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REAL3000 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Rights

A

Claims to intangible benefits that the government establishes, acknowledges, and enforces

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2
Q

Property rights are ________ except by their nature or due process

A

Non-revocable

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3
Q

What is a “taking”

A

Means the government is taking too many rights away and the property owner requires compensation

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4
Q

Enduring

A

Rights do not diminish over time. Associated rights of land NEVER go away because land never goes away.

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5
Q

What are the three key property rights?

A
  1. Possess/exclude (it’s mine, not yours)
  2. Use/benefit (right to occupy, right to extract from property within rights)
  3. Convey/dispose (sell, lease, mortgage, gift, etc. at owner’s discretion)
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6
Q

What are the parts of a 3-dimensional property

A
  1. Surface rights
  2. Air rights (up to Federal airspace or local limitations)
  3. Subsurface rights (to the center of the earth or as far as technology allows)
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7
Q

Possessory/non-possessory interest

A

Any one or more rights in the property

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8
Q

Estate

A

Any interest that includes first key right of exclusive possession. Can include personal prop. Ex. Art in house is part of our estate.

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9
Q

Freehold Estate

A

An interest (ex. property) that I OWN and have right to EXCLUSIVE POSSESSION. Ex. When I buy a house it will be a freehold estate.

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10
Q

Non-Freehold/leasehold example

A

Tenants. In my apartment I have the right to exclusive possession, which I lease from Sadler (the freehold)

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11
Q

Non-possessory interest

A

Interests that DO NOT have the first key right. Ex. Easements, covenants, liens

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12
Q

Fee simple absolute (FH estate types)

A

FOREVER. When I die, I decide who gets my house (in my will)

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13
Q

99% of the time, which type of estate are we buying?

A

Fee simple absolute

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14
Q

Fee simple conditional w/ reverter interest (FH estate types)

A

FOREVER UNLESS. Sold forever unless some reverter condition occurs (ex. PBR example. The reverter is PBR)

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15
Q

If I own a fee simple conditional (reverter from previous owner) and sell house, who retains the condition?

A

The previous owner! A grantor can only give what a grantor’s got. Ex. PBR example. If I sell house, previous owner retains reverter interest if PBR is consumed on property.

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16
Q

Ordinary life estate with remainder interest (FH estate types)

A

NEVER FOREVER. Interest lasts for the duration of the “measuring life” (grantee or anyone alive and named in the grant). To A for his/her life —> B
Ex. I own house on hill. CU wants it. They buy remainder so that when I die the house goes to CU.

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17
Q

If I remarry with an estate and want my original kids to get the house, how should I convey my house to my new wife?

A

Ordinary life estate with remainder interest. I give remainder to my wife. To A for his/her life —> B (kids in this example). If my wife dies before me, it goes back to me!

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18
Q

Tenancy for years (LH estate types)

A

Tenancy for a specified period of time. Ex. Phoenician resort in Phoenix on a 99-year lease

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19
Q

Statute of Frauds states that a lease must be in writing if it is greater than ______ (days/months/years)

A

One year

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20
Q

Periodic tenancy (LH estate types)

A

No definite end date. Rather, repeating successive periods. Usually coincides with rental payment period. Ex. CJ’s house on Grandview.

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21
Q

CO state law requires ___ days notice for termination of a periodic tenancy agreement?

A

21 days

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22
Q

According to CO law, if I go to rental office on May 15 to terminate my periodic tenancy, what month(s) rent must I pay?

A

May and June! I’m within the 21 day window!

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23
Q

Tenancy at will (LH estate types)

A

A landlord allows tenant to stay informally (can be for rent or otherwise).

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24
Q

For a tenancy at will lease, what is the CO state law minimum notice requirement?

A

3 days. It’s essentially a rolling 3-day lease.

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25
Q

Tenancy at suffrance (LH estate types)

A

When a landlord is suffering because the tenant has stayed past his or her lease without paying.

26
Q

Easement

A

Right to use or limit use of the land of another for a specific and LIMITED purpose. Non-possessory. Ex. Right to snowmobile on property.

27
Q

Why is an easement non-possessory?

A

No right to fully exclude the possessory interest owner. Ex. If I buy right to snowmobile in Nat’l park, park rangers can still use land for other purposes.

28
Q

Negative Easement (and example)

A

Acquire the rights from another property owner. Ex. Nature conservancy acquires right to develop on land to PREVENT anyone from developing on that land.

29
Q

What are the two types of easements?

A
  1. Easement appurtenant (benefits a parcel, shrink wrapped to bundle)
  2. Easement in gross (benefits a person)
30
Q

If driveway of house B runs through property of house A, what type of easement does B establish? Which parcel is dominant & servient?

A

Easement appurtenant. House A is servient parcel offering driveway access to B, the dominant parcel.

31
Q

Easement _______ runs with the land

A

Appurtenant. Easement is appurtenant to the land.

32
Q

Easements concerning driveways, utilities, parking (affirmative) and view/light (negative)…all benefiting an adjacent/nearby parcel are which type?

A

Easement appurtenant, benefit an adjacent/nearby parcel.

33
Q

Easement in gross

A

Right/benefit held by a person and benefits holder, not a specific parcel. Transferable because it doesn’t run with the land.

34
Q

Easements concerning right to snowmobile and right to use lake dock are which type?

A

Easement in gross, benefit a person.

35
Q

Affirmative easement in gross (and examples)

A

Adds right for a person. Ex. Billboard, power lines, railway, right to fish, hunt

36
Q

Negative easement in gross (and examples)

A

Takes right from a person. Ex. Conservancy easements.

37
Q

Exclusive vs. non-exclusive easement

A

Exclusive: Sole right to specific purpose of interest. Holder may exclude all others including landowner. Valuable.
Non-exclusive: Shared right to specific purpose of interest. Can’t exclude others. Cannot share/convey with others. Less valuable.

38
Q

How long do easements last?

A

FOREVER! Someone can own the right to develop on Boulder open space FOREVER AND EVER.

39
Q

Are restrictive covenants possessory?

A

No, they’re non-possessory. You can have a covenant for possession of a space but not EXCLUSIVE possession, so it’s non-possessory.

40
Q

What are common restrictions of covenants?

A

Architectural standards
No RV, boats, and other “toys” in view
No detached garages or sheds

41
Q

What are common obligations of covenants?

A

Maintain property
Pay HOA dues
Pick up pet poop

42
Q

What are the two methods of creating a covenant?

A
  1. For a single deed (deed restriction)

2. For an entire subdivision?

43
Q

What’s the difference between a covenant and a fee simple conditional reverter?

A

If a covenant is broken, the grantor that reserved the right is entitled to damages (monetary). If a fee simple conditional is broken, the grantor is entitled to his or her PROPERTY back!

44
Q

Who enforces a covenant?

A

They are private so they are enforced by the courts.

45
Q

What are the two types of liens and what is their key difference?

A
  1. General liens: Arise from events unrelated to the property (involuntary).
  2. Specific liens: Arise from ownership & use of the property (voluntary & involuntary).
46
Q

Lien

A

Security/collateral for an obligation ($ or other)

47
Q

A mechanic comes and fixes my house and charges me $400. I don’t have the money so I say I can’t pay him. He takes out a ______ ______ on my house? Fill in the blank.

A

Specific lien

48
Q

A mortgage is what type of non-possessory interest?

A

A specific lien

49
Q

If Jeremy must pay his HOA dues and hasn’t done so, what non-possessory interest can the HOA use to pay?

A

A specific lien

50
Q

I sue Ben for stealing my shoe and am awarded $2000. What non-possessory interest can I use to make sure I am paid?

A

A judgement lien (general lien)

51
Q

If two liens are placed on a house, who gets paid first?

A

The first lien placed. First in time, first in right.

52
Q

Tenancy in common (form of co-ownership)

A

UNDIVIDED interest in possession and use/enjoyment. Divided rights of disposition - each owner holds separate bundles and can sell his/her bundle at will. Successor’s able to inherit.

53
Q

When can the government take someone’s property?

A

In the interest of public health, safety, and welfare (“police powers”)

54
Q

How is a leasehold different from a freehold estate?

A
  1. Not the highest interest. A partial conveyance of the freehold estate.
  2. Always limited duration. Reverts to landlord.
  3. No rights of disposition. Can’t sell!
55
Q

My tenant isn’t moved out by the end of the month. Four days later, he offers to pay a prorated rent for five more days. I accept the check. What form of leasehold estate has just been established?

A

Tenancy at sufferance for first four days, tenancy at will once rent was accepted. All terms of lease remain in force. I also can’t go back because I ACCEPTED the rent and it didn’t have to be in writing.

56
Q

On what title is the easement appurtenant stated?

A

The dominant AND servient parcel.

57
Q

What is the diff between easement appurtenant and easement in gross?

A

Appurtenant RUNS with the land. Also there’s a dominant and servient parcel. Ex. Right to drill for oil. If I own rights it’s an easement appurtenant with the servient parcel being the surface.

58
Q

Fixture

A

Real property that was personal property

59
Q

In a sales/mortgage, what type of property is conveyed through the deed?

A

Only REAL property.

60
Q

What will a court consider to determine what is and isn’t a fixture?

A

Intention of parties! Includes:

  1. Manner/degree of attachment (more attached, more likely a fixture)
  2. Character of item and adaptation (more customized, more likely a fixture)
  3. Relation of the party making the improvements to the property (greater the relationship, more likely a fixture)
61
Q

A display case is highly customized for the storefront at 123 College Ave. When the property is conveyed, should the case stay?

A

Yes, it’s HIGHLY ADAPTED. Therefore it is more likely to be seen as a fixture.

REAL3000 (12 decks)

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