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QUESTION 1

1. Janice purchased real property in New York from Vlad and received a warranty deed at the closing. New York has a race/notice statute . In this situation:

   	a.	A subsequent purchaser from Vlad will obtain superior title to Janice if they record first even if they were aware of the prior transfer.
   	b.	Janice must record her deed in order to have superior rights in the real property over Vlad.
   	c.	If a subsequent purchaser has no notice of the prior transfer they will have superior title without recording.
   	d.	A subsequent purchaser must prove hey had no notice of the prior transfer AND record first in order to have title superior to Janice.

1 points

QUESTION 2

1. Diane and her brother John each own an interest in a home as joint tenants. Which of the following statements is true?

   	a.	This is considered an interest in personal property.
   	b.	Upon Diane's death her interest in the property will automatically pass to John.
   	c.	Upon Diane's death her property will pass to her heirs.
   	d.	During her lifetime Diane can not transfer her interest without John's consent.

1 points

QUESTION 3

1. A qualified indorsement:

   	a.	puts subsequent holders on notice of a defense to the instrument.
   	b.	eliminates transferor's transfer warranties
   	c.	Both of the above are correct
   	d.	Neither of the above are correct.

1 points

QUESTION 4

1. Alex, an unmarried individual dies in a tragic accident with 2 of his 3 adult children,, Sam and Tanya. Alex has no will. He is survived buy his daughter Deborah (who has one child, Evan), Sam's two children (Ralph and Anna), and Tanya's three kids (Bobby, Kim and Gus). Under current New York law how will Alex's estate be distributed after debts, expenses and taxes have been paid?

   	a.	1/7 to Deborah and 1/7 to each grandchild
   	b.	1/3 to Deborah. 1/6 to Ralph and Anna, 1/9 to Bobby, Kim and Gus
   	c.	1/3 to Deborah, 2/3 equally distributed among Ralph, Anna, Bobby, Kim and Gus.
   	d.	1/3 to Deborah, 2/3 equally distributed among Evan, Ralph, Anna, Bobby, Kim and Gus.

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