Equitable Mortgage Is Not A Real Security Device
This trap appears as a wrong-answer choice in 1 active question. Spotting how it is built is the repair: read each example's “why it's attractive” before the “why it's wrong.”
Subject distribution
- Real Property1
Example wrong choices
14949_psalm_garden_cottage · REAL_PROPERTY · Choice AMartha, having defaulted, has no further rights in Cedaracre, so Barnabas may obtain summary eviction.
Why it's attractive
The answer uses the default fact but chooses a possession remedy instead of the mortgage remedy.
Why it's wrong
The answer uses the default fact but chooses a possession remedy instead of the mortgage remedy.
14949_psalm_garden_cottage · REAL_PROPERTY · Choice CThe attempted security arrangement is not recognized in law, so Barnabas has only a personal claim against Martha for $84,000.
Why it's attractive
The answer calls a known security device unknown to law.
Why it's wrong
The answer calls a known security device unknown to law.
14949_psalm_garden_cottage · REAL_PROPERTY · Choice DBarnabas's oral promise to convey Cedaracre back is invalid under the Statute of Frauds, so Barnabas owns Cedaracre outright.
Why it's attractive
The answer follows a land-contract frame instead of the security-device frame.
Why it's wrong
The answer follows a land-contract frame instead of the security-device frame.
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