property -1

Question 1

List future possessory Interests / limitation

Answer 1

Retained by Grantor (reversion, possibility of reverter, right of entry)

Interests created in transferee (executory interests, remainders, class gifts)

Rule against perpetuities may apply

Question 1

List present possessory interests in land

Answer 1

Indefeasible (fee simple absolute and life estate)

Defeasible (fee simple determinable, subject to condition subsequent and subject to executory interest)

Question 2

Types of Tenancies

Answer 2

For years

Periodic

At will

At sufferance

Question 3

Tenancy for Years

Answer 3

for fixed period of time

created expressly

ends automatically (no notice)

Question 4

Periodic Tenancy

Answer 4

for a fixed period that continues for succeeding periods (e.g. month to month)

created expressly or when lease draws periodic rent payments

terminated on proper notice

Question 5

Tenancy at will

Answer 5

no stated duration

terminated on proper notice

created expressly

Question 6

Tenant at sufferance

Answer 6

holdover tenant remains in possession after tenancy expires

landlord may evict or create a periodic tenancy by accepting rent

Question 7

Rights and Duties of Landlord and Tenant

Answer 7

Governed by lease and tort law

Tenant: pay rent, not commit waste

Landlord: repair, deliver habitable premises, not interfere w/ tenant’s possession

Generally both can assign interests and tenants may also sublease

Question 8

Nonpossessory Interests in Land

Answer 8

Easement, Profit, Equitable Convent, Real Servitude

Question 9

Easement

Answer 9

Affirmative - right to use someone else’s land

Negative - rich to prevent something on another’s land

Appurtenant - involved two tracts of land

In gross- one tract of land

Question 10

Easement Appurtenant benefits / burdens / transfer

Answer 10

dominant parcel has benefit which runs to grantees

serviant parcel has burden which runs to grantees with notice

Question 11

Creation of Easements (3 ways)

Answer 11

Express - SOF applies, oral grant creates a license, which is not an interest in land

Implied - by operation of law
-by use existing before land was divided
-by necessity for landlocked parcel

Prescription - acquired through adverse, open and notorious, and continuous use for statutory period

Question 12

Termination of Easements

Answer 12

when easement and servant estate come under same owner

stated condition, release

abandon, estoppel, prescription, necessity, condemnation

Question 13

Profits (land)

Answer 13

Right to enter another’s land to remove products of the soil

Question 14

Real Covenants (property)

Answer 14

Run with the land

written promise to do or refrain from doing something on the land (usual remedy is money damages)

Requirements for burden to run to later grantees: intent, notice, horizontal privity, vertical privity, touch and concern

Requirements for benefit to run: intent, vertical privity, touch and concern

Question 15

Equitable Servitudes

Answer 15

Covenants with equitable remedies (injunction, SP)

Implied from common scheme for development if notice exists

Requirement for burden to run: intent, notice, touch and concern

Requirement for benefit to run: intent, touch and concern

Equitable defenses apply (unclean hands, estoppel, acquiescence, changed neighborhood conditions)

Question 16

Ways to Convey Land

Answer 16

deeds, wills, adverse possession, land sale contracts

Question 17

Land Sale K
- Sof Exceptions
-timing
-warranty

Answer 17

SoF exception of buyer has partially performed through possession, payment or improvement

timing presumed not of essence

implied convent that seller will deliver free and clear title at closing

Question 18

Deeds

Answer 18

Must evidence intent to transfer land
AND
adequately describe land
AND
parties

Effective on delivery (words/conduct showing Gor’s intent to immediately pass title) AND acceptance (often presumed)

Question 19

Types of Deeds

Answer 19

General warranty deed - covenants against any title defects created by Gor or prior title holders

Special warranty deed - defects created by grantor

Quitclaim Deed - no convents, transfers whatever interest grantor has

Question 20

Wills

Answer 20

Effective at testator’s death

If at T’s death, T no longer owns property, gift fails (adeemed)

If B dead at T’s death, gift fails (lapses) UNLESS anti lapse statute and B and T were related (then might bass to B’s descendants)

Question 21

Adverse Possession

Answer 21

P must show (1) ACTUAL ENTRY giving rise to exclusive possession; that is (2) OPEN AND NOTORIOUS; (3) ADVERSE/HOSTILE (w/o owner permission); AND (4) CONTINUOUS throughout statutory period

SoL starts to run when only when owner not under disability (if under disability at time occupation begins)

Question 22

Concurrent Property Interests

Answer 22

Tenants in Common - default co-tenancy created if nothing else specified; created if other type of concurrent interest is severed -NO RIGHT OF SURVIVORSHIP

Joint Tenants - expressly created, severed by tenant’s sale or suit for partition; RIGHT OF SURVIVORSHIP

Tenants by the entirety - Two SPOUSES with RIGHTS OF SURVIVORSHIP; created expressly or presumed in some states; severed by divorce

Question 23

Competing Property Interests

Answer 23

Recording Acts protect BFP for value unless they have notice of prior conveyance
-actual notice
-inquiry notice -would know with reasonable inquiry
-record notice -search of real property records would have revealed

Question 24

Types of recording acts

Answer 24

Notice Statutes (late BFP wins if earlier grant not recorded)

Race-Notice statutes (later BFP wins IFF she records before earlier BFP records)

Race Statutes (first to record wins, actual notice irrelevant)

Question 25

Mortgage

Answer 25

Land is collateral for a debt

Question 26

Mortgage - theories of title

Answer 26

Lien Theory - Mortgagee holds security interest only

Title Theory - Mortgagee holds title until mortgage satisfied

Intermediate Theory - Mortgagee holds title only after default

Question 27

If Mortgagor transfers land

Answer 27

• Grantee may assume mortgage –> personally liable for loan
• Grantee who does not assume mortgage not personally liable for loan, but may lose land if original mortgagor defaults

Question 28

Foreclosure

Answer 28

After default, property sold to satisfy debt
-if doesn’t sell for enough, Mee can sue Mor for balance
-Mor can redeem by paying amount due
- does not affect senior interests (junior interests terminated, but entitled to surplus after foreclosing mortgage satisfied)

Question 29

Security Interests in Land

Answer 29

Mortgage, foreclosure, Deed of trust, Installment land K, Absolute Deed, Sale-leaseback

Question 30

Deed of Trust

Answer 30

like mortgage, but 3d party trustee forecloses

Question 31

Installment land contract

Answer 31

seller retains deed until buyer pays in full

Question 32

Absolute deed

Answer 32

treated as equitable mortgage when given for a debt

Question 33

sale-leaseback

Answer 33

court may determine this was a disguised mortgage

Question 34

Fixtures of land

Define
Common vs. Divided ownership

Answer 34

Items so affixed to land they become part of the realty (constructive annexation = not attached physically but are still fixtures if so uniquely adapted to the real estate it makes no sense to separate them like keys to doors)

Common ownership: l/o bring chattel onto land, annexor’s objective intent determines if they are fixtures

Divided ownership: l/o does not bring chattel onto land, item’s owner can remove iff doesn’t leave unrepaired damage to premises

Question 35

Zoning Violations - effect on title

Answer 35

existing zoning violations render title to land unmarketable

variance - permission to depart from zoning restriction