Louisiana Title Insurance Exam Questions and Correct Answers

Gross Living Area Total area under one roof; When Land is expropriated by the state, the landowner may expect compensation as: Just compensations as well as other expenses such as moving Buying subject to a mortgage Keeps the seller personally liable for the loan, although it remains with the property after the sale A contract to sell real property that required the purchase price to be paid in installments and title is to be delivered to the buyer only after a stipulated sum has been paid or the term is met Bond for Deed If a property is sold by the lessor during the term of the lease, the deposit should be turned over to the Purchaser, a tenant is can not sue the purchaser for the deposit if they go bankrupt Death of a usufructuary, or if the object of the usufruct is destroyed, will have what effect on a usufruct it will terminate Lack of legal capacity makes the contract Relatively Null All persons have legal capacity to contract except Persons denied of reason at the time of contract Interdicts Unemancipated minors A contract in which the party who accepts an obligation of the other does not assume a reciprocal obligation is called an (nothing in return) Unilateral Contract An offer with a termination date for the offer in Louisiana is said to be Irrevocable For a lessee to get a security deposit back, he must: Do nothing, the lessor is required to return the deposit within 30 days of the end of the lease If a contract is an earnest money contract then Neither party can sue for specific performance or other damages