GA Bar Property Law 4

Question 1

Georgia's recording act is a race-notice statute. Under this system, a subsequent purchaser prevails over a prior unrecorded deed only if the subsequent purchaser:

Accepted Answer

Records first AND takes without notice of the prior conveyance

Answer

Under a race-notice statute, the subsequent purchaser must both record first and lack notice (actual, constructive, or inquiry) of the prior conveyance.

Question 2

A purchase money mortgage (PMM) given to the seller to finance the purchase of real property generally takes priority over:

Accepted Answer

Judgment liens that attached before the conveyance

Answer

A purchase money mortgage enjoys superpriority over judgment liens that attached to the property simultaneously with the buyer acquiring title.

Question 3

Which type of deed conveys the grantor's interest — whatever it may be — without any warranties of title?

Accepted Answer

Quitclaim deed

Answer

A quitclaim deed transfers only whatever interest the grantor actually holds and contains no covenants guaranteeing the quality of title.

Question 4

The covenant of seisin in a general warranty deed warrants that the grantor:

Accepted Answer

Actually owns the estate being conveyed

Answer

The covenant of seisin promises that the grantor owns and has the right to convey the specific estate described in the deed.

Question 5

After a lender forecloses on a mortgage, the borrower's right to reclaim the property by paying the full debt before the foreclosure sale is complete is called the:

Accepted Answer

Equity of redemption

Answer

The equity of redemption is the borrower's common law right to redeem the property before the foreclosure sale by paying the entire debt.

(GA Bar) Georgia Bar Exam Practice Test

(GA Bar) Georgia Bar Exam Practice Test

GA Bar Property Law 4