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Property Flashcards

1
Q

Fee Simple Absolute

A

Owns 100%
Forever
To A

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2
Q

Life Estate

A

To A for life
Can do whatever with land except commit waste
Can mortgage

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3
Q

Reversion

A

Goes back to owner automatically
Associated with a life estate

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4
Q

Contingent Remainder

A

Something needs to occur
To a; then to B

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5
Q

Vested Remainder

A

Gets it automatically

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6
Q

Fee Simple Determinable

A

So long as
As long as
O Interest; POR

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7
Q

Fee Simple Subject to Condition Subsequent

A

But IF
O Interest ; Right of Reentry; O has to do something to reclaim property

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8
Q

Joint Tenancy

A

Tenants own undivided interest in the whole
Can convey without consent; severs JT
Right of Survivorship - Goes to co tenant if one dies, precedes will

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9
Q

Tenants in Common

A

Each owns undivided interest in the whole
Heirs get property

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10
Q

Tenancy by the entirety

A

Married couples
Right of survivorship
One spouse may not convey without the others consent
Divorce severs TIC

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11
Q

Partition

A

Selling the land and dividing up the proceeds
Generally awarded unless its not practical

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12
Q

Periodic Tenancy

A

Start date and goes on for a period of time; Month to month; year to year
Renews at end of term unless set termination date
One month notice for M2M; 6 month notice for Y2Y

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13
Q

Tenancy for Years

A

Start date and end date
No notice required

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14
Q

Tenancy at Will

A

No specific term
Tenant needs to be given reasonable amount of time for termination

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15
Q

Tenancy at Sufferance

A

Holdover tenant - stays longer than allowed
Parties bound by original terms of lease
Termination by tenant leaving or evicted by LL

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16
Q

Landlord Duties

A

Must give physical possession on first day
Basic Repairs
Warrant of Habitability
Warrant of Quiet enjoyment

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17
Q

Warrant of Habitability

A

AC in summer, heat in violate, not to violate any health or safety codes
Tenant can refuse to pay rent

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18
Q

Warrant of quiet enjoyment

A

Stopping other tenant’s nuisance from bother tenant
Tenant can refuse to pay rent

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19
Q

Tenant duties

A

Pay rent
Cannot commit waste

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20
Q

Assignment

A

Give the rest of the term away
New guy becomes primarily liable
OG is secondarily liable unless a novation was executed
Covenant is strictly construed

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21
Q

Sublease

A

Gives part of term away
OG stays liable
Covenant is strictly construed

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22
Q

Easement

A

Right to come onto land to do or prevent something
Lasts forever unless terminated

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23
Q

Express Easement

A

In writing

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24
Q

Easement by Prescription

A

Looks like Adverse Possession
Open
Notorious
Actual
Continuous and Hostile

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25
Easement by Implication
Implied by prior use
26
Easement by Necessity
Necessary to use someone else's land to get off your own land
27
Covenant
Grants rights to do something or restrict something Always created in writing Generally runs with land and lasts forever
28
Covenant Elements
In writing Intent between parties Notice Privity Touch and Concern the land
29
Equitable Servitude
Looks like a restrictive covenant Seeking an injunction, not damages
30
License
Right to enter property Revocable at will of grantor unless it is couple with an interest
31
Private Nuisance
Unreasonable interference with the use and enjoyment of property Objective Standard; Reasonable person
32
Public Nuisance
Usually brought by govt official Affecting the public as a whole If brought by private person, must prove special damages
33
Purchase Money Mortgage
Loan used to purchase property Always gets priority
34
Redemption and the two types
PAying off debt Equitable Statutory
35
Equitable Redemption
Period of time from the notice of foreclosure to the foreclosure sale MAY NEVER BE WAIVED
36
Statutory Redemption
Period of time after the foreclosure sale Do not automatically have this
37
Lien Theory
Bank or lender only has a lien Buyer has legal title and can do whatever with property
38
Title Theory
Lender owns property Buyer has equitable interest Buyer can't sell house
39
Assumable Mortgage
New person is responsible Can go after OG person unless novation
40
Subject to the Mortgage
New person is not responsible OG guy on hook, bank can foreclose
41
4 Types of deeds
Warranty General Warranty Special Warranty Quitclaim
42
Warranty Deed
6 promises 3 Present and 3 Future Present must be breached on day of closing or at time of conveyance
43
Present promises in a Warranty Deed
Warranty of seizin - Promising that I own property Right to Convey - Have legal right to convey Covenant against encumbrance - No encumbrances
44
Future Promises in a Warranty Deed
Warranty of Quiet Enjoyment Warranty - Promises to defend any claims Further assurances - Promise to do whatever it takes to fix any defects or title
45
General Warranty Deed
Promising that all 6 promises have been okay since the property existed
46
Special Warranty Deed
Promising that everything has been okay while x has owned the property
47
Quitclaim Deed
Not promising anything Cant sue someone
48
Adverse Possession Elements
POACHER Possession must be: Open Actual Continuous Hostile Exclusive Required statutory period
49
Open and Notorious
Use is obvious so someone would know that the person is using the land
50
Continous
Be on the property for the statutory time
51
Exclusive
Not sharing with the owner
52
Non-Permissive/Hostile
Doing something to make it look like it is their own and without owner's permission
53
Tacking
Adding someone else's possession towards the total required time Usually done intentionally
54
Three Recording Statutes
Race Race-Notice Notice
55
Race Statute
A jurisdiction whose rule determines which party prevails in a twice transferred property case strictly on the basis of whose deed is recorded first.
56
Race Notice
A jurisdiction whose rule allows a subsequent bona-fide purchaser to prevail over an earlier purchaser if, and only if, the subsequent purchaser did not know of the earlier transfer and the subsequent purchaser’s deed was recorded before the first purchaser’s deed.
57
Notice
Looks like "Any subsequent purchaser for value with no notice" A jurisdiction whose rule allows a subsequent bona-fide purchaser to prevail over an earlier purchaser if the earlier purchaser’s deed was not recorded and the subsequent purchaser did not know of the earlier transfer.
58
Bona-Fide Purchaser
A buyer who pays fair consideration for property without any knowledge or reason to have knowledge that the seller previously transferred the property to a different person.
59
Marketable Title
Title is reasonably free from doubt and under no threat of litigation
60
Marketable Title Red Flags
Covenants Easements Leases Liens Gaps in chain of title Boundary disputes Existing zoning violations Adverse Possession
61
Ways to Terminate Easements
DAMPER Destruction Abandonment Merger Prescription Estoppel Release
62
The Rule in Shelly's Case
An instrument that grants a freehold estate to a person and a remainder to that same person’s heirs gives that person both interests
63
Trade Fixture
Item attached to RP by a tenant for use in his/her trade or business Can be removed without LL's consent if: 1. Removal occurs before, or within a reasonable amount of time after, the lease ends; AND 2. The removal will not substantially harm the property

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