Final Exam Various Questions

Need following questions answered. At least 2 sentences each part per question.

Please read carefully and answer all of the questions below.

I.
Bill Acre and his wife are going to purchase a home in Greenridge, Scranton Pennsylvania. The purchase price is $200,000.00 and the couple has the requisite down payment of $40,000.00. The property is being sold by Jack and Mary Ott. The Ott’s have experienced some financial problems due to unforeseen illness and have fallen behind on their real estate taxes and other bills in connection with the property. The Acres, however, still want
to move forward with the deal.

1. Do the Acres need the terms and conditions of their deal with the Ott’s
reduced to writing? If so, why?

2. What would you suggest the Acres do prior to purchasing the house so that they get good title?

3. How would the Acres take title to the property since they are husband and wife?

4. Please distinguish Tenants In Common from Tenants by the Entirety?

5. Who are the Grantors and who are the Grantees and what legal document
is used to convey title?
II.
Calvin Clarke is a local vagrant who has utilized a prime piece of real estate in Clarks Summit,
Pennsylvania for the last 22 years. Calvin has maintained the two acres and openly planted several gardens over the years. Most locals believe that Calvin is the record owner of the real estate but he Is not. Clarke decides that he would like to become the owner and goes to see a lawyer.

1. Can Clarke obtain title to the property and if so, how?

2. Can Clarke eventually obtain a deed to the property and if so who would it come from?

3. Would any liens or judgments against the property be divested?

III.
Margaret Mann is the owner of a home in Moosic, Pennsylvania. Margaret has been having some problems with water infiltration in the basement of the house after heavy rainstorms. Margaret attempts to correct the water problem but to no avail. Eric Thomas approaches Margaret about purchasing the property and asks if he could have a home inspection done. Handy homes is engaged to do the inspection and advises Eric that everything is Okay.

1. Does Margaret have a duty to disclose the water problem? If so, why?

2. Does Handy Homes have any liability to Eric Thomas if the property
continues to take on water in the basement?

IV.
Does a lease of property provide the tenant with ownership?

V.
If purchasing commercial real estate should one be concerned about environmental issues? If so, what would you do to negate that concern?

VI.
What is Eminent Domain and does it involve the U.S. Constitution?

True/ False
Please indicate whether the statement is true or false.

1. The person that conveys real property by deed is called the grantee.

2. Generally, prior to upholding a contract, a court will carefully scrutinize the value or
consideration to be sure that the contract is a fair one.

3. An offeror may not revoke an offer before the offeree has had a reasonable time in which to
consider it.

4. The Americans with Disabilities Act places requirements on employers regarding
accommodating the disabled but does not address accessibility to commercial facilities.

5. English common law created a type of co-ownership of real property between husband and
wife called joint tenancy.