Author Question: John and Mary Rose Tessler have had their home taken in foreclosure. They owe 92,000 on their ... (Read 125 times)

futuristic · **on:** Jun 24, 2018

John and Mary Rose Tessler have had their home taken in foreclosure. They owe 92,000 on their original mortgage and 8,000 on their second mortgage. A contractor they hired to add on a screened porch is owed 2,000, and the contractor has filed a lien. The lender has spent 4,000 in bringing the foreclosure suit. The sale at foreclosure brings 99,000. How much would the contractor receive?
A)0
B)500
C)2,000
D)4,000

Question 2

To my niece, Sally, on the condition that liquor never be served on the premises, and should liquor ever be served, I reserve the right to re-enter and take possession of and title to the property. Sally holds the interest of:
A) A life estate.
B) An estate for years.
C) A fee simple subject to a condition subsequent.
D) A fee simple determinable.