 5th Edition" by Daniel F. Hinkel. Access online answers key and solutions pdf to tackle solved problems with ease. Dive into questions and answers with our solution manual, featuring step-by-step answers for thorough understanding. Whether you seek chapter solutions or a complete test bank, our instructor manual ensures every aspect of the textbook is covered. Enjoy the convenience of free download options, enhancing your learning experience with expert guidance and insightful explanations.

2. Does your state provide for an acceleration of rent in the event of a tenants default? Research the issue thoroughly and provide authority either for accelerated rent or for the denial of accelerated rent.
1 Research your state law concerning a landlords remedies lor a tenant's default. Provide both statutory and case authorit) for the use of these remedies. Compare these remedies with the remedies discussed in this chapter.I low are they different and how are they similar?
5. Toni Tenant entered into a lease with Larry Landlord.The lease contains a provision obligating the tenant to keep the premises insured and to pay a rent of $500 each month. In addition, the lease prohibits assignment of the lease by the tenant. Toni Tenant possesses the premises for a couple of
4. You are a legal assistant in a law firm representing the owner of a shopping center. The shopping center is being refinanced, and the new lender has requested that the owner obtain estoppel certificates from each of the tenants of the shopping center. You have been asked to prepare the estoppel
3. You are a legal assistant with a law firm that represents a chain of retail jewelry stores. All the stores lease space in shopping malls. The jewelry store chain is large enough that it creates its own standard form lease for submission to prospective landlords in each of the shopping malls. The
2. As a landlord, is a gross lease or a net lease more favorable to you? Are there any factors to be considered in answering this question?
1. Ajax Stores, as a tenant, is negotiating a lease with Farris Realty Company. Ajax intends for the leased premises to be its main store location and is negotiating a twenty-year lease. In addition, Ajax is anticipating that it will spend approximately $250,000 in trade fixtures and other
10. What is a lease guaranty', and when would it be used bv a landlord?
9. [dentif) and brief!) discuss die basic remedies of a tenant lor a landlord's default under a lease.
8. Under what circumstances would a tenant waul a subordination-attornment agreement?
7. What is the dillerenee between an assignment and a sublease?
6. What is the difference between a gross rent lease and a net rent lease?
5. Identify and briefly discuss the basic remedies of a landlord for a tenant 's default under a lease.
4. What is the value of a CPI escalation renl clause?
3. Identify the main concerns that a landlord has w hen entering into a lease with a tenant.
2. What title concerns should a tenant have when entering into a lease with a landlord?
1. Explain the theory of independent covenants.
2. Review the condominium declaration shown as Exhibit 17-2 at the end oi this chapter in conjunction with your state's condominium act. Does the declaration satisfy all requirements of your state's condominium act? If not, list the areas in which the condominium declaration is deficient or areas
1 . Research your own state's condominium act. How does your state's requirements for a condominium declaration differ from those contained in the condominium declaration statute shown as Exhibit 17-1 at the end of this chapter? How does your state's requirements for a condominium plat differ from
1 Yon are a legal assistant employed by a law firm who is representing a purchaser of a condominium unit. You have been asked to assist an attorney in the closing of the sale. What documentation in regard to the condominium would you request from the seller? What issues do vou want answered from
5. How does a cooperative differ from a condominium?
4. What is a cooperative?
3. Mow are common area expenses paid lor in a condominium?
2. What information is contained in a condominium declaration
1. What is the difference between a common an a and a limited common area in a condominium? Give an example of each.
6. You are assisting in the purchase of a home. The contract purchase price is $115,000. The settlement costs allocated to the purchaser are $3,230. Taxes for the current year in the amount of $1,650 have been paid by the seller.The calendar tax year is the calendar year, and the closing takes
5. You are assisting in the closing of the sale of a home.The contract price for the home is $86,500. The seller owes a real estate broker a commission of 6 percent of the sales price and other closing costs of $600. In addition, there is an outstanding loan on the property that is to be paid at
4. You are assisting in a real estate closing transaction.The loan is $80,000 at an interest rate of 12 percent per annum. The loan is closing on March 14, and the lender wants the first payment on the loan to begin on May 1.The lender also requires the borrower to pay in advance all interest
3. You are a legal assistant involved in a real estate sale transaction. The contract provides that the real estate commission is to be 6 percent of the contract price for the real property. The contract price for the real property is$116,000. The contract also indicates that two brokers are
2. You are a legal assistant working on a real estate sale transaction. The title examination reports that real estate taxes for the current year are unpaid in the amount of$1,350 and that they are due November 15 of the year.Your closing is taking place on May 10. The closing also involves a loan
L You are a legal assistant involved in a real estate sale transaction. The sale is to close on September 10. The title examination reports that county real estate taxes have been paid bv the seller for the current year in the amount of $1,640. The tax year for the county begins February 1 and ends
5. You are preparing a title affidavit for a real estate clos- the real property. Where would you get the information to ing. Exhibit "A" to the affidavit is a legal description of the complete Exhibits "A" and "B"?real property, and Exhibit "B" is a list of title exceptions to
4. You are assisting in a real estate sale transaction. The title examination reports that there is an outstanding loan to Second Bank and Trust on the property. The loan is to be satisfied at closing. You believe that the closing will take place on fuly 10. You obtain from Second Bank and Trust a
3. You are a legal assistant involved in a real estate sale transaction. The seller is a corporation. You have asked the president ol the corporation to bring a corporate resolution authorizing the sale and the execution on behalf of the corporation of the various real estate closing documents. The
2. You are a legal assistant representing a purchaser ol a home. You have been asked to prepare the sale closing papers.W hat documents does the Internal Revenue Service require you to prepare in connection with the sale? What information do von need from the various parties to prepare this
1. You are a legal assistant involved in a real estate sale transaction. The seller of the property is Susan T. Clarke.The title examination of the property reveals that there are five judgments against Susan Clarke, S.T Clarke, and Sue Clarke. You call the seller, Susan T. Clarke, and tell her
6. A lender may require the borrower's attorney to render an opinion as to certain aspects of the loan transaction.What are some of the items that may be covered in an attorneys opinion?
5. When is a coq:>orate resolution required in a closing transaction, and why is it important?
4. W hat is the purpose of an assignment of warranties?An assignment of leases? An assignment of contracts?
3. Whv is a foreign person af fidavit important to a purchaser?
2. What is the purpose of a hazardous waste affidavit?Why is it important to a purchaser of real property?
1. What statement of facts usually is included in a title affidavit?
5. Check your state laws to see if your state has passed a mortgage fraud act. Copy the statute and write a short report summarizing the content ofyour state s mortgage fraud act. The report should cover such things as what actions constitute mortgage fraud and what the penalties for mortgage fraud
4. You are assisting in a real estate closing that closes on July 2. The closing is subject to the truth-in-lending right of rescission. On what day does the right of rescission expire?
3. How many copies of the right to rescind must be given in a loan transaction secured by a vacation home owned by a husband and wife?
2. The firm you work with closes a number of real estate loans with a Federal Deposit Insurance Companyinsured bank. The firm does not do its own title examination work but instead retains an independent title examiner to do the title examinations. The firm at closing charges a title examination
1. You are assisting an attorney in the closing of a loan made by a federally insured savings and loan association to facilitate the purchase of a home. The loan is closing on October 15. The first payment under the loan will be due December 1. The real estate taxes on the home for the current year
10. What residential loans are exempt from the right of rescission under the Truth-in-Lending Act?
9. What disclosures must be made under the adjustable interest rate disclosure requirements?
8. What is the purpose of the right of rescission under the Truth-in-Lending Act?
7. What disclosures does the Truth-in-Lending Act require before the closing of a residential real estate loan transaction?
6. Which transactions are exempt from the Truth-in-Lending Act?
5. What real estate transactions are subject to the Truthin-Lending Act?
4. What is the purpose of the Truth-in-Lending Act?
3. Why are kickbacks prohibited under RESPA?
2. What transactions are subject to RESPA? Which transactions are exempt?
1. What is the purpose of the RESPA?
3. Arrange to attend a real estate closing. Observe carelulh the formalities and procedures that take place. Prepare a short memorandum discussing your obsen ations.
2. You are a legal assistant involved in the closing of a mortgage loan. You have been provided with a copy of the mortgage loan commitment shown as Exhibit 14-7 at the end of this chapter. Review the commitment carefully, and prepare a closing checklist ol all documents and other items that will
1. You are a legal assistant representing a firm responsible for the closing of a real property sale transaction. You have been provided with a copy of a contract for closing between Daniel B. Fun is as purchaser and Acme Inc. as seller, said contract being shown as Exhibit 14-6 at the end of this
10. What is a prepayment fee or premium, and how is it different from a late charge?
9. What special requirements are found in a constructs in loan commitment?
8. Why is it important for a legal assistant to prepare a checklist of documents and procedures to be followed in a real estate closing?
7. What is the importance of hazard and fire insurance, and what is a mortgagee loss payable clause?
6. What information does the surveyor need to prepare a survey?
5. What minimum documentation does the purchaser need to provide at the real estate closing?
4. What is the minimum documentation that a seller must furnish at a real estate closing?
3. What helpful information with respect to a real estate loan closing can a legal assistant obtain from reviewing the loan commitment?
2. What helpful information with respect to a real estate closing can a legal assistant obtain from reviewing the real estate contract?
1. Explain some of the general differences between residential and commercial real estate closings.
6. You are assisting in a real estate transaction. After the transaction has closed, you are renewing the owners title insurance policy You note that the legal description to the property as described in the policy contains a number of typographical errors. Should you be concerned?Big Bank, N.A.,
5. You are involved in a real estate sale transaction. The sale took place on December 26, but the deed was not recorded until January 5. When you receive the owner's title insurance policy, vou note that the effective date of the policy is December 26. Is this the correct effective date?
4. You are assisting in a real estate sale transaction. The title examination to the property reveals that there is a mortgage on the property from Sam ( )wner to Acme I loan Company in the amount of $100,00 and a mortgage on the property from Sam Owner to First Bank and Trust in the amount of
3. You are reviewing a title commitment that contains a standard exception for parties in possession. Your client does not want the standard exception to be included in the title insurance policy. What steps can you take to have the title insurance company delete the "parties in possession''
2. T. Sawyer has purchased a home. T. Sawyer obtained an owners title insurance policy that insured the home to be free and clear ol any liens and encumbrances.T. Sawyer, alter purchasing the home, sells the home to B. Thatcher. H. Thatcher does not bin title insurance.I ,ater it is discovered that
1. Kim Buyer is purchasing a home. The purchase price lor the home is $125,000. Kim is obtaining a loan from Acme I .oan Company lor $ 105,000. What is the amount of title insurance that Kim can purchase? What is the amount ol title insurance that Acme Loan Company can purchase?
10. What risks are insured by an ALTA loan policy?
9. What are the standard exceptions to an ALTA title insurance policy?
8. What are die requirements of a title insurance company to pay or defend a claim made under a title insurance policy?
7. What is the effective date ol a title insurance policy, and why is it important?
6. What is a title commitment, and why is it important in a real estate transaction?
5. Whv is a review of Schedule B to a title policy so important?
4. How are exclusions from coverage on a title insurance policy different from exceptions to title?
3. How does an ALTA loan policy differ from an ALTA owner's policy?
2. What risks are covered by an ALTA owners policy?
1. Identify and discuss the three safeguards that assure a good title.
3. There is a split ol authority as to what notice is given when an error has occurred in transcribing an instrument into the permanent record book. Sonic slates rule thai a register of deeds is deemed to be an agent of the recording party, and that an incorrectly recorded instrument does not
2. Research vour state's method lor conducting a title examination.In connection with this research, visit a record room and see how it is organized. Discuss the similarities between how your state conducts title examinations and organizes the record rooms and those discussed in this chapter.
1. Research your states bona fide purchaser for value rule. Is it similar or different from that discussed in this chapter? Prepare a brief memorandum complete with the supporting statutes or cases to support your view.
6. You are assisting an attorney in the closing of a real estate transaction. The seller of the property under the contract is known as David F. Farris. The title examination rev eals that the title is currently owned In a I ). frank Farris. What measures should von take to ensure that David F.
5. The purchaser and seller have entered into a contrac t for the sale of real property. Before closing, the seller has refused to honor the contract and decides to sell the property to a third party. The purchaser files suit against the seller for breach of contract. What else should the purchaser
4. You are assisting an attorney in the closing of a real estate sale transaction. You have in vour possession a copy of the contract for the purchase and sale of the property.The contract contains the names of both the purchaser and the seller and a complete legal description of the property being
3. Would it be easier to find a recorded mortgage from Alice ( )\\ ner to Sam Seller In looking under Alice ( Kvners name in the grantor index or by looking under Sam Seller's name in the grantee index?
2. Mary owns a small apartment complex. At the time Mary purchased the apartment complex from Sam, she gave Sam a mortgage securing a debt for $100,000.The mortgage was mentioned in the deed from Sam to Mary for the apartment complex, but the mortgage was not recorded. Mary sells the apartment
1. John has been using a road over his neighbor Sam's property for the past twenty years. In the state where John and Sam live, the use by John of the road for twenty years gives John a prescriptive casement. There are no written documents evidencing the easement. The road is plainly visible from
1. Identify at least five potential title problems, and exnotice?plain how to solve them.
10. What should a title examiner look for when reviewing the recorded documents in a chain of title
9. What is a lis pendens? Explain its use.
8. What information usually is given in an index entrv for a grantor or grantee index?
7. What information is required to perform a title examination?

Showing 1 - 100 of 1528

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Practical Real Estate Law 5th Edition Hinkel, Daniel F. - Solutions

Step by Step Answers