MBE Ownership

Question 1

FSA

Answer 1

you own 100% of land forever (To a)

Question 2

life estate

Answer 2

while alive you can do anything except commit waste (can even mortgage it)

Question 3

Reversion

Answer 3

goes back to grantor after life estate

Question 4

if life tenant owns property, they must pay

Answer 4

interest and taxes; not principal

Question 5

remainder

Answer 5

interest after life estate

Question 6

contingent remainder

Answer 6

something has to occur

Question 7

vested remainder

Answer 7

automatically get it

Question 8

vested remainder subject to open

Answer 8

a class; as long as one person is alive, class is subject to open

Question 9

vested remainder subject to total divestment

Answer 9

something could eliminate it

“to C, if he has a kid, he gets nothing”

Question 10

fee simple determinable

Answer 10

“so long as”

goes back to grantor when condition fails, automatically

Question 11

fsscs

Answer 11

“but if”
need right of reentry, not automatic

Question 12

RAP

Answer 12

Can property vest within 21 years

Question 13

JT w/ right of surivorship

Answer 13

need four unities; language; transfers autimatucakky

Question 14

what does conveyance do

Answer 14

makes it tenancy in common

Question 15

remember the exception regarding ownership and coveyance with other joint tenants

Question 16

tenancy in common

Answer 16

no right of survivorship

Question 17

tenants by the enirety

Answer 17

joint tenancy, but with marriage; divorce severs tenancy by the entirety

personal debt has no effect unless joint mortgages

Question 18

each tenant has right to entire property unless

Answer 18

ouster occurred

Question 19

partition

Answer 19

chop land into 2; will occur unless not practical

Question 20

if one co-tenant is paying mortgage or taxes,

Answer 20

may seek contribution, but if they have sole possession of property, only to the extend it exceeds market value of property

Question 21

out of possession, co-tenants may share in rent, but not

Answer 21

demand rent from co-tenant living on land unless damaging prop

Question 22

co-tenants may not seek contribution for repair but if

Answer 22

necessary and it was requested, then you can demand

Question 23

cannot seek contribution for improvements unless

Answer 23

increases rents or profits

Question 24

periodic tenancy

Answer 24

start date; goes for a period– 1 month notice for month to month; 6 month notice for year to year

Question 25

Tenancy Of Year

Answer 25

start date to end date

Question 26

tenancy at will

Answer 26

reasonable amount of time for termination

Question 27

tenancy at sufference

Answer 27

evict, can leave, accepting creates prior k

Question 28

LL duties

Answer 28

actual possession of prop, basic repairs, covenant of quiet enjoyment (quiet so you can live), warranty of habitability (code, heat, etc)

breach of last two is grounds for withholding rent

Question 29

tenant duties

Answer 29

pay rent unless breach of warranty or CQE; no waste (affirmative waste not allowed if it says no improvements); make normal repairs

Question 30

Assigment

Answer 30

rest of it; can go after both

Question 31

sublease

Answer 31

go after og tenant

Question 32

FHA

Answer 32

rent or financing based on discrimination is prohibited

Question 33

fixture

Answer 33

if removed would cause damage

Question 34

conflict of laws

Answer 34

law of state where land is located unless otherwise stated; mortgage or collateral- go by laws of state