PQ 5 Flashcards
What happens to the value improvements bring to the value of a property upon foreclosure? Does the added value go to the mortgagor or to the mortgagee?
A mortgage generally includes improvements made to the property. Consequently, in satisfaction of the mortgage obligation, a mortgagee is entitled to the proceeds from the sale of the property, including the amount attributable to an improvement of the property by the mortgagor.
What requirement is needed to have a covenant run with the land?
Among the requirements for a covenant to run with the land is the requirement that the parties must intend for their successors in interest to be bound by the agreement.
If a will says that property will be transferred to X but then a deed is later recorded that the property will be transferred to Y, who has claim over the property X or Y?
Y, assuming the deed was properly recorded then it will control.
Can use of an easement be enforced even if the usage isn’t of the exact same nature?
Yes, as long as it falls within the scope of the nature for which the easement was given.
Under a tenancy in common, what share of the taxes must each party pay in terms of taxes and fair market value of usage?
Their share of the taxes in relation to their portion of interest in the land.
In terms of fair market value of usage, nothing as each tenant in common has the right to use the entire property.
The friends have a tenancy in common interest in the residence since they are joint owners with unequal interests. A cotenant may recover from another cotenant for payments of that cotenant’s share of the operating expenses (i.e., mortgage and tax payments), but not for the fair market value of another cotenant’s use of the property in excess of the cotenant’s ownership interest.
Can a member of a common-interest ownership withhold fee payment to the common-interest ownership due to the common-interest ownership’s failing to satisfy its duties to the member?
No.
A member of a common-interest ownership community, such as a condominium, is not entitled to withhold payment of assessments to set off against a default by the association in fulfilling its duties to the member.
Consequently, although the member in question has a right to recover damages from the association due to its failure to fix the leak as required by the declaration, her refusal to pay the monthly maintenance fee may not be based on that failure
Are delivery and acceptance of a deed required in order to have a valid deed transfer?
Yes, because without it the transferor can still revoke the deed at any moment.
What is actual notice?
It happens when the person tells you about the existence of something.
What happens if a deed is silent or ambiguous as to the transferee’s liability regarding the mortgage of the property they receive?
If a deed is silent or ambiguous as to the transferee-buyer’s liability, then the transferee-buyer is considered to have taken the property subject to the mortgage obligation.
This means that whoever receives the property isn’t liable for the mortgage.
Can an owner seek a variance if he created the need for the variance?
No.
The hardship for which a variance is sought may not be created by the owner who seeks the variance
What is a takings?
In the context of a regulation, a state or local government can act under its police power for the purposes of health, safety, welfare, aesthetic, and environmental concerns.
A taking occurs when the government takes title to land, physically invades land, or severely restricts the use of land.
Generally, a governmental regulation that adversely affects a person’s property interest is not a taking.
What is an implied reciprocal servitude and how is it created?
An implied reciprocal servitude must meet the following requirements to be enforceable:
-> (i) there must be intent to create a servitude on all real property interests (i.e., a common scheme);
-> (ii) the servitude must be negative (i.e., a promise to refrain from doing something); and
-> (iii) the party against whom enforcement of the servitude is sought must have actual, record, or inquiry notice.
Reciprocal negative servitudes are implied from the common scheme.
Are tenants in common entitled to take and use natural resources from the land?
Tenants in common have the unrestricted right to possess the whole property. Further, co-tenants are entitled to the land’s natural resources (such as timber) in proportion to their share of the property. Accordingly, each tenant in common is entitled to the natural resources on the entirety of the land.
How is horizontal privity achieved between two parties?
Among the requirements for a party to seek damages from a subsequent owner of property for the violation of a real covenant is the requirement that horizontal privity exist between the original parties to the agreement. This means that there must be some shared property interest apart from the covenant itself, such as a landlord-tenant relationship or the relationship between a buyer and seller of land, for the covenant to run with the land and bind a subsequent holder of the property.
Two neighbors entering into an agreement does not equate to them having horizontal privity between one another.
If a junior interest wishes to seek foreclosure due to a default on the mortgage, must it join any senior interests as a necessary party?
No because the senior interest’s is still attached to the land.
