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Kaplan Foundation Slides > Kaplan Real Property Foundation Slides > Flashcards

Kaplan Real Property Foundation Slides Flashcards

1
Q

Ownership and Rights in Land - Coverage Areas

A

Ownership

  • Future Interest
    • FSD
    • FSCS
  • Joint Tenancy
  • Partition Proceedings

Rights in Land

  • Licenses
  • Easements - creation and destruction
  • Covenants
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2
Q

Checkpoint items

A 
Co-Tenancies
 - Joint Tenancies
Licenses 
Easements
Issues concerning equitable prinicpals
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3
Q

Future Interests - Future Interests in Grantor

A
  • Possibility of Reverter (Automatic reversion)
  • Right of Reversion (Duty to act- No Automatic reversion)
  • Reversion
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4
Q

Future Interests - Present Possessory Interest

A
  • Fee Simple Absolute
  • Fee Simple Determinable
  • Fee Simple Subject to Condition Subsequent
  • Fee Simple Subject to Executory Limitation
  • Life Estate
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5
Q

Future Interest in Third Party

A
  • Executory Interest

- Remainder

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6
Q

Rule Against Perpetuities applies to situations where there are:

A
  1. Contingent Remainders / Class Gifts
  2. Options to Purchase (Fee Options)
  3. Powers of Appointment
  4. Executory Interests
  5. Rights of First Refusal
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7
Q

Restraints on Alienation

A
  • A restriction prohibiting the recipient from selling or otherwise transferring his interest in the property.
  • Such restraints are void as against public policy of allowing landowners to freely dispose of their property
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8
Q

Certain restrains on Alienation are valid, including:

A
  • A prohibition against partition of property for a limited time
  • The right of first refusal
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9
Q

Concurrent Estates are

A
  • Joint Tenancy
  • Tenants by the Entireties
  • Tenants in Common
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10
Q

Joint Tenancy Requirements

A
  • 4 units
    • Time; Title; Interest; Possession
  • Survivorship - estate passes to the survivor
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11
Q

Tenants by the Entireties

A
  • Reserved for Husband and Wife

- Requires the marriage as a 5th unit

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12
Q

Severance of a joint tenancy becomes a

A

an estate of Tenancy in Common

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13
Q

How can a joint tenancy be severed

A

1- Conveyance Inter Vivos
2- Death of one of the two remaining Joint Tenants
3- Mortgage under title theory
4- Final partition action

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14
Q

Tenancy in Common is

A

1- Unity of Possession only

  • Both parties own an undivided interest in the property
  • the land passes through a Will or Intestacy
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15
Q

License is a

A

a Revocable personal privilege to enter the servient tenement of the licensor without liability for trespass

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16
Q

Easements are

A

A non possessory interest in the USE of land of another

1- Easements in Gross
2- Easement Appurtenant

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17
Q

What is an Easement in Gross

A
  1. No dominent Tenement

2. Do not run with the land

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18
Q

What is an Easement Appurtenant

A
  1. 2 Parcels
    • Benefitted for dominant land
    • Burdened on the servient land
  2. The easement runs with the land
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19
Q

Easements are created by

A

Creation

  1. Expressly in writing - grantor to grantee
  2. Necessity - landlocked, but allow judge to decide
  3. Implication - reflected the practices and customs of the property
  4. Prescription - adversely possessed (no exclusivity)
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20
Q

Easements are terminated by

A
  1. Written release
  2. End of necessity
  3. Abandonment - Requires intent & Physical act
  4. Merger - unity of ownership
21
Q

Covenant is a

A

A contract in which the covenantor makes a promise to a covenantee to do or not to do some action tied to the use of land. A covenant running with the land, imposes duties or restrictions upon the use of that land regardless of the owner

22
Q

Landowner Tenant and Titles - Coverage Areas

A

Landlord Tenant

  • Subleases
  • Assignments
  • Evictions
  • Right and Duties

Titles

  • Adverse Possession
  • Lateral and Subjacent Support
  • Growing Crops
  • Water Rights
  • Conveyances
23
Q

Checkpoint Items

A 
Landlord Tenant
   - Common Law
   - Lots of Statutes 
Crossover with Torts and Contracts
Assignments and Subleases 
Adverse Possession 
   - Watch for Statutes 
Conveyancing
24
Q

Constructive Eviction

A

Premises are “uninhabitable” AND Tenant moves out

25
Q

Four Types of Tenancy (Landlord - Tenant)

A

1- Tenancy for Years - Fixed Term
2- Periodic Tenancy - no ending date
3- Tenancy at Will - indefinite
4- Tenancy at Sufferance - Holdover Tenant

26
Q

Delivery of Possession to Tenant- English Rule

A

Landlord has a duty to deliver possession at the lease inception

27
Q

Delivery of Possession to Tenant- American Rule

A

Landlord DOES NOT have a duty to deliver possession at the lease inception, and the tenant has to bring an ejectment action against the holdover tenant

28
Q

Subjacent and Lateral Support

A

Landowner is strictly liable if his excavation causes “unimproved” adjacent land to subside

29
Q

Adverse Possession Requirements - MBE

A

Adverse Possession

  1. Physical Element
    • Actual and exclusive (cannot be shared)
    • Open and notorious
  2. Mental Element - adverse and hostile
  3. For the statutory period
30
Q

Property Contracts and Mortgages

A

Real Property Contracts:

  • Requirements
  • Statute of Frauds
  • Risk of Loss
  • Equitable Conversion

Mortgages

  • Subject to and assuming grantees
  • Purchase money mortgages
  • Transfer of mortgage
  • Subrogation
  • Recording Statutes
31
Q

Checkpoint Items

A

Real Property Contracts

  • Risk of Loss
  • Equitable Conversion
  • Contingencies

Mortgages

  • Purchase Money Mortgages
  • Technical Requirements
  • Recording Statutes
32
Q

Deeds - Valid Delivery occurs when

A

1- Proper execution

2- Intent to deliver

33
Q

Equitable Conversion (Common Law) Majority on the MBE

A

Risk of loss for casualty is place on the buyer during the executory period. The buyer is the equitable owner of the land, whereas the seller, who holds legal title, is the equitable owner of the right to the full purchase price.

The burden and the benefits of the land is shifted to the purchase once the contracts are signed

34
Q

Uniform Vendor and Purchaser’s Risk Act

A

Risk of loss is on the buyer ONLY IF the buyer has legal title or “possession” of the property

35
Q

Marketable title

A

is a title that is free from Encumbrances

36
Q

Every contract to sale of land contains

A

an implied warranty of marketable title

37
Q

Encumbrances on a title are

A
  1. Mortgage
  2. Lien
  3. Easement
  4. Equitable Servitude
  5. Zoning violation
  6. Future Interest
38
Q

Bona Fide Purchasers (BFP) are

A
  1. Pays value (purchaser, mortgagee, judgment creditor)
  2. Takes in “good faith” and
  3. Takes without notice (key MBE element) that someone else has title to the property
39
Q

What are the three different Recording Statutes

A

1- Race - 1st to record wins
2- Notice - Last BFP wins
3- Race Notice - 1st BFP to record wins

40
Q

Notice Statute states that

A

An unrecorded conveyance or other instrument is invalid as against a subsequent bona fide purchaser (credit or mortgagee) for value and without notice

41
Q

Mortgage

A

an interest in land created in writing providing security for the performance of a duty or the payment of a debt

42
Q

Foreclosure

A

the method by which the security is applied to satisfy the debt

43
Q

Deficiency Judgment

A

allowed where the proceeds of the foreclosure sale are insufficient to satisfy the debt

44
Q

Mortgagee can bring 2 causes of action

A

1) “in personam” on the debt

2) “in rem” on the security

45
Q

Rights of a grantee

A

A grantee who “assumes” a mortgage is personally liable. A grantee who takes “subject to” the mortgage is not personally liable

46
Q

Subject to the Mortgage where the deed makes no reference to the mortgage

A

it is presumed the grantee takes “subject to” and is not personally liable

47
Q

Purchase money mortgage is

A

a purchase money mortgage takes priority over the other prior mortgages, regardless of recording statutes. The purchase money mortgage itself, however, must be recorded

48
Q

Exoneration is

A

the right of a surety to compel the mortgagee to proceed against the person or property primarily liable

Kaplan Foundation Slides (7 decks)

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