MI Bar Property Law

Question 1

What is the difference between a joint tenancy and a tenancy in common?

Accepted Answer

Joint tenancy includes right of survivorship; tenancy in common allows inheritance by heirs

Answer

They are identical forms of co-ownership

Answer

Joint tenancy is only for married couples

Answer

Tenancy in common requires equal shares

Question 2

What is eminent domain?

Accepted Answer

The government's power to take private property for public use with just compensation

Answer

A property owner's right to expand their land

Answer

The power to zone property for commercial use

Answer

A landlord's right to evict tenants

Question 3

What constitutes a fixture in real property law?

Accepted Answer

Personal property that has become permanently attached to real property

Answer

Any item found on the property

Answer

Only structural elements like walls and roofs

Answer

Government-installed improvements only

Question 4

What is a deficiency judgment in foreclosure?

Accepted Answer

A judgment for the balance owed after the foreclosure sale proceeds are insufficient to cover the debt

Answer

A judgment that the property is worth more than the mortgage

Answer

A penalty imposed on the lender for improper foreclosure

Answer

A court finding of title defects

Question 5

What is a quitclaim deed?

Accepted Answer

A deed that transfers whatever interest the grantor may have without warranties of title

Answer

A deed that guarantees clear title

Answer

A deed used only for government properties

Answer

A deed that includes title insurance

Question 6

What is the Rule Against Perpetuities?

Accepted Answer

A rule requiring that future interests must vest within a life in being plus 21 years

Answer

A rule preventing property from being sold more than once

Answer

A rule that limits lease terms to 99 years

Answer

A rule against multiple mortgages on one property