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Property > Ownership > Flashcards

Ownership Flashcards

1
Q

Fee Simple Absolute

A

You own the piece of property by yourself 100% and you own it forever

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2
Q

Life Estate

A

Convey property to you for your life. (as long as your alive you have 100% control).

You cant commit waste: Anything that would destroy the value of the property.

o You can convey it to someone but they only have it for as long as you live.

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3
Q

What follows a life estate

A

Reversion

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4
Q

Reversion

A

If I convey to you for life estate and then you die, it goes back to original grantor.

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5
Q

If there is a mortgage on the property who pays the taxes and interest?

A

Life Tenant

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6
Q

If I convey to you for life then to Bob what does Bob have?

A

Remainder

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7
Q

2 types of remainder

A
  1. Vested
  2. Contingent
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8
Q

Vested Remainder

A

You are going to get it all

Auto get it

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9
Q

Contingent Remainder

A

Something needs to occur for you to get the property

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10
Q

Vested Remainder Subject to open (partial divestment)

A

Talking about class of people.

Subject to open means class of ppl. One must be alive.

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11
Q

Vested Remainder Subject to Total Divestment

A

Means “then to” but something could happen to wipe out their total interest.

o Me to you for your life. Then to C but if C has no kids then to D…. Cs total interest cood be wiped out if C has no kids.

AKA If a persons interest could be wiped out.

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12
Q

Fee Simple Determinable- FSD

A

So Long as

I convey Greenacre to you so long as you use it as a farm. Looking for the words so long as, as long as. =FSD

What if you dont do that ie stop using it as a farm- it goes back to the grantor- possibility of reverter

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13
Q

Possibility of Reverter

A

When don’t do something and it goes back to grantor. Its possible it will revert back to me if you don’t do what ur supposed to do.

o auto when u stop doing what ur supposed to be doing.

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14
Q

Fee simple subject to condition subsequent:

A

I convey greenacre to you but if something happens in the future then I get it back.

o AKA- if a future event occurs, then grantor has right of reentry

 “looking for “but if”

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15
Q

Right of Reentry

A

Grantor must act to get the land back. I have right to reenter the property.

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16
Q

Rules Against Perpetuity (RAP)

A

An interest must vest within 21 years of the life in being.

If you can get It within 21 years of that life. If yes, then wont violate. If don’t know when going to get it then pick it violates RAP

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17
Q

Executory Interest

A

Violates RAP and their interest is void. If see prob where I convey greenacre to you and I give you either a FSD or condition subsequent and instead prop coming back to john (orign grantor), it goes to a subsequent grantor.

o If violates don’t terminate whole thing. Juss goes back to u getting ur FSD and me getting my POR

EX: I convey greenacer to you as long as u use it as a museum, but if you ever stop using it as a museum then to bob and his unborn children. Bob gets nothing in this case, cause it violates RAP. You still get ur norm FSD and I still have my POR.

18
Q

GO OVER AGAIN- Which two interest auto violate rap

A

o If you see someone subsequent to the initial grantee, and it comes after a fee simple determinable or condition subsequent then you know that that would violate RAP.

19
Q

Joint Tenancy

A

if you and I own green acer as joint tenants, theres a right of survivorship.

Effect: It severs the tenancy to a tenancy in common.

The first person who dies the other gets the entire prop, the right of survivorship takes control.

Once joint tenancy severed it can never go back to joint tenancy

20
Q

Tenancy in Common

A

There is no right of survivorship

If we have a TIC and I die my heirs get my property

21
Q

Tenancy by the entirety

A

Joint tenancy between married people. Husband and wife.

o Theres always a right of survivorship.

o 1 spouse may not convey without the others consent.

o Severed by divorce into a TIC.

o If 1 tenant alone has a debt personal and then they die it will die with them and does not affect the other spouse.

o Each tenant has a right to the whole property unless ouster has occurred

22
Q

Ouster

A

Someone literally got kicked off the property.

23
Q

Partition

A

They cut the property into two. Usually get partition unless its not practical.

24
Q

Reword

A

If 1 co ten is paying mortgage or taxes on prop. They may seek contribution from the other cotenant but if the tenant is in sole possession of the property it will only cover an amount to the extent it exceeds the market value of the land.

25
Q

ReWORD

A
  • Rents on the prop: an out of possession co-tenant (I don’t live on the property) may share in the rents and profits in the land with the other cotenant. But we may not demand rent from a tenant whos living on the land unless they are damaging the property.
26
Q

Cotenants and Repairs

A

A co-tenant may not seek contribution for repairs on the property.

But if the repairs were necessary and I requested it and you refused, then I can get it from you.

27
Q

Cotenants and Improvements

A

if im making improvements on the land 1 cotenant may not seek contribution for improvements that’s on me.

Unless they increase the rents or the profits.

28
Q

Landlord Tenant Kinds of Tenancy

A
  1. Periodic
  2. Tenancy for years
  3. Tenancy at will
  4. Tenancy at sufferance
29
Q

Periodic Tenancy

A

Start date and goes on for a period of time. Month to month, year to year. There is start date and then goes on for a period of time.

o Generally renews at the end of that term

o Notice is req. to terminate it.

o In month to month 1 month notice is req.

o In year to year 6 months notice is req.

30
Q

Tenancy for Years

A

Start date and end date.

o No notice required because we know when its going to start and end.

31
Q

Tenancy at Will

A

There is no specific term. It just keeps on going until either party terminates.

o The tenant does need to be given a reasonable amount of time.

32
Q

Tenancy at Sufferance

A

The holdover tenant.

They stay longer than the tenancy allows.

o The parties are bound by the original terms of the lease. When they hold over.

o Termination by the tenant is either them leaving or being evicted.

33
Q

Landlord Duties

A
  1. Give actual Physical possession
  2. Repairs- Landlord always has the duty for basic repairs
  3. There is a warranty of Habitability- Air conditioning in the winter, heat in the summer. (So oppressive a person cannot live there).
  4. Warranty of quiet enjoyment- Stopping other tenants, nuisances from disturbing you

*If breach of either quiet enjoyment or habitability tenant can refuse to pay rent.

34
Q

Tenant Duties

A
  1. Pay Rent- Can get out if breach habitability or quiet enjoyment or the property is destroyed.
  2. Cannot commit Waste- Physical destruction of the property or not doing something that would cause waste to occur.
  3. Ordinary Repairs- you have to make yourself
35
Q

Assignment

A

You give the rest of the term away.

They can still come after me original tenant if Bob doesnt pay unless we executed a novation

36
Q

Sublease

A

Only give a portion of it out of the full year.

You stay on the hook for the rent

37
Q

Are covenants against subleasing or assignments strictly construed?

A

Yes.

If AKA if the lease actually say no assignment then no assignment allowed

38
Q

If the LL assigns the interest to someone else, you still have duty to pay rent but if new LL want u to send check directly to him, he must give you what?

A

notice that you are to send the check to him

39
Q

Fair Housing Act

A

Prevents discrimination in the sale or rental of property in a home based on

o Race, color, religion, sex, disability, fam status including having kids under 18, or being pregnant.

40
Q

Fixtures

A

A chattle property that becomes so affixed (attached to the land) that removal of it would cause damage.ie beam in the wall foundation its keeping the house up.

41
Q

Conflict of Laws

A

law of the state where the prop is located will apply

Exception:
-Deed says which law will apply
- If an action is not directly about the land itself ie mortgage, then you go by the local law of state

Property (5 decks)

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