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FLT > Property > Flashcards

Property Flashcards

1
Q

TE stands for _________

A

Tenants by the entirety

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2
Q

How is TE created?

A

A conveyance to both spouses during a marriage is presumed TE

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3
Q

To satisfy the TE requirements, there must be unities of __________ (5)

A

Time, title, interest, possession, marriage

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4
Q

How is a TE destroyed?

A

Death, divorce, joint conveyance, or execution by a joint creditor

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5
Q

TE are exempt from ________

A

The creditors of one spouse

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6
Q

TE: One spouse can convey individually owned property to _________

A

themselves and their spouse as TE

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7
Q

TE conveyance: Straw man?

A

In Florida, a straw man is not required

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8
Q

Right of survivorship in TE

A

When one spouse dies, the right of survivorship vests title in the surviving spouse by operation of law.

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9
Q

A will in TE is __________

A

Ineffective.

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10
Q

In a TE situation, surviving spouse owns property in ___________

A

fee simple

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11
Q

JTROS stands for _______

A

Joint tenancy with right of survivorship

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12
Q

How is JTROS created?

A

A conveyance to two or more people with express words of survivorship

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13
Q

To satisfy the JTROS requirements, there must be unities of _______

A

Time, title, interest, and possession

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14
Q

How is a JTROS destroyed?

A

Death, partition, contract to sell, conveyance, foreclosure sale (must be a sale, not just proceedings)

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15
Q

JTROS do not have ______ protection

A

creditor

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16
Q

Mortgages in JTROS situations

A

In Florida, a mortgage will not sever a JTROS unless there is a foreclosure sale

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17
Q

In Florida, a mortgage will not sever a JTROS unless there is a foreclosure sale because ______

A

Florida is a lien-theory state

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18
Q

JTROS right of survivorship

A

When one tenant dies, the ROS vests title on the surviving tenant by operation of law

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19
Q

Wills in JTROS situations are _______

A

ineffective

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20
Q

Surviving tenant in JTROS owns property _________

A

in fee simple

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21
Q

TC stands for ______

A

Tenants in common

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22
Q

How is a TC created? (2 simple)

A

In Florida, TC is the assumption when there are no words of survivorship and the default when other co-tenancies have been destroyed

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23
Q

TC unities

A

The only unity for TC is the unity of possession

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24
Q

TC is freely ____ and _____

A

conveyable; devisable by will

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25
Q

Is there a ROS in TC?

A

No

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26
Q

Types of conveyance of real property (2)

A

Contract Sale or swap deed for money (or as gift)

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27
Q

Contract Sales have 4 aspects:

A

Land Sale Contracts, equitable conversion, marketable title, and closing

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28
Q

Land Sale Contracts must satisfy the _____

A

Statute of frauds

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29
Q

To satisfy the statute of frauds (generally)

A

There must be some writing to evidence that the agreement is happening

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30
Q

SoF requirements (4)

A

In writing, signed by the party to be charged, with essential terms, and conditions (if any)

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31
Q

What are the “essential terms” for an SoF (4)

A

Grantor, grantee, identify land, price

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32
Q

Equitable conversion _____________

A

splits the title between legal title and equitable title

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33
Q

Legal title is held by _________

A

the seller

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34
Q

equitable title is held by ________

A

buyer

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35
Q

Marketable title is a ______

A

promise to deliver good title, reasonably fee of litigation risk

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36
Q

Closing - Deed requirements (5)

A

In writing, signed by grantor, identifying grantor and grantee, identifying land, and FL requires 2 witnesses

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37
Q

3 requirements for a contract

A

Offer, acceptance, and consideration

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38
Q

If a contract does not meet the SoF how can you enforce it?

A

Part Performance

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39
Q

In Florida, Part performance requires _______ (3)

A

Payment, possession and improvements

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40
Q

Marketable title becomes an issue _____

A

AT closing

41
Q

Common risks of litigation to be resolved for marketable title are ____ (3)

A

adverse possession, zoning violations, and encumbrances

42
Q

To transfer legal title, the grantor must have _______ (3)

A

a present intent to transfer, a valid deed, and delivery

43
Q

A valid deed must ________ (5)

A

Be in writing, signed by the grantor, identifying the grantor and the grantee, identifying the land, and in FL there must be 2 witnesses

44
Q

T/F: Leases require 2 witnesses

A

False

45
Q

What are the types of deed? (2)

A

Quitclaim deed and warranty deed

46
Q

What is a quitclaim deed?

A

Grantor makes no promises to grantee

47
Q

What is a warranty deed?

A

Grantor makes certain promises (warranties) to the grantee, and the grantee can sue the grantor on these promises

48
Q

What are some common covenants on a warranty deed (present)?

A

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.

49
Q

What are some common covenants on a warranty deed (future)?

A

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

50
Q

Common law rule for recording statutes

A

First in time, first in right

51
Q

Florida recording statute approach

A

Florida is a notice recording statute jurisdiction. The last bona fide purchaser for value without notice prevails against a prior unrecorded interest

52
Q

3 types of notice:

A

Actual notice, constructive notice, and inquiry notice.

53
Q

Actual notice occurs if ____

A

the latter purchaser was told that the property was already deeded away

54
Q

Constructive notice occurs if _____

A

A prior purchaser recorded their deed

55
Q

Inquiry notice occurs if _____

A

Things are happening on the property that would let the latter purchaser know that the property was no longer the grantor’s to sell

56
Q

A BFP is a purchaser who

A

takes without notice of prior conveyance and pays value

57
Q

What happens to an unrecorded mortgage in a BFP situation?

A

If there is an unrecorded mortgage, it will be wiped out with the BFP purchase

58
Q

Because FL is a lien theory state, who is the mortgagor?

A

The owner, because they are granting a lien on the property

59
Q

Because FL is a lien theory state, who is the mortgagee?

A

The creditor, because they are being granted the security interest

60
Q

A mortgage is ______

A

an interest in real property that serves as security for a debt

61
Q

The mortgagor grants the mortgagee ________

A

the right to foreclose on the property to satisfy the debt

62
Q

Florida treats ______ and ______ like mortgages

A

Installment land contracts; deeds of trust

63
Q

What is an installment land contract?

A

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

64
Q

What happens in a installment land contract in FL if the buyer defaults?

A

In Florida, because installment land contracts are treated as mortgages, seller will have to foreclose on the property upon default

65
Q

A ________ mortgage takes priority over other creditors

A

purchase money

66
Q

Right of redemption:

A

A debtor has the right to redeem the property up until the foreclosure date

67
Q

Adverse possession happens when ______

A

someone comes into another person’s property and acts as the new owner

68
Q

What happens after the statute of limitations? (AP)

A

After statute of limitations passes, the property becomes the Adverse Posessor’s

69
Q

Requirements of AP:

A

Open and notorious, exclusive, actual, hostile, and continuous

70
Q

“Hostile” for AP means ____

A

without owner’s permission

71
Q

“Continuous” for AP means ____

A

7 years (in FL)

72
Q

2 types of AP

A

Color of title and not under color of title

73
Q

Under color of title: (2)

A

There is a recorded deed of some kind, usually a bad deed, and improvements to the land

74
Q

Example of a bad deed (color of title AP):

A

wrong description of premises

75
Q

Not under color of title is usually a __________

A

tresspassory taking of the property.

76
Q

For a tresspassory taking in FL, the AP must _______

A

pay taxes

77
Q

Long AP Rule statement:

A

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.

78
Q

Easement definition:

A

An easement is a nonpossessory right to use someone’s property

79
Q

Types of easement (by property)

A

En gross and appurtenant

80
Q

En gross easements have ___ property, where the ______ tenement is burdened by the easement

A

one; servient

81
Q

Appurtenant easements have 2 properties. The servient tenement is ____. The ______ is benefitted.

A

burdened; dominant

82
Q

Types of easements (by concept)

A

Express easements and implied easements

83
Q

Express easements arise by ____

A

a writing that satisfies the Statute of Frauds

84
Q

Types of Express easements (2)

A

Reservation and Conveyance

85
Q

Express easement by reservation:

A

Reserves the right to go onto the property on the deed

86
Q

Express easement by conveyance:

A

Property owner conveys the right to use their property to another

87
Q

Types of implied easements (3)

A

by necessity, by estoppel (prior use), and by prescription

88
Q

An easement by necessity arises when _______

A

land is subdivided in a way that makes an easement reasonably necessary for ingress and egress

89
Q

In Florida, the subdivision requirement for easement by necessity is ____ (+ provide example)

A

eliminated where ingress and egress are cut off (such as when a hurricane’s aftermath cuts off access)

90
Q

An easement by estoppel (prior use) arises by _______

A

reliance on use which occurred prior to subdivision

91
Q

An easement by prescription arises when ______

A

use is open and notorious, actual, hostile, and continuous for 20 years (in FL)

92
Q

Easement holder has the right to _______ use of the easement

A

reasonable

93
Q

What is the term when the use of an easement is not reasonable?

A

Surcharge

94
Q

Remedies for surcharge use: (2)

A

At law, you can get damages for results of surcharge. In equity, you can get an injunction to stop surcharge.

95
Q

Three ways to terminate easement:

A

Merger, abandonment, or release

96
Q

Merger (easement) occurs _____

A

when the dominant and servient tenements come into common ownership

97
Q

Abandonment (easement) occurs when ______

A

there is non-use of the easement and intent to abandon

98
Q

Release (easement) occurs through ____

A

a writing which satisfies the SoF, terminating the easement

FLT (5 decks)

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