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MULTIPLE-CHOICE QUESTIONS

    Questions 3-4 are based on the following fact situation.

    On March 1, Marcel conveyed a tract of realty to her daughters Andrea and Bessie as joint tenants. On April 1, Marcel purported to sell the same tract of realty to Parton by general warranty deed. Parton paid cash for the property, and was unaware of the prior conveyance to Marcel’s daughters. Andrea and Bessie recorded their deed on April 3. Parton recorded his deed on April 5. Andrea died on April 7.

    1. Assume for the purpose of this question only that the jurisdiction has ONE of the following statutes:
      1. “No conveyance of real property is effective against a subsequent purchaser for value and without notice unless the same be recorded.”
      2. “Every conveyance of real estate is void as against any subsequent purchaser in good faith and for value whose conveyance is first duly recorded.”

    Is Bessie’s right superior to Parton’s on April 8?

    (A) Yes, only if the jurisdiction has Statute I.

    (B) Yes, only if the jurisdiction has Statute II.

    (C) Yes, if the jurisdiction has Statute I or Statute II.

    (D) No.

    1. Assume for the purpose of this question only that the jurisdiction has a statute which provides, “In determining the priority of conflicting interests in land, the first such interest to have been recorded shall have priority.” Who has priority on April 8?

    (A) Bessie, because the conveyance to Andrea and Bessie was recorded before the conveyance to Parton was recorded.

    (B) Bessie, because the realty was conveyed to Andrea and Bessie before the conveyance to Parton was recorded.

    (C) Parton, because Bessie’s interest was recorded.

    (D) Parton, because Marcel conveyed to him by general warranty deed.

    1. After working twenty years for the People’s Trust Company, Singer was promoted from assistant manager of the Twin Oaks branch located in another state. When he learned that Bryant was moving to Twin Oaks to replace him as assistant manager, he offered to sell Bryant his home in Twin Oaks for $60,000. After inspecting the premises, Bryant accepted the offer. They entered into a written contract of sale calling for closing of title six weeks after the signing of the contract. Because their employer was eager to have them both start at their new positions as soon as possible, the contract contained a clause permitting Bryant to move into the house immediately. Bryant did so a few days after signing the contract of sale. Singer kept the fire insurance policy on the house in effect, planning to cancel it upon conveying title to Bryant. In addition, Bryant purchased a policy of fire insurance on the house immediately after contracting for purchase of the house. Two weeks after Bryant moved in, a fire of unknown origin partially destroyed a portion of the roof, the entire kitchen, and parts of the exterior of the house. Bryant immediately notified Singer that he was unwilling to complete the transaction at the price originally agreed upon, but that he would be willing to renegotiate to determine a new price based on the diminished value of the real estate as the result of the fire.

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