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Questions and Answers
In order to establish authority for real estate, it is not necessary to review the articles of organization and operating agreement of an LLC.
In order to establish authority for real estate, it is not necessary to review the articles of organization and operating agreement of an LLC.
False
Having an operating agreement is a common practice for LLC entities that hold real estate.
Having an operating agreement is a common practice for LLC entities that hold real estate.
True
The term 'authorized signatory' is preferred over specifying whether the individual signing is a member or manager of an LLC.
The term 'authorized signatory' is preferred over specifying whether the individual signing is a member or manager of an LLC.
False
In a mortgage, witnesses are always required for the president or CEO to sign without a seal or corporate resolution.
In a mortgage, witnesses are always required for the president or CEO to sign without a seal or corporate resolution.
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For limited partnerships, any general partner can convey or mortgage property as long as it is within the ordinary course of partnership activities.
For limited partnerships, any general partner can convey or mortgage property as long as it is within the ordinary course of partnership activities.
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If a limited partnership transaction is outside the ordinary course of business, approval from all general partners is sufficient to proceed without the need for consent from limited partners.
If a limited partnership transaction is outside the ordinary course of business, approval from all general partners is sufficient to proceed without the need for consent from limited partners.
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A collateral assignment of a mortgage means transferring the right to collect under the mortgage to a third party.
A collateral assignment of a mortgage means transferring the right to collect under the mortgage to a third party.
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If Logan Bank signs off on a collateral assignment, it signifies that the mortgage has been satisfied.
If Logan Bank signs off on a collateral assignment, it signifies that the mortgage has been satisfied.
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A collateral assignment of mortgages is similar to a collateral assignment of leases and rents in commercial transactions.
A collateral assignment of mortgages is similar to a collateral assignment of leases and rents in commercial transactions.
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According to MRTA, interest recorded prior to the effective date of the root of title can be eliminated.
According to MRTA, interest recorded prior to the effective date of the root of title can be eliminated.
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Under MRTA, easements for rights of way can be eliminated if they have been in use for more than 40 years.
Under MRTA, easements for rights of way can be eliminated if they have been in use for more than 40 years.
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Oil and gas mineral reservations are completely eliminated under MRTA.
Oil and gas mineral reservations are completely eliminated under MRTA.
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