MBE Review Tips Property Flashcards
Life tenant is responsible for
Reasonable upkeep of property (always includes payment of taxes)
Language for fee simple determinable
“so long as”
Language to create FSSCS
To X, provided that or but if
Class gift- class opens _____
At the time the gift takes effect
Class gift- class closes when _____
Any member of the class has a right to the property
When leased property is sold, the purchaser is liable for
1) All promises that the seller made to the tenant that the seller made to the tenant that the purchaser agrees to accept
2) All promises that run with the land (touch and concern)
Holdover tenant of a commercial lease (duration and lease price)
If greater than a year, creates a year to year tenancy. Lease price stays the same unless tenant provided notice beforehand
When property subject to an easement is conveyed, the purchaser must honor the easement if there is
Notice (actual, record, or inquiry)
Buyer of property in subdivision must honor the restrictions when?
Buyer must honor where he gets notice
a) actual
b) record because it was in a prior deed on property he purchases
c) record notice because developer recorded subdivision plans
d) Inquiry notice - if a reasonable buyer would have inquired into the restrictions
PMSI in a fixture
As long as the security interest is recorded within 20 days after chattel is attached to the land, it will have priority over previously recorded mortgages
Doctrine of exoneration
Person acquiring property by will has a right to have all encumbrances paid for by the estate
What are two prime examples of lack of marketable title?
1) A gap in chain of title
2) A title acquired in whole or in part by adverse possession unless seller has obtained judicial order
On the multistate, adverse possession will most likely
Not be present
When a deed is recorded, it creates a presumption that
The recipient intends to accept it (i.e. there is valid delivery)
Judgment creditors and recording statutes
Judgment creditors are not protected by recording statutes
