Property Flashcards

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1
Q

Rule Against Perpetuities

A

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

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2
Q

What RAP applies to

A

(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

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3
Q

Notice Statutes

A

later BFP wins if earlier grant was not recorded

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4
Q

Race-notice Statutes

A

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

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5
Q

Race Statutes

A

first to record wins - actual notice is irrelevant

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6
Q

CL Requirements for Joint Tenancy

A

“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

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7
Q

Lawful Execution of a Deed

A

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]

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8
Q

Covenant of Further Assurances

A

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

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9
Q
A
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