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MBE > Property > Flashcards

Property Flashcards

1
Q

JTROS interest

A

Each owns an undivided 50% interest in the property

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2
Q

JTROS right of survivorship

A

When one of the Joint tenants dies, the other gets 100% interest immediately

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3
Q

JTROS Conveyance

A

One JT can freely convey their interest, but the joint tenancy is severed into a TC

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4
Q

After a JTROS is severed into a TC,

A

It remains that what forever, unless otherwise specified

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5
Q

JTROS Devise

A

Devise is invalid because ROS vests 100% on the surviving tenant

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6
Q

If both JTROS die

A

Whoever died after gets the whole thing and his devisees or heirs get the property

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7
Q

TC interest

A

Undivided 50% interest in the property, no right of survivorship

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8
Q

When one tenant dies in a TC,

A

Their interest goes to their devisees or heirs

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9
Q

TE interest

A

Undivided 50% interest in the property

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10
Q

TE special requirement

A

Requires legal marriage

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11
Q

TE ROS

A

When one spouse dies, the surviving spouse immediately gets 100% interest in the property

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12
Q

TE conveyance

A

One spouse cannot convey without the other’s consent

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13
Q

What severs a TE?

A

Divorce

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14
Q

Real estate contract

A

Shows intent to convey title, but does not convey title

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15
Q

At the time of the real estate contract, grantor

A

does not need to hold title to the property

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16
Q

When does grantor need to have title to the property?

A

At the time of deed delivery

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17
Q

Equitable conversion

A

Separates legal title (seller) from equitable title (buyer)

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18
Q

Upon equitable conversion, risk of loss

A

shifts to the buyer, and any damage to the land is on the buyer

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19
Q

Statute of Frauds

A

Sale of Land, or any conveyance of land, needs to be evidenced by a piece writing

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20
Q

Marketable title

A

Implied in every contract, shows that title is free of liens or encumbrances

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21
Q

Marketable title only becomes an issue

A

at closing

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22
Q

Closing Date

A

When you sign the deed and deliver

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23
Q

At closing, seller

A

Must deliver deed

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24
Q

Delivery

A

Intent to convey title.

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25
Q

At closing, buyer’s acceptance

A

is presumed absent evidence to the contrary

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26
Q

Deed requirements

A

Identifiable grantees (whoever is going to get the property), legal description of the land

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27
Q

Legal description of the land has to be

A

specific enough that a reasonable person can locate the property

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28
Q

Two legal description tests

A

Meets and bounds (old test), and street address (new test)

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29
Q

Meets and bounds description is the

A

GPS location

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30
Q

Merger

A

Once the deed is signed, upon closing, all of the contents of the contract merge into the deed. You can no longer sue on the terms on the contract, but on the deed itself.

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31
Q

Types of deeds

A

Warranty deed and quitclaim deed

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32
Q

Warranty deed

A

Has warranties about ownership and title of land, but no warranties on the condition of the property

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33
Q

Types of warranties

A

Present warranties and future warranties

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34
Q

Present warraties

A

(1) I own it, (2) I can convey it, and (3) nobody else owns the property

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35
Q

Future Warranties

A

(1) no one will come make a claim on the title, (2) if someone does make a claim, I will defend you and fix the problem, (3) I will pay for all the expenses

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36
Q

Types of Warranty deeds

A

General and Specialty

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37
Q

General Warranty deed

A

Grantor promises that all previous owner’s titles were all okay

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38
Q

Specialty Warranty Deed

A

Grantor is only guaranteeing grantor’s title is okay

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39
Q

Quitclaim deed

A

Grantor makes no promises

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40
Q

Promissory Note

A

Note that promises you will pay money back plus interest

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41
Q

Mortgage

A

Gives lender the tight to foreclose on the property, put it for sale, and keep the proceeds

42
Q

Purchase Money Mortgage

A

When a person gets the money from the mortgage to purchase the land

43
Q

Purchase Money Mortgage Priority

A

When a person has competing debts, the purchase money mortgage always takes priority

44
Q

If there is a mortgage on a property, Buyer can take the property _____ the mortgage, or _____ the mortgage

A

Subject to; assume

45
Q

Assuming a mortgage

A

Buyer assumes all rights and obligations, you are primarily liable for previous mortgage

46
Q

If a Buyer assumes a mortgage, the lender can

A

Come after the Buyer, unless the Seller and Buyer execute a novation

47
Q

Buying a property subject to the mortgage

A

Buyer buys the property, but have no financial responsibility to repay the mortgage.

48
Q

Who is responsible for the mortgage is Buyer acquires property subject to the mortgage? BUT….

A

The Seller is responsible, but the Lender still has the right to foreclose the property to repay the debt

49
Q

Type of Mortgage Theories

A

Lien theory, and Title theory

50
Q

Lien Theory

A

If you buy land and take out a mortgage, the lender only has a lien on the property and the Buyer holds title

51
Q

Title theory

A

If you buy land and take out a mortgage, the lender holds legal title until the mortgage is paid off

52
Q

JTROS is title theory jurisdictions

A

JTROS is severed into a tenancy in common with the Lender

53
Q

Redemption

A

If you owe money and are behind on mortgage payments and are in foreclosure, you can pay off what is owed and reinstate the mortgage

54
Q

Two types of redemption

A

Equitable redemption, and statutory redemption

55
Q

Equitable redemption

A

Can never be waived, you always have the right to redeem and the bank must accept

56
Q

Equitable redemption time period

A

Any time up to the foreclosure sale

57
Q

Statutory redemption

A

Certain jurisdictions give redemption time after the sale

58
Q

Recording statutes types

A

Race statute, notice statue, and race notice

59
Q

Race Statute

A

The first to record wins

60
Q

Notice Statue

A

Last BFP for value without notice wins

61
Q

Race notice

A

The first BFP to record wins

62
Q

Rights in land

A

You agree to give someone a right to do something on the land but no title is ever conveyed

63
Q

Easement

A

Agreement which gives the right to come onto the land to do something

64
Q

No writing easements (3)

A

Easement by necessity, easement by prescription, easement by implication

65
Q

Easement by necessity

A

You can come on my land to cross because it is necessary because you are landlocked from public roads

66
Q

Easement by prescription

A

Using land without permission for the statutory period of time. You do not get title, but the trespassing is now legal

67
Q

Easement by implication

A

Implied from prior use

68
Q

Once the easement is created, the easement goes on

A

forever unless it is legally terminated

69
Q

Termination of easement types

A

Abandonment, merger, necessity ends, agreement to end/end of agreement

70
Q

Covenants

A

In writing, generally touch and concern the land and go on forever

71
Q

Remedy to a covenant breach is

A

equitable servitude

72
Q

Equitable servitude

A

An injunction that enforces the covenant

73
Q

Implied or negative servitude

A

developer places the same restrictions on all of the smaller lots it owns

74
Q

Common plan or scheme

A

As long as the original restrictions of a negative servitude are common to all of the lots, it is enforceable against the subsequent owners of the lots

75
Q

License

A

Permission to come into the land, freely revocable

76
Q

Profit

A

Permission to come into the land to extract something from on or under the land

77
Q

Future interests (4)

A

Reversion, remainder, possibility of reverter, right of re-entry

78
Q

Reversion

A

A to B for B’s life, then back to A

79
Q

Remainder types

A

Vested and contingent

80
Q

Vested remainder

A

A to B for life, then to C. C gets it no matter what

81
Q

Contingent remainder

A

A to B for life, then to C if C… at the time of B’s death

82
Q

Possibility of reverter

A

A to B, as long as…. If B stops using it in the determined way, A has a possibility of reverted

83
Q

Possibility of reverter kicks in

A

immediately

84
Q

Right of re-entry

A

A to B, but if… then A has right of re-entry. B has condition subsequent, which if not met, allows A to re-enter to get the property back

85
Q

Right of re-entry kicks in

A

after things are done to get property back. Not immediate.

86
Q

Subsequent 3rd party (looks like)

A

A to B as long as…. then to C.

87
Q

Subsequent 3rd party is ___ because:

A

Invalid, because it violates rule against perpetuities

88
Q

In subsequent 3rd party, C gets

A

nothing

89
Q

Landlord duties

A

Warranty of habitability and actual possession

90
Q

Warranty of habitability

A

any violation of a health or safety code is a breach of the warranty of habitability

91
Q

Actual possession

A

Landlord had to deliver actual possession of the property on the first day of the lease

92
Q

Actual possession means that

A

tenant has to be able to move in

93
Q

Tenant duties

A

Rent and no committing waste

94
Q

Rent

A

Tenant must make timely rent payments

95
Q

Exception to rent duty

A

If landlord violates the warranty of habitability, tenant does not have to pay rent

96
Q

No committing waste

A

Tenant cannot cause damage to the property, or allow damage to occur

97
Q

Assignment of lease

A

When you assign the lease, you give away the rest and remainder of the lease term

98
Q

Who is the liable party under an assignment of the lease

A

Both parties are liable unless there is a novation. If there is a novation, then only the second tenant is liable

99
Q

Sublease

A

Tenant one allows tenant two to use the property, but only for a period of time

100
Q

Who is the liable party under a sublease

A

The original tenant

MBE (8 decks)

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