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Author Question: What are the post-2008 requirements for mortgage appraisals? A)There must be a physical visit to the ... (Read 68 times)

aabwk4

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on: Jun 24, 2018
What are the post-2008 requirements for mortgage appraisals?
 A)There must be a physical visit to the property
 B)The appraiser must be independent
 C)The appraiser cannot be paid to appraise at the loan amount
 D)All of the above

Question 2

Floyd Larkin made the following grant: To my niece, Flora, for so long as she maintains the ranch on this property. Flora leased the property to General Motors for a test track and no longer maintained the ranch. Floyd's widow and sole heir sold the land to the Beef & Cattle Company. Beef & Cattle evicted GM and GM filed suit. Who is the rightful owner and possessor of the property?


joshraies

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Reply #1 on: Jun 24, 2018
Answer to Question 1

D

Answer to Question 2

Flora was given a fee simple determinable interest which automatically terminated and reverted back to the grantor, Floyd, when she leased the premises to GM and ceased operating the ranch. Therefore Floyd held the interest and with his death it passed to his heir, his widow. His widow had fee simple title and had the authority to sell the land to Beef & Cattle. Beef & Cattle could evict GM.


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