Property Flashcards
What are the pocket areas to organize the subject of Real Property?
- Types of Ownership
- Landlord/Tenant
- Disputes about Title
- Disputes about Use
These areas help in structuring essays and spotting issues effectively.
What is the general approach to ownership in Real Property?
- Creation
- Characterization
- Rights and Duties of the estate holder
- Termination
- Remedies
This approach helps in analyzing possessory and non-possessory interests in land.
Define ‘Fee simple absolute’.
A type of present estate with complete ownership rights.
It is the most comprehensive form of ownership in real property.
What language is used to create a ‘Fee simple determinable’?
- ‘so long as’
- ‘while’
- ‘during’
- ‘until’
This type of estate automatically ends upon the occurrence of a specified event.
What are the future interests associated with a ‘Fee simple determinable’?
- Possibility of reverter (goes to grantor)
- Executory interest (goes to third party)
These interests determine who receives the property if the fee simple determinable is terminated.
What is the ‘Rule Against Perpetuities’ (RAP)?
No interest in property is valid unless it must vest within 21 years after some life in being at the creation of the interest.
This rule limits the duration of future interests to prevent indefinite control over property.
What are the types of concurrent estates?
- Tenancy in Common
- Joint Tenancy
- Tenancy by the Entirety
These types define how property is owned by multiple parties.
What are the four unities required for Joint Tenancy?
- Unity of Time
- Unity of Title
- Unity of Interest
- Unity of Possession
These unities must be present for a joint tenancy to be valid.
What is the implied warranty of habitability?
An obligation of the landlord to maintain rental properties in a habitable condition.
This applies only to residential leases.
What is ‘adverse possession’?
- Continuous for statutory period
- Actual possession
- Open and notorious use
- Hostile use
- Exclusive use
This legal doctrine allows a person to claim ownership of land under certain conditions.
What must a land sale contract include to satisfy the Statute of Frauds?
The contract must be in writing.
Exceptions may apply, such as part performance.
What is ‘equitable conversion’?
The process where the seller’s interest becomes personal property after the contract is signed, placing the risk of loss on the buyer.
This occurs before the closing of the sale.
What is the difference between assignment and subletting?
Assignment is a complete transfer of the remaining lease term, while subleasing is a partial transfer.
Both require consideration of the lease terms.
What is a ‘quitclaim deed’?
A deed that transfers whatever interest the grantor has in the property without any warranties.
It offers the least protection to the grantee.
Fill in the blank: A __________ is a complete transfer of the remaining lease term.
[assignment]
True or False: A tenant has the right to make repairs and seek reimbursement from the landlord.
False
Tenants generally do not have a right to reimbursement for improvements; they may seek credit during partition.
What are the remedies available if a defect in title remains at closing?
- Rescission with recovery of costs
- Suing for breach
- Specific performance with abatement of purchase price
These remedies address issues regarding marketable title.
What is the ‘shelter rule’ in property law?
One who takes title from a bona fide purchaser (BFP) is protected by that status.
This rule protects subsequent purchasers in certain situations.
What does ‘tenancy at will’ mean?
A tenancy that may be terminated by either party at any time.
This type of tenancy does not have a fixed duration.
What is the general rule for conflict of laws in property disputes?
The law applied by the forum court should be determined by the conflict-of-laws rule of the state where the property is located.
This ensures consistency in property law application.
What is a disguised mortgage?
A transfer that may appear as a sale but is actually a mortgage, typically evidenced by an obligation created prior to or simultaneously with the deed transfer.
This can occur in conditional sale and repurchase agreements.
What is the effect of a due-on-sale clause?
It prevents the mortgagor from transferring the property without lender consent, thereby maintaining the lender’s security interest.
What happens when a transferee assumes a mortgage?
The transferee becomes liable for the mortgage, but the original mortgagor remains liable as well.
What is the equity of redemption?
The right of a mortgagor to pay off the debt with interest before foreclosure to avoid losing the property.
