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property > Ownership > Flashcards

Ownership Flashcards

1
Q

A) Estates in Land

A

Four

Fee Simple Absolute
Life Estate
Fee Simple Determinable
Fee Simple Subject to Condition Subsequent

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2
Q

1) Fee Simple Absolute

A

(a) 100% Ownership FOREVER

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3
Q

2) Life Estate

A

(a) Rights and Control for Life
(b) Cannot Commit Waste
(c) “O to A for Life”
(i) Can Mortgage
Reversion

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4
Q

(d) Reversion

A

(i) Interest goes back to Grantor (O)

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5
Q

(e) Interest And Taxes

A

(i) Life Tenant must pay Interest & Taxes

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6
Q

(f) Remainder

A

(i) Interest after a life estate
(ii) “then to

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7
Q

(g) Types of Remainders

A

(i) Vested Remainder
(ii) Contingent Remainder
(iii) Vested Remainder Subject to Open/Partial Divestment
(iv) Vested Remainder Subject to Total Divestment

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8
Q

(i) Vested Remainder

A

(i) Automatic Transfer

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9
Q

(ii) Contingent Remainder

A

(i) Subject to an event

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10
Q

(iii) Vested Remainder Subject to Open/Partial Divestment

A

(i) Refers to a Class of People
(ii) One must be alive
1. Example
a. Jon conveys Greenacre to you for your life, then to Bob’s children
i. Bob’s kids are the Vested remainder

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11
Q

(iv) Vested Remainder Subject to Total Divestment

A

(i) If person’s interest can be wiped out
1. Example
a. Jon to you for your life, then to Cm but if C has no Kid’s then to D
i. Wiped out if no kids

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12
Q

3) Fee Simple Determinable

A

(a) “so long as” or “as long as”
(i) Example
(i) Jon Conveys green acre to you as long as you use it as a museum

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13
Q

(b) Possibility of Reverter

A

(i) AUTOMATICALLY reverts to grantor if condition is not met

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14
Q

4) Fee Simple Subject to Condition Subsequent

A

(a) If a future event occurs, then grantor has right of reentry
(i) “but if”
(i) Example
1. Jon conveys Greenacre to you but if the Jets ever win the Superbowl Jon gets the property back

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15
Q

(b) Right of Reentry

A

(i) Grantor must act to get the land back
(ii) NOT automatic

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16
Q

B) Rules Against Perpetuities

A

(a) Interest must vest within 21 years of the life in being
(b) Reading Comp RAP
(i) Fee simple Determinable or a Condition subsequent
(ii) Instead of going back to the Grantor, after fee simple determinable or Condition subsequent, the executory interest violates RAP
(i) Example
1. O conveys Greenacre to A, so long as A uses it as a park, but if A stops using it as a park, then to B and his unborn kids
a. Subsequent grantee - violates RAP

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17
Q

C) Concurrent Estates

A

Tenants (3)

Joint Tenancy
Tenancy in Common
Tenancy by the Entirety

18
Q

1) Joint Tenancy

A

(a) Right of Survivorship
(b) Trumps a Will/Deed
(i) The living Tenant gets it all
(c) Conveyances (SAP) SEVERS a Joint Tenancy 🡪 Tenancy in Common
(i) A joint tenant’s interest is not devisable nor descendible after death of one of the joint-tenants
(ii) Murder
(iii) Partition
(iv) SAP
(i) Partition or Sale also severe Joint Tenancy

SURVIORSHIP

19
Q

(d) Creation of Joint Tenancy

A

(i) Time
(ii) Title
(iii) Identical (equal interests)
(iv) Posses (Right to possess the Whole)

20
Q

2) Tenancy in Common

A

(a) No Right of Survivorship
(i) If one party dies, the heirs get it
(b) Each tenant owns an individual part, and each has the right to possess the whole
(c) Each interest is devisable, descendible, and alienable

21
Q

3) Tenancy by the Entirety

A

(a) Joint Tenancy between married people
(b) Right of survivorship
(i) When one spouse dies, the other gets it
(c) No Conveyance without consent
(d) Creditors of 1 spouse cannot touch the estate
(e) Severed by DIVORCE, death, Mutual Agreement or Execution by a creditor for BOTH spouses
(f) Partition
(i) Court Divides property into 2
(ii) Granted unless not practical

22
Q

4) Rights & Duties of Co-Tenants

A

(a) Possession
In most sates a co-tenant in exclusive possession has the right to retain profits from their use of the property;
(i) Third Party
(i) If rent is given to a co-tenant, they must share fairly with the other tenants, including anything obtained from things like mining
Adverse possessio

23
Q

5) Contribution – Taxes & Mortgage

A

(a) Co-Tenant paying mortg. and taxes; May seek contribution from others
(i) Sole Possession: Only recover amount that exceeds market value

24
Q

6) Contribution – Rent

A

(a) Out of Possession Co-Tenants (both tenants not living on the prop.) may SHARE in Rent and Profits
(b) BUT NOT from a Tenant in Possession
(i) Unless they are Damaging the Property

25
Q

7) Contribution – Repairs & Improvements

A

(a) Co-Tenant cannot seek contribution for REPAIRS, unless
(i) If repairs are Necessary and requested, and you refused, then can DEMAND
(b) No contribution for IMPROVEMENTS, unless increase rents/profits

26
Q

1) Tenancies

A

Four

Periodic Tenancy
Tenancy For Years
(a) Tenancy At Will
Tenancy at Sufferance

27
Q

(a) Periodic Tenancy

A

(i) Start Date – A period of Time
(ii) Renews unless a termination date
(iii) Notice require to terminate

28
Q

(b) Tenancy For Years

A

Start Date) – (End Date)
(ii) No Notice Required

29
Q

(c) Tenancy At Will

A

(i) Terminable at will
(ii) Reasonable amount if time to terminate

30
Q

(d) Tenancy at Sufferance

A

(i) Holdover Tenant
(ii) Terminates by leaving or Eviction

31
Q

2) LandLord Duties

A

(a) Actual Possession
(b) Duty for Basic repairs
(c) Warranty of Habitability
(d) Warranty of Quiet Enjoyment as long as its legal

32
Q

(a) Actual Possession

A

(i) Must give property on the first day of the term

33
Q

(b) Duty for Basic repairs

A

(i) Basic

34
Q

(c) Warranty of Habitability

A

(i) Tenant can refuse to pay rent
(i) If Warranty of Habitability breached; tenant has options;
1. Move out and terminate lease
2. Repair and deduct
3. Reduce rent or withhold it
4. Remain and seek affirmative legal damages ($$)

35
Q

(d) Warranty of Quiet Enjoyment

A

(i) Tenant can refuse to pay rent

36
Q

3) Tenant Duties

A

Three

(a) Duty to Pay Rent
(b) Maintain the premises
(c) Cannot commit Waste (Notice)

37
Q

1) Assignment

A

(a) Assigns the rest of the lease term
(b) New tenant primarily liable
(c) Original tenant secondarily liable unless novation

38
Q

2) Sublease

A

(a) Give away a portion of lease
(b) Original tenant liable unless novation

39
Q

3) Covenant Against Assignment or Sublease

A

(a) STRICTLY CONSTRUED
(i) New Landlord want checks drawn to him, needs to give notice

40
Q

G) Fixtures

A

1) Chattel on property
2) Removal would cause damage
(a) Ex. Beam in home or part of the foundation

41
Q

H) Conflicts of Law

A

1) General Rule - (Situs)
(a) Generally, law of the state where the property is located will apply

property (5 decks)

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