Ownership Rights

Question 1

Define Vested remainder

Answer 1

The remainder is not subject to any conditions precedent AND held by an identifiable living person

Question 2

Define Contingent remainder

Answer 2

The remainder is subject to an express condition precedent (other than the natural termination of the prior estate) OR held by an unknown or unborn person

Question 3

When is Consent between co-tenants in common required? (3)

Answer 3

1. Convey entire co-owned prop.
2. Obtain exclusive possession over part of property.
3. Bind other co-tenants interests in contract with third party.

Question 4

When is no consent required between co-tenants in common? (3)

Answer 4

1. Sell, lease or devise personal ownership interest (or Mortgage)
2. Possess entire co-owned property
3. Extract minerals from co-owned property (unless committing waste).

Question 5

The Fair Housing Act prohibits discrimination in the sale or rental of housing on the basis of:

Answer 5

Race, color, religion, national origin, sex, disability, or familial status.

Protected familial status includes having children under the age of 18 and being pregnant.

Question 6

Tenancy in common, attributes and transferability?

Answer 6

Att:
1. separate and possibly unequal shares of property
2. Equal right to possess entire property
3. no right of survivorship

Trans:
1. Alienable during life
2. Devisable
3. Inheritable

Question 7

Joint tenancy, attributes and transferability

Answer 7

Att:
1. Undivided and equal shares of prop.
2. Equal right to posses entire prop.
3. Right to survivorship

Transfer:
1. Alienable during life, BUT this severs tenancy, and makes the JT a Tenancy in Common ownership interest

Question 8

Tenancy by the entirety

Answer 8

Att: Joint tenancy between married persons

Transfer:
Alienable with spouse’s consent.

Question 9

A life tenants duty to pay current charges on the land is limited to the:

Answer 9

Financial benefit that the life tenant receives from the property. Therefore, this duty is not owed if the life tenant is not in possession of and receives no income from the property. (Weird rules)

Stated differently: Unless the document creating the life estate provides otherwise, a life tenant has the duty to pay all current charges (eg. property taxes, mortgage interest) up to the amount of income that can be generated from the land.

Question 10

A tenancy for years (ie an estate for a fixed and ascertainable term) terminates automatically upon:

Answer 10

The expiration of the term, without notice from either party.

Question 11

A co-tenant can acquire sole ownership of co-owned property through adverse posessission if he/she:

Answer 11

Ousts the other co-tenants by preventing them from using or accessing the property (and meets all the other requirements for adverse possession).

Ways of ousting a co-tenant can look like changing the locks, constructing a fence, or physical removal of the co-tenant

Question 12

Shelly’s case?

Answer 12

fill in