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REAL3000 > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

When conveying a property, what two components are necessary to convey?

A
  1. Tangible property

2. Intangible bundle of rights

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2
Q

Instrument of conveyance

A

Anything that conveys a real property right (aka pencil)

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3
Q

What is the primary instrument of conveyance (for real property interests)?

A

The deed (ex. fee simple absolute, life est., etc.)

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4
Q

Is an easement an instrument of conveyance?

A

Yes

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5
Q

What type of conveyance is a mortgage

A

Lien

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6
Q

General warranty deed

A

Best for grantee because most covenants/promises included. Three covenants…

  1. Siezen: I convey I have the right to sell this land.
  2. Quiet enjoyment: Arnold Schwarzenegger claim. If someone comes and claims a right I promised I’ll be back to defend!
  3. No encumbrances: All claims and rights are disclosed.
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7
Q

Special warranty deed

A

Includes three covenants of general warranty but LIMITED TO PERIOD OF GRANTOR’S OWNERSHIP. If someone got a pencil from before the grantor, grantor won’t defend.

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8
Q

Quitclaim deed

A

No covenants at all, may be used for gifting estates. Grantee gets what grantor’s got but no defense from grantor if problems arise in the future.

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9
Q

What is the difference in conveyance of property between the three deeds (general warranty, special warranty, quitclaim)

A

No difference. Ex. Buying a Best Buy TV, you can buy different warranties but the TV is the same.

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10
Q

Voluntary exceptions to statute of frauds

A
  1. Oral/verbal lease (≤ 1 year)
  2. Implied easement. Ex. if I sell front lot and driveway goes through front to back lot, the easement doesn’t need to be in writing.
  3. Easement by estoppel. Allowance & reliance.
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11
Q

What is the involuntary exception to statute of frauds?

A

Adverse possession/prescriptive easement. Aka squatter’s rights.

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12
Q

What is the CO law for adverse possession/prescriptive easement?

A

Possessor must prove, by clear and convincing evidence, that his or her possession was actual, adverse, hostile, exclusive, and uninterrupted for at least 18 years…all with a good-faith belief that he/she was the property’s actual owner.

Good-faith belief is new in law, you must believe that you are the owner. Sometimes now you’ll still have to pay fair market value for the land.

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13
Q

Title

A

The collection of evidence revealing who possesses what rights in a property.

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14
Q

Chain of Title

A

Sequence of conveyances passing property rights/interests down through time beginning with first conveyance from sovereign (“patent”)

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15
Q

Why can no single deed prove chain of title?

A

Because you need to make sure that you’re getting the pencils that the grantor’s got! If he’s selling pencils he doesn’t have, you’re buying rights you won’t get.

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16
Q

What is recording and what is its function?

A

Recording your property in the public records of the property’s county puts the world on notice. Everyone has CONSTRUCTIVE notice

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17
Q

What is possession and what is its function?

A

Puts the world on notice. Every person has ACTUAL notice of any claim accompanied by open, continuous and apparent use of property.

18
Q

I buy a house and immediately go back to the apartments to tell everyone. Meanwhile Taylor buys the same house and goes to Boulder county clerk to record. Who gets property?

A

Taylor because she recorded first! Race-notice recording statute in effect.

19
Q

My professor sells me a property and I don’t record but I go to property and start moving in. He then sells to another buyer who records. Who gets the property?

A

I get the property because I took possession!

20
Q

Race-notice recording statute

A

A grantee w/out notice (constructive/actual) who paid fair value (“good faith/bona fide purchaser”) and records first wins against an earlier grantee who failed to record or take possession!

21
Q

My mom sells someone a house. They don’t record because they’re leaving the country. She immediately sells me house and tells me that first purchaser didn’t record. Who gets the house?

A

The first purchaser because I didn’t buy the property in GOOD FAITH. Race-notice recording statute doesn’t apply.

22
Q

Metes and bounds survey

A

A sequence of directed distances describing property boundary. All points compass-directed.

23
Q

E 45˚ 00’ 00” S 100’. What does this mean?

A

Start facing E. Turn 45˚ S. Then walk 100 feet.

24
Q

S 60˚ 15’ 20” W 130’. What does this mean?

A

Start facing S. Turn 60 degrees, 15 minutes, and 20 seconds west. Then walk 130 feet.

25
Q

Recorded plat map

A

A recorded metes and bounds survey with each separately surveyed parcel identified by a name.

26
Q

Rapid expansion into the Western Territories following the Revolutionary War required an efficient means of surveying/conveying vast lands. What was the solution?

A

Public land survey system (PLSS)

27
Q

Where and when did the PLSS begin?

A

Beginning in 1785 at a point on PA/OH border

28
Q

Where did the most recent PLSS survey take place?

A

Alaska in 1950s

29
Q

Title abstract

A

Form of EVIDENCE OF TITLE. Summary of all records in chain of title - seldom used today

30
Q

Title commitment/insurance

A

Form of EVIDENCE OF TITLE. Insurance policy disclosing who owns what and protecting grantee [insured] against title problems and resulting losses if it’s wrong - widely used today

31
Q

Torren’s title certificate

A

Form of EVIDENCE OF TITLE. Like a car title certification - not allowed in CO anymore.

32
Q

Legal description (of property)

A

A legally sufficient description of the tangible property used for conveyance

33
Q

Three methods of legal description (of a property)

A
  1. Metes and bounds survey
  2. Plat map
  3. Public Land Survey System
34
Q

Which way do range lines go?

A

North-South

35
Q

Which way do tier lines go?

A

East-West

36
Q

How far apart are range and tier lines?

A

6 miles

37
Q

Where is section 1 in a tier/range section?

A

Top left. Snakes right and left down the section to 36.

38
Q

How big is a SECTION for PLSS?

A

640 acres, or 1 sq mile

39
Q

Which way do latitude lines go?

A

East-West

40
Q

How big is a TOWNSHIP for PLSS?

A

36 sections, 6 miles squared

REAL3000 (12 decks)

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