Project #65882 - Real Estate Law

Real Estate Law Test Legal Aspects of Real Estate First Exam - Chapters 5 through 8 Essay Portion - Answer All IRAC Format for all questions Essay Questions: A typed individual response is required. You my use the textbook and your classmates for discussion regarding potential answers, but you are not to use other outside resources (like an attorney friend or the internet) to develop your responses. Persuasiveness of argument, completeness and proper use of the English language are evaluated in your response. Don’t forget IRAC, and remember to double check your work against the Rubric! You should submit your written response (submit using paper, not sending an email) at the beginning of class at 4:00pm on Thursday, April 9, 2015. Essay Question: Chapter 5 Moe and Jessica are living together, and have asked you to advise them of the different ways they can hold title to a piece of real estate they are considering purchasing. Be certain to present your recommendations in order of preference. Essay Question: Chapter 6 Archie has decided to sell his property named Bunker Hill. He lists Bunker Hill with Edith, a local real estate broker, and signs a listing agreement. The agreement states that Edith is the exclusive agent as is to receive a 7% commission. Edith finds a buyer, a contract of sale is signed with no mention of financing, but the buyer cannot complete the purchase because of inadequate financing. Must Archie pay Edith a commission, and if so, how can avoid this result in the future. Essay Question: Chapter 7 Billy entered into a written agreement to sell a parcel of real estate to Reggie for $120,000.00. Reggie gave Billy a check for $500.00 as earnest money, and Billy signed and gave Reggie the following receipt: “For $120,000.00, I agree to sell the property at 120 Oak Lake, San Diego, CA. Received $500.00 earnest money deposit from Reggie. Reggie has until March 30th to let me know if everything is physically OK with the property.” On March 31st, Reggie stated that he was cancelling the purchase of the property because his girlfriend inspected the master bedroom, and did not like the “puke green and burnt orange motif, combined with the “rancid hot pink drapes.” Billy indicated that Reggie should now be equitably forced to purchase the property, and is not entitled to receive back the earnest money deposit. Who wins, under what circumstances, and why? Essay Question: Chapter 8 John purchased real estate from Terrence on 8/19/2012, and recorded a deed on the property on that date. Ethel purchased the same land in October 2002, but didn’t record her deed until May 2013. Ethel did have the property assessed for tax purposes and paid taxes for a number of years, unknown to John. The state statute provided that “The recording in the property office of any conveyance of property operates as a notice of the contents of such conveyance . . . All conveyances of real property, deeds, mortgages are inoperative and void, as to purchasers for a valuable consideration who buy without notice, unless the same has been recorded before the accrual of the right of such purchasers.” Who owners the property, and why?

Subject Law
Due By (Pacific Time) 04/13/2015 12:00 am
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