Mixed Rules Flashcards
Adverse possession - Disability of true owner.
The statute of limitations for adverse possession does not run if the true owner is disabled (insane, minor, etc.) at the inception of the adverse possession.
RAP - When does the perpetuities period for a deed begin to run?
The perpetuities period for a deed begins to run when the deed is delivered with the intent to pass titile.
Land contract sale - What covenant about title implied with all land sale contracts?
That the seller will provide the buyer with marketable title.
What is a marketable title?
A marketable title is one that is reasonably free from doubt about the sellers ability to convery what her purports to convey.
Does a zoning ordinance violation render a title unmarketable?
yes; however zoning restrictions do not affect title marketability.
Easements - Who has the right to choose the location of an easement by necessity?
The holder of the servient estate has the right to choose the location of an easement by necessity.
What is a general warranty deed?
A general warranty deed is one in which the grantor covenants against title defects created both by himself and all prior titleholders.
Future Interests - What is a remainder?
A remainder is a future interest in a third party Grantee that comes naturally and immediately on the termination of the preceding estate.
What is a vested remainder?
a remainder created in an ascertained person whose taking is not subject to a condition precedent.
Is physical possession of a mortgage and note required for ownership of the mortgage and note?
No.
Water Rights - What is the natural flow theory of water rights?
The natural flow theory of water rights states that a landowner cannot alter the rate or manner of natural flow of surface waters (e.g. rainfall, melting snow) such that it would injure others above or below him.
Concurrent Estates - How can a tenancy by the entirety be terminated?
death of a spouse
divorce
mutual agreement
OR
execution of a joint creditor of both spouses
D D M J
Mortgages - Does a mortgage attach to all fixtures on the real estate?
Yes, unless there is an agreement to the contrary.
Security Interests - Regarding chattel affixed to the land, who wins between the holder of a security interest in the chattel and a mortgagee (lender)?
Whichever interest is first properly recorded.
Mortgages - When a mortgage is modified by agreement, what happens to any increase in debt resulting from the modification?
Any increase in debt will be subject to a junior lien, even if the original mortgage had priority over the junior lien.