In order to purchase an interest in piece of land called Blackacre, Rhiannon borrowed $100 000 from Nick. As security for the repayment of that loan, she created a mortgage over a piece of property. Which of the following statements is TRUE?
A) The transaction must have occurred in a registry system.
B) Blackacre must be the property that is subject to the mortgage.
C) Rhiannon must have purchased Blackacre from Nick.
D) Rhiannon must have purchased the fee simple in Blackacre.
E) If Rhiannon purchased a life estate in Blackacre, then it is possible that she gave a mortgage over a diamond ring that she owned.
Correct Answer:
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