Property Flashcards
TE stands for _________
Tenants by the entirety
How is TE created?
A conveyance to both spouses during a marriage is presumed TE
To satisfy the TE requirements, there must be unities of __________ (5)
Time, title, interest, possession, marriage
How is a TE destroyed?
Death, divorce, joint conveyance, or execution by a joint creditor
TE are exempt from ________
The creditors of one spouse
TE: One spouse can convey individually owned property to _________
themselves and their spouse as TE
TE conveyance: Straw man?
In Florida, a straw man is not required
Right of survivorship in TE
When one spouse dies, the right of survivorship vests title in the surviving spouse by operation of law.
A will in TE is __________
Ineffective.
In a TE situation, surviving spouse owns property in ___________
fee simple
JTROS stands for _______
Joint tenancy with right of survivorship
How is JTROS created?
A conveyance to two or more people with express words of survivorship
To satisfy the JTROS requirements, there must be unities of _______
Time, title, interest, and possession
How is a JTROS destroyed?
Death, partition, contract to sell, conveyance, foreclosure sale (must be a sale, not just proceedings)
JTROS do not have ______ protection
creditor
Mortgages in JTROS situations
In Florida, a mortgage will not sever a JTROS unless there is a foreclosure sale
In Florida, a mortgage will not sever a JTROS unless there is a foreclosure sale because ______
Florida is a lien-theory state
JTROS right of survivorship
When one tenant dies, the ROS vests title on the surviving tenant by operation of law
Wills in JTROS situations are _______
ineffective
Surviving tenant in JTROS owns property _________
in fee simple
TC stands for ______
Tenants in common
How is a TC created? (2 simple)
In Florida, TC is the assumption when there are no words of survivorship and the default when other co-tenancies have been destroyed
TC unities
The only unity for TC is the unity of possession
TC is freely ____ and _____
conveyable; devisable by will
Is there a ROS in TC?
No
Types of conveyance of real property (2)
Contract Sale or swap deed for money (or as gift)
Contract Sales have 4 aspects:
Land Sale Contracts, equitable conversion, marketable title, and closing
Land Sale Contracts must satisfy the _____
Statute of frauds
To satisfy the statute of frauds (generally)
There must be some writing to evidence that the agreement is happening
SoF requirements (4)
In writing, signed by the party to be charged, with essential terms, and conditions (if any)
What are the “essential terms” for an SoF (4)
Grantor, grantee, identify land, price
Equitable conversion _____________
splits the title between legal title and equitable title
Legal title is held by _________
the seller
equitable title is held by ________
buyer
Marketable title is a ______
promise to deliver good title, reasonably fee of litigation risk
Closing - Deed requirements (5)
In writing, signed by grantor, identifying grantor and grantee, identifying land, and FL requires 2 witnesses
3 requirements for a contract
Offer, acceptance, and consideration
If a contract does not meet the SoF how can you enforce it?
Part Performance
In Florida, Part performance requires _______ (3)
Payment, possession and improvements
Marketable title becomes an issue _____
AT closing
Common risks of litigation to be resolved for marketable title are ____ (3)
adverse possession, zoning violations, and encumbrances
To transfer legal title, the grantor must have _______ (3)
a present intent to transfer, a valid deed, and delivery
A valid deed must ________ (5)
Be in writing, signed by the grantor, identifying the grantor and the grantee, identifying the land, and in FL there must be 2 witnesses
T/F: Leases require 2 witnesses
False
What are the types of deed? (2)
Quitclaim deed and warranty deed
What is a quitclaim deed?
Grantor makes no promises to grantee
What is a warranty deed?
Grantor makes certain promises (warranties) to the grantee, and the grantee can sue the grantor on these promises
What are some common covenants on a warranty deed (present)?
Seisin - I own this property
Right to convey - I have the right to transfer this property
Against encumbrances - there are no undisclosed 3rd parties such as mortgages, liens, or easements.
What are some common covenants on a warranty deed (future)?
Quiet enjoyment/ Warranty - grantor won’t lose property to someone with a superior title/ Grantor will compensate and will defend in suit arising from this
Further assurances - Grantor will do anything needed to perfect title
Common law rule for recording statutes
First in time, first in right
Florida recording statute approach
Florida is a notice recording statute jurisdiction. The last bona fide purchaser for value without notice prevails against a prior unrecorded interest
3 types of notice:
Actual notice, constructive notice, and inquiry notice.
Actual notice occurs if ____
the latter purchaser was told that the property was already deeded away
Constructive notice occurs if _____
A prior purchaser recorded their deed
Inquiry notice occurs if _____
Things are happening on the property that would let the latter purchaser know that the property was no longer the grantor’s to sell
A BFP is a purchaser who
takes without notice of prior conveyance and pays value
What happens to an unrecorded mortgage in a BFP situation?
If there is an unrecorded mortgage, it will be wiped out with the BFP purchase
Because FL is a lien theory state, who is the mortgagor?
The owner, because they are granting a lien on the property
Because FL is a lien theory state, who is the mortgagee?
The creditor, because they are being granted the security interest
A mortgage is ______
an interest in real property that serves as security for a debt
The mortgagor grants the mortgagee ________
the right to foreclose on the property to satisfy the debt
Florida treats ______ and ______ like mortgages
Installment land contracts; deeds of trust
What is an installment land contract?
A contract in which the seller and the buyer agree that buyer will pay for the property in installments and, at the end of the payments, seller will deliver title to the property
What happens in a installment land contract in FL if the buyer defaults?
In Florida, because installment land contracts are treated as mortgages, seller will have to foreclose on the property upon default
A ________ mortgage takes priority over other creditors
purchase money
Right of redemption:
A debtor has the right to redeem the property up until the foreclosure date
Adverse possession happens when ______
someone comes into another person’s property and acts as the new owner
What happens after the statute of limitations? (AP)
After statute of limitations passes, the property becomes the Adverse Posessor’s
Requirements of AP:
Open and notorious, exclusive, actual, hostile, and continuous
“Hostile” for AP means ____
without owner’s permission
“Continuous” for AP means ____
7 years (in FL)
2 types of AP
Color of title and not under color of title
Under color of title: (2)
There is a recorded deed of some kind, usually a bad deed, and improvements to the land
Example of a bad deed (color of title AP):
wrong description of premises
Not under color of title is usually a __________
tresspassory taking of the property.
For a tresspassory taking in FL, the AP must _______
pay taxes
Long AP Rule statement:
To acquire title by adverse possession in Florida, the possession must be open and notorious, actual, exclusive, hostile, and for a period of 7 continuous years. Under color of title, the possessor must record the deed and make improvements to the land. If not under color of title, the possessor must pay the taxes for the property.
Easement definition:
An easement is a nonpossessory right to use someone’s property
Types of easement (by property)
En gross and appurtenant
En gross easements have ___ property, where the ______ tenement is burdened by the easement
one; servient
Appurtenant easements have 2 properties. The servient tenement is ____. The ______ is benefitted.
burdened; dominant
Types of easements (by concept)
Express easements and implied easements
Express easements arise by ____
a writing that satisfies the Statute of Frauds
Types of Express easements (2)
Reservation and Conveyance
Express easement by reservation:
Reserves the right to go onto the property on the deed
Express easement by conveyance:
Property owner conveys the right to use their property to another
Types of implied easements (3)
by necessity, by estoppel (prior use), and by prescription
An easement by necessity arises when _______
land is subdivided in a way that makes an easement reasonably necessary for ingress and egress
In Florida, the subdivision requirement for easement by necessity is ____ (+ provide example)
eliminated where ingress and egress are cut off (such as when a hurricane’s aftermath cuts off access)
An easement by estoppel (prior use) arises by _______
reliance on use which occurred prior to subdivision
An easement by prescription arises when ______
use is open and notorious, actual, hostile, and continuous for 20 years (in FL)
Easement holder has the right to _______ use of the easement
reasonable
What is the term when the use of an easement is not reasonable?
Surcharge
Remedies for surcharge use: (2)
At law, you can get damages for results of surcharge. In equity, you can get an injunction to stop surcharge.
Three ways to terminate easement:
Merger, abandonment, or release
Merger (easement) occurs _____
when the dominant and servient tenements come into common ownership
Abandonment (easement) occurs when ______
there is non-use of the easement and intent to abandon
Release (easement) occurs through ____
a writing which satisfies the SoF, terminating the easement
