In Order to Purchase an Interest in Piece of Land

question 19

Multiple Choice

In order to purchase an interest in piece of land called Blackacre, Rhiannon borrowed $100 000 from Nick. As security for the repayment of that loan, she created a mortgage over a piece of property. Which of the following statements is TRUE?

• A) The transaction must have occurred in a registry system.
• B) Blackacre must be the property that is subject to the mortgage.
• C) Rhiannon must have purchased Blackacre from Nick.
• D) Rhiannon must have purchased the fee simple in Blackacre.
• E) If Rhiannon purchased a life estate in Blackacre, then it is possible that she gave a mortgage over a diamond ring that she owned.

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Definitions:

Self-Determination

The ability or process of making one's own decisions without influence from outside forces.

Meaning

The significance or understanding that is attached to something, such as a word, sign, symbol, or gesture, in communication.

Natural Work Units

Organizational divisions or groupings that reflect a logical segmentation of work based on process, function, or customer, facilitating team coherence and effectiveness.

Task Identity

The degree to which a job involves completing a whole, identifiable piece of work from start to finish with a visible outcome.