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Bar Review > Property > Flashcards

Property Flashcards

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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
Q

Easement by Implication

A

Implied by prior use

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26
Q

Easement by Necessity

A

Necessary to use someone else’s land to get off your own land

27
Q

Covenant

A

Grants rights to do something or restrict something
Always created in writing
Generally runs with land and lasts forever

28
Q

Covenant Elements

A

In writing
Intent between parties
Notice
Privity
Touch and Concern the land

29
Q

Equitable Servitude

A

Looks like a restrictive covenant
Seeking an injunction, not damages

30
Q

License

A

Right to enter property
Revocable at will of grantor unless it is couple with an interest

31
Q

Private Nuisance

A

Unreasonable interference with the use and enjoyment of property
Objective Standard; Reasonable person

32
Q

Public Nuisance

A

Usually brought by govt official
Affecting the public as a whole
If brought by private person, must prove special damages

33
Q

Purchase Money Mortgage

A

Loan used to purchase property
Always gets priority

34
Q

Redemption and the two types

A

PAying off debt
Equitable
Statutory

35
Q

Equitable Redemption

A

Period of time from the notice of foreclosure to the foreclosure sale
MAY NEVER BE WAIVED

36
Q

Statutory Redemption

A

Period of time after the foreclosure sale
Do not automatically have this

37
Q

Lien Theory

A

Bank or lender only has a lien
Buyer has legal title and can do whatever with property

38
Q

Title Theory

A

Lender owns property
Buyer has equitable interest
Buyer can’t sell house

39
Q

Assumable Mortgage

A

New person is responsible
Can go after OG person unless novation

40
Q

Subject to the Mortgage

A

New person is not responsible
OG guy on hook, bank can foreclose

41
Q

4 Types of deeds

A

Warranty
General Warranty
Special Warranty
Quitclaim

42
Q

Warranty Deed

A

6 promises
3 Present and 3 Future
Present must be breached on day of closing or at time of conveyance

43
Q

Present promises in a Warranty Deed

A

Warranty of seizin - Promising that I own property
Right to Convey - Have legal right to convey
Covenant against encumbrance - No encumbrances

44
Q

Future Promises in a Warranty Deed

A

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
Q

General Warranty Deed

A

Promising that all 6 promises have been okay since the property existed

46
Q

Special Warranty Deed

A

Promising that everything has been okay while x has owned the property

47
Q

Quitclaim Deed

A

Not promising anything
Cant sue someone

48
Q

Adverse Possession Elements

A

POACHER
Possession must be:
Open
Actual
Continuous
Hostile
Exclusive
Required statutory period

49
Q

Open and Notorious

A

Use is obvious so someone would know that the person is using the land

50
Q

Continous

A

Be on the property for the statutory time

51
Q

Exclusive

A

Not sharing with the owner

52
Q

Non-Permissive/Hostile

A

Doing something to make it look like it is their own and without owner’s permission

53
Q

Tacking

A

Adding someone else’s possession towards the total required time
Usually done intentionally

54
Q

Three Recording Statutes

A

Race
Race-Notice
Notice

55
Q

Race Statute

A

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
Q

Race Notice

A

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
Q

Notice

A

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
Q

Bona-Fide Purchaser

A

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
Q

Marketable Title

A

Title is reasonably free from doubt and under no threat of litigation

60
Q

Marketable Title Red Flags

A

Covenants
Easements
Leases
Liens
Gaps in chain of title
Boundary disputes
Existing zoning violations
Adverse Possession

61
Q

Ways to Terminate Easements

A

DAMPER
Destruction
Abandonment
Merger
Prescription
Estoppel
Release

62
Q

The Rule in Shelly’s Case

A

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
Q

Trade Fixture

A

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

Bar Review (4 decks)

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