Property

Question 1

Rule Against Perpetuities

Answer 1

No interest in land is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest

Question 2

What RAP applies to

Answer 2

(i) contingent remainders; (ii) executory interests; (iii) class gifts (EVEN if vested remainders); (iv) options and rights of first refusal; and (v) powers of appointment

Question 3

Notice Statutes

Answer 3

later BFP wins if earlier grant was not recorded

Question 4

Race-notice Statutes

Answer 4

later BFP wins only if she records before the earlier grantee records

Question 5

Race Statutes

Answer 5

first to record wins - actual notice is irrelevant

Question 6

CL Requirements for Joint Tenancy

Answer 6

“joint tenants must take identical interests, at the same time, by the same instrument, with the same right to possession”

T: at the same time
T: by the same title [meaning in the same deed, will, or other document of title];
I: with identical, equal interests; and
P: with rights to possess the whole

Question 7

Lawful Execution of a Deed

Answer 7

a writing signed by the grantor; an unambiguous description of the land; identification of the parties by name or description; words of intent to transfer such as “grant” [no consideration needs to pass to make a deed valid]

Question 8

Covenant of Further Assurances

Answer 8

in a warranty deed, it is a covenant to perform whatever acts are reasonably necessary to perfect the title conveyed if it turns out to be imperfect