MISSED PQs (Property) Flashcards
What is a Profit?
= a non-possessory interest in land which gives the holder the right to take natural resources (e.g., petroleum, minerals, timber, and wild game) from the land – it’s similar to an easement
*a Profit is a property right that’s protected under the Constitution’s Due Process Clause – so if gov’t does a Taking of the land, it must compensate Profit holder too (in addition to the actual land owner)
What does “deficiency” mean in foreclosure?
= When foreclosure sale proceeds aren’t sufficient to repay the full amount of a mortgage loan, the difference between the sale price and the total debt is called a “deficiency.”
What does it mean for a grantor to convey title with a covenant for warranty?
= that the grantor will defend on the grantee’s behalf against any future LAWFUL or REASONABLE claims of title brought by a third party AND to compensate the grantee for any loss due to such claim of superior title prevailing
If a real estate contract doesn’t mention the quality of title to be conveyed, what happens?
= the seller is required to convey a marketable title - b/c the Warranty of Marketable Title is implied in all land sales contracts
When is notice not required for a covenant to run with the land?
= when the Grantee is NOT a Bona Fide Purchaser
grantees who are NOT Bona Fide Purchasers:
- creditor (e.g., creditor who files judgment against the property)
- gift (i.e., someone who received title as a gift)
- inheritor / will (i.e., someone who received title via a will)
- adverse possession (i.e., someone who received title via adv.
How do courts view a Common Interest Community imposing an indefinite annual dues requirement on its property owners?
= courts are reluctant to recognize an affirmative burden to to pay money in installments over an indefinite period of time (and which can bind future landowners)
Zoning Ordinance
(and exception to it)
Zoning Ordinance = a gov’t regulation re: land use that, e.g., limits the use of a particular area to single-family residences
*a Zoning Ordinance may include a SPECIAL EXCEPTION that permits a particular future use of property if a special-use permit is obtained
**IF a property owner complies with the procedures for obtaining a special-use permit AND establishes entitlement to that permit → the gov’t MUST issue the permit to such owner
Title Insurance Policy
(and implications for Owners & Lenders)
Title Insurance Policy = a K where the Title Insurer agrees to indemnify the Insured within limits for any harm caused by title defects (e.g., outstanding mortgages) not disclosed in the policy
TWO Types:
1) Owner’s Title Ins. Policy → protects property Owner from any reduction in full market value of the property SO LONG AS it’s (1) owned by Insured and his heirs, OR (2) conveyed by warranty deed to a new owner
2) Lender’s Title Ins. Policy → protects Lender from any reduction in value OR priority of the mortgage UNTIL mortgage is paid off OR otherwise discharged
What is an Easement by Prescription?
Elements?
Easement by Prescription = a presumptive non-possessory right to use another’s land for a limited purpose (e.g., to use another’s driveway; to install utility lines) → an Easement by Prescription is acquired by use that is…
1) Open & Notorious (apparent OR visible to a reasonable owner)
2) Continuous (uninterrupted for the statutory period)
3) Actual (physical presence AND use of the land)
4) NOT Permissive (hostile AND adverse to the original owner – i.e., without owner’s permission)
What happens when a tenancy-in-common is deeded to a nonexistent (e.g., dead) co-tenant?
What happens when a tenancy-in-common is deeded to a nonexistent (e.g., dead) co-tenant?
→ the deed is VOID as to that nonexistent co-tenant, and the Grantor retains the co-tenant’s interest → thus, a tenancy-in-common forms b/t the Grantor and the other Co-Tenant(s) named in the deed
Easement by Necessity - elements?
Easement by Necessity - is created when…
- the Dominant Estate is virtually useless (e.g., no road access) without the benefit of an easement across the Servient Estate;
- the 2 Estates were once a single tract of land; AND
- the necessity arose when the land was severed to crate the 2 Estates
What happens to an easement when a single Owner comes to own both the Dominant Estate and the Servient Estate?
What happens to an easement when a single Owner comes to own both the Dominant Estate and the Servient Estate?
→ the Estates have MERGED into a single Owner’s hands – so, the easement is TERMINATED
If a co-tenant in a tenancy-in-common gives up his possession of the land, is he still a co-tenant?
If a co-tenant in a tenancy-in-common gives up his possession of the land…
→ YES, he’s still a co-tenant – staying in possession of some of the land is NOT required to remain a co-tenant in a tenancy-in-common
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