P Flashcards
FEE SIMPLE ABSOLUTE
100% OF OWNERSHIP FOREVER
LIFE ESTATE
RIGHTS AND CONTROL FOR LIFE
CANNOT COMMIT WASTE
O TO A FOR LIFE
REVERSION
INTEREST GOES BACK TO GRANTOR
LIFE TENANT MUST PAY
INTEREST AND TAXES
REMAINDER
INTEREST AFTER A LIFE ESTATE
“THEN TO”
VESTED REMAINDER
AUTOMATIC TRANSFER
CONTINGENT REMAINDER
SUBJECT TO AN EVENT
VESTED REMAINDER SUBJECT TO OPEN/PARTIAL DIVESTMENT
REFERS TO A CLASS OF PEOPLE
ONE MUST BE ALIVE
VESTED REMAINDER SUBJECT TO TOTAL DIVESTMENT
IF A PERSONS INTEREST CAN BE WIPED OUT
FEE SIMPLE DETERMINABLE
“SO LONG AS” OR “AS LONG AS”
POSSIBILITY OF REVERTER
AUTOMATICALLY REVERTS TO GRANTOR IF CONDITION IS NOT MET
FEE SIMPLE SUBJ TO CONDITION SUBSEQUENT
IF A FUTURE EVENT OCCURS, THEN GRANTOR HAS RIGHT OF REENTRY
“BUT IF”
RIGHT OF REENTRY
GRANTOR MUST ACT TO GET THE LAND BACK
RULE AGAINST PERPETUITIES
INTEREST MUST VEST W/IN 21 YEARS OF THE LIFE IN BEING
JOINT TENANCY
RIGHT OF SURVIVORSHIP
TRUMPS A WILL
CONVEYANCE SEVERS A JOINT TENANCY TO A
TENANCY IN COMMON
TENANCY IN COMMON
NO RIGHT OF SURVIVORSHIP
TENANCY BY THE ENTIRETY
JOINT TENANCY B/W MARRIED PPL
RIGHT OF SURVIVORSHIP
NO CONVEYANCE W/O CONSENT
SEVERED BY DIVORCE
PARTITION
CT DIVIDES PROPERTY IN 2
GRANTED UNLESS NOT PRACTICAL
CONTRIBUTION- TAXES AND MORTGAGE
COTENANT MAY SEEK CONTRIBUTION
SOLE POSSESSION- ONLY RECOVER AMT THT EXCEEDS MKT VALUE
CONTRIBUTION - RENT
OUT OF POSSESSION COTENANT MAY SHARE IN RENT AND PROFITS
BUT NOT FROM A TENANT IN POSSESSION
UNLESS THEY ARE DAMAGING THE PROPERTY
CONTRIBUTION- REPAIRS AND IMPROVEMENTS
NO CONTRIBUTION FOR REPAIRS, UNLESS NECESSARY AND REQUESTED
NO CONTRIBUTION FOR IMPROVEMENTS, UNLESS INCREASE RENTS/PROFITS
PERIODIC TENANCY
START DATE- AN END DATE
RENEWS UNLESS A TERMINATION DATE
NOTICE REQD TO TERMINATE
TENANCY FOR YEARS
START DATE- AN END DATE
NO NOTICE REQD
TENANCY AT WILL
TERMINABLE AT WILL
REASONABLE AMT OF TIME TO TERMINATE
TENANCY AT SUFFERANCE
HOLDOVER TENANT
TERMINATES BY LEAVING OR EVICTION
LANDLORD DUTIES
ACTUAL POSSESSION
DUTY FOR BASIC REPAIRS
WARRANTY OF HABITABILITY
WARRANTY OF QUIET ENJOYMENT
TENANT DUTIES
DUTY TO PAY RENT
CANNOT COMMIT WASTE
ASSIGNMENT
ASSIGN THE REST OF THE LEASE TERM
NEW TENANT PRIMARILY LIABLE
ORIGINAL TENANT SECONDARILY LIABLE UNLESS NOVATION
SUBLEASE
GIVE AWAY A PORTION OF LEASE
ORIGINAL TENANT LIABLE UNLESS NOVATION
COVENANT AGAINST ASSIGNMENT OR SUBLEASE
STRICTLY CONSTRUED
FAIR HOUSING ACT
FEDERAL LAW PROHIBITS DISCRIMINATION IN SALE/RENTAL
RACE COLOR RELIGION SEX DISABILITY FAMILY STATUS PREGNANCY
FIXTURES
CHATTELS AFFIXED TO PROPERTY
REMOVAL WOULD CAUSE DAMAGE
CONFLICT OF LAWS
LAW OF STATE WHERE PROP IS LOCATED WILL APPLY
CONFLICT OF LAWS EXCEPTIONS
CHOICE OF LAW CLAUSE
COLLATERAL ISSUES USE LOCAL LAW
EASEMENT
THE RIGHT TO USE SOMEBODY ELSES LAND
CREATION OF EASEMENT
WRITING
BY PRESCRIPTION
BY IMPLICATION
BY NECESSITY
AN EASEMENT WILL LAST
FOREVER
EASEMENTS ARE TERMINATED BY
AGREEMENT
TIME
MERGER
ABANDONMENT
COVENANTS
PROMISE FOR A PROMISE
ALWAYS CREATED BY WRITING
GENERALLY LAST FOREVER
A COVENANT “RUNS WITH THE LAND” IF
1) WRITING
2) INTENT
3) NOTICE
4) PRIVITY
5) TOUCH & CONCERNS THE LAND
EQUITABLE SERVITUDE
LOOKS LIKE A RESTRICTIVE COVENANT
SEEK EQUITABLE RELIEF: INJUNCTION
IMPLIED RECIPROCAL SERVITUDE
COMMON SCHEME AND NOTICE
LICENSE
RIGHT TO ENTER
FREELY REVOCABLE BY GRANTOR
UNLESS COUPLED W AN INTEREST
PROFIT
RIGHT TO ENTER THE LAND AND TAKE SOMETHING OFF THE LAND
TAKING
1) GOV TAKING PRIVATE PROP FOR PUBLIC USE
2) REQS “JUST COMPENSATION”
WATER RIGHTS
REASONABLE USE OF WATER
REASONABLE AMT OF WATER
REASONABLE MEANS TO ALTER FLOW OF RAIN/SNOW
CROPS
GENERALLY GO W THE PROPERTY
NATURAL: REAL PROPERTY
MAN MADE: PERSONAL PROPERTY
CROPS EXCEPTIONS
EXPRESS AGREEMENT
TENANT W RIGHT TO HARVEST
ADJOINING UNDEVELOPED PROPERTY
STRICT LIABILITY FOR DAMAGE
ADJOINING DEVELOPED PROPERTY
STRICT LIABILITY IF DAMAGE WOULD HAVE HAPPENED ANYWAY
OR ELSE NEGLIGENCE
DIGGING ON ADJOINING LAND
NEGLIGENCE FOR DAMAGE
PRIVATE NUISANCE
UNREASONABLE INTERFERENCE W USE AND ENJOYMENT
REASONABLE PERSON STANDARD
PUBLIC NUISANCE
EFFECTS PUBLIC AT LARGE
PRIVATE PLAINTIFF MUST PROVE SPECIAL DAMAGES
COMMON INTEREST OWNED COMMUNITY
LOT OWNERS MUST PAY DUES TO AN ASSOCIATION
PROPERTY OWNERS ASSOCIATION
OWNERS REQUIRED TO BELONG TO ASSOCIATION AND PAY DUES
CONDOMINIUM
CREATED BY STATUTE
MUST FILE A DECLARATION AND PLAT
CONDOMINIUM OWNERS
PAY TAXES, INSURANCE, MORTGAGE FOR THEIR UNIT
OWN COMMON AREAS AS TENANTS IN COMMON
CANNOT SEPARATE OWNERSHIP OF UNIT AND COMMON AREAS
CO-OP
CORP OWNS BUILDING AND LEASES UNITS TO SHAREHOLDERS
ONE MORTGAGE ON WHOLE PROPERTY
TENANT PAYS SHARE OFF FEE FOR TAXES AND MORTGAGE
DEVELOPER
DEVELOPER GIVES POWER TO ASSOCIATION
ASSOCIATION HAS 2 YRS TO 2/3 VOTE TO TERMINATE DEVELOPER
DEVELOPER CANNOT CHANGE DECLARATION (UNLESS STATED)
FORMING A COMMON INTEREST OWNED COMMUNITY
DECLARATION
ASSOCIATION
BOARD
DEVELOPER
BOARDS
ACTS ON BEHALF OF ASSOCIATION
RULES
MUST BE REASONABLY RELATED TO FURTHER A LEGITIMATE PURPOSE OF THE ASSOCIATION
POWERS OF THE COMMUNITY
LEVY ASSESSMENTS AND FEES
MANAGE/IMPROVE COMMON AREAS
CREATE RULES
IMPOSE FINES
CONDUCT REASONABLE INSPECTIONS
REVOKE PRIVILEGES
LITIGATE AS THE ASSOCIATION
DUTIES OF THE COMMUNITY
TREAT MEMBERS FAIRLY
ORD CARE IN MANAGING PROPERTY/FINANCES
REASONABLE ACCESS TO INFORMATION
BURDEN ____ TO PROVE BREACH BY ASSOCIATION
ON MEMBERS
DUTY OF BOARD MEMBERS
ACT IN GOOD FAITH
STANDARD OF CARE: AN ORDINARY DIRECTOR OF A COMMON INTEREST OWNED COMMUNITY
BOARD MEMBERS NOT JOINTLY/SEVERALLY LIABLE
STATUTE OF FRAUDS
1) K MUST BE IN WRITING OR
2) PART PERFORMANCE : PAYMENT AND IMPROVEMENTS/POSSESSION
REAL ESTATE K TERMS
1) PRICE
2) PARTIES
3) DESCRIPTION
4) CONDITIONS
5) SIGNED BY PARTY TO BE CHARGED
EQUITABLE CONVERSION
TRANSFER OF EQUITABLE TITLE
RISK OF LOSS SHIFTS TO THE BUYER
SELLER DOES NOT NEED ___ ON DAY OF SIGNING
LEGAL TITLE
MARKETABLE TITLE
IMPLIED COVENANT TO CONVEY TITLE FREE OF ENCUMBRANCES
TIME IS NOT ______ UNLESS STATED
OF THE ESSENCE
MERGER
AT CLOSING THE K MERGES INTO THE DEED
CAN NO LONGER SUE UNDER THE K
SELLERS DUTY TO DISCLOSE
MATERIAL DEFECTS THT CANNOT BE SEEN BY THE BUYER
PURCHASE MONEY MORTGAGE
MONEY USED TO PURCHASE THE PROPERTY
ALWAYS GETS PRIORITY
REDEMPTION
PAYING OFF DEBT TO PREVENT FORECLOSURE
EQUITABLE RIGHT OF REDEMPTION
TIME FROM NOTICE TO SALE
NEVER WAIVED
STATUTORY REDEMPTION
PERIOD OF TIME AFTER FORECLOSURE SALE
LIEN THEORY
BANK ONLY HAS A LIEN
OWNER HOLDS TITLE
OWNER CAN SELL
TITLE THEORY
BANK HOLDS TITLE
OWNER ONLY HAS EQUITABLE INTEREST
OWNER CANNOT SELL
JOINT TENANCY LIEN THEORY V TITLE THEORY
LIEN THOERY: MORTGAGE DOES NOT SEVER
TITLE THEORY: MORTGAGE SEVERS INTO TENANCY IN COMMON
ASSUME THE MORTGAGE
NEW BUYER TAKES OVER PAYMENT
ORG OWNER SECONDARILY LIABLE UNLESS NOVATION
SUBJECT TO THE MORTGAGE
ORIGINAL OWNER LIABLE FOR PAYMENT
BUT BANK CAN FORECLOSE ON NEW OWNER
DEED IN LIEU OF FORECLOSURE
SIGN DEED TO BANK AND SKIP FORECLOSURE PROCEEDINGS
MORTGAGES TAKEN OUT AFTER ARE WIPED OUT
1) MUST B GIVEN NOTICE
2) JOINED TO SUIT
MORTGAGES TAKEN OUT BEFORE STAY
BUYER TAKES SUBJECT TO
DEFICIENCY JUDGMENT
COLLECT THE REMAINING MONEY NOT RECOVERED BY FORECLOSURE SALE
INSTALLMENT LAND K
NO TITLE UNTIL ALL PAYMENTS MADE
SELLER CAN TAKE BACK AFTER DEFAULT
DEED
TRANSFERS LEGAL TITLE ON DAY OF CLOSING
PRESENT WARRANTIES
BREACHED ON DAY OF CLOSING
1) SEISIN
2) RIGHT TO CONVEY
3) COVENANT AGAINST ENCUMBRANCES
FUTURE WARRANTIES
LAST FOREVER
4) QUIET ENJOYMENT
5) WARRANTY
6) FUTHER ASSURANCES
GENERAL WARRANTY DEED
PROMISE FOR ALL 6 WARRANTIES SINCE PROPERTY DEVELOPED/ CREATED
SPECIAL WARRANTY DEED
PROMISE FOR ALL 6 WARRANTIES SINCE SELLER HAD TITLE
QUITCLAIM DEED
NO PROMISES REGARDING TITLE
WRITING
TO SATISFY STATUTE OF FRAUDS
DELIVERY OF DEED
INTENT OF THE SELLER TO GIVE UP CONTROL
ACCEPTANCE OF DEED
PRESUMED UNLESS REJECTED
MERGER
AT CLOSING THE K AND DEED MERGE
DESCRIPTION OF THE PROPERTY
MUST BE REASONABLY DEFINITIVE
TACKING
INTENTIONAL TRANSFER FROM ONE PERSON TO ANOTHER
ADVERSE POSSESSION
ACQUIRES LEGAL TITLE IF
1)CONTINUOUS
2) ACTUAL
3) OPEN AND NOTORIOUS
4) HOSTILE
5) EXCLUSIVE
DRAFTING DOCUMENTS
NON ATTORNEY CAN DRAFT DOCUMENTS
BUT NOT GIVE LEGAL ADVICE
EQUAL DIGNITY RULE
AGENT MAY SIGN DEED ON BEHALF OF GRANTOR
NEED PERMISSION IN WRITING
EXCEPTIONS- EQUAL DIGNITY RULE
1) OFFICER OF CORPORATION WITH AUTHORITY
2) SIGNING AGENT
3) NO WRITING- GRANTOR IS ESTOPPED IF HE TRIED TO INDUCE WRITING
BONA FIDE PURCHASER
PAY FOR PROPERTY
TAKE PROPERTY W/O NOTICE
NOTICE STATUTE
KEYWORDS: “SUBSEQUENT PURCHASER FOR VALUE W/O NOTICE”
LAST BONAFIDE PURCHASER PREVAILS
CREDITORS ARE NOT BONAFIDE PURCHASERS
MORTGAGEES ARE..
BONAFIDE PURCHASERS
RACE STATUTE
FIRST PERSON TO RECORD PREVAILS
RACE NOTICE
FIRST BONAFIDE PURCHASER TO RECORD
KEY WORDS: “FIRST RECORDED”
SHELTER RULE
ONE WHO TAKES FROMA BFP WILL PREVAIL AGAINST ANYONE THE TRANSFEROR- BFP WOULD HAVE PREVAILED AGAINST
WILD DEED
A RECORDED DEED OUTSIDE THE CHAIN OF TITLE
AFTER ACQUIRED TITLE
IF GRANTOR ACQUIRES TITLE AFTER CLOSING, TITLE WILL PASS AUTOMATICALLY TO GRANTEE
RESTRICTIVE COVENANT MAKES TITLE UNMARKETABLE UNLESS
THE COVENANT IS EXPECTED IN THE K
THE ASSIGNMENT OF A NOTE AUTOMATICALLY TRANSFERS THE MORTGAGE
TO THE ASSIGNEE OF THE NOTE
A SEP DOC ASSIGNING THE MORTGAGE TO THE ASSIGNEE IS UNNECESSARY