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MMLU / A farmer owned a tract of land in a state that has a notice recording statute…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

A farmer owned a tract of land in a state that has a notice recording statute and follows the title theory of mortgages. There were two farms situated on the property, one farm on the eastern half and one farm on the western half of the property. The farmer recorded a general warranty deed conveying the property to his son. Two years later, the son obtained a mortgage, secured by the farm property, in favor of his friend. The friend promptly recorded the mortgage. Twenty years later, the son sold the property to an investor by a general warranty deed, with the investor assuming the friend's mortgage. The following year, the investor subdivided the property and sold the western farm to a developer, while retaining the eastern farm. There was no mention of the mortgage in the general warranty deed between the investor and developer. The developer was unable to rezone the property to build houses as he had planned, so the developer sold the western farm to a florist. The conveyance to the florist made no mention of the friend's mortgage. Three years later, the florist entered into a contract with a rancher, pursuant to which the rancher would purchase the western farm for $75,000. The closing date for the deal was set for January 15. Assuming that on January 10, the rancher conducted a title search that revealed the friend's mortgage on the property, which of the following is correct?

choices

  1. The rancher would be entitled to rescind the real estate contract with the florist immediately.
  2. The encumbrance renders title to the western farm unmarketable.
  3. The mortgage would only encumber the eastern farm, not the western farm, because the investor's partition of the property created a joint tenancy.
  4. The encumbrance would not entitle the rancher to rescind the real estate contract until closing on January 15.

subject

professional_law

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Source and history

task_id
1ea169cc-24e1-50b8-8359-bd48a8c44712
task_key
all--test--1ea169cc-24e1-50b8-8359-bd48a8c44712
task_revision_id
1
config / split
all / test

Official source

initial import