Property Flashcards
What is a fee simple determinable?
A fee simple determinable is an estate where the grantor retains a possibility of reverter, which becomes possessory immediately upon the happening of a designated event.
What is a typical formulation for creating a fee simple determinable?
To School, so long as it uses Blackacre only to teach children age 5 to 13.
What defines a fee simple on condition subsequent?
In a fee simple on condition subsequent, the grantor may have a right of entry for condition broken, depending on court interpretation.
Provide a typical formulation for a fee simple on condition subsequent.
To School, but if School does not use Blackacre only to teach children 5 to 13, then the grantor may reenter and reclaim Blackacre.
How do courts typically handle ambiguous deed language?
Courts construe the instrument to effectuate the grantor’s intentions, often preferring fee simple on condition subsequent.
What is a vested remainder?
A vested remainder is a future interest that is devisable and passes to the devisee of the interest under the deceased remainderman’s will.
What is a survivorship contingency in a will?
A survivorship contingency applies at the termination of interests that precede distribution of the remainder.
What are the requirements for an implied easement by prior use?
- Both parcels must have been owned by the same person
- The prior use must have benefitted the other property
- The prior use must have been apparent
- The prior use must have been continuous
- The prior use must have been reasonably necessary.
What is the first-in-time, first-in-right principle?
Under common law, a grantor can only convey rights in land that the grantor had at the time of conveyance.
What are the types of recording statutes?
- Race
- Notice
- Race-Notice
What is a wild deed?
A wild deed is a deed recorded outside the chain of title and does not provide constructive notice to a subsequent purchaser.
List the six covenants of title in a warranty deed.
- Covenant of seisin
- Right to convey title
- No encumbrances of title
- Covenant to fight against lawful claims of title
- Full assurances
- Quiet enjoyment
What does the Doctrine of Merger state?
The sales contract merges into the deed, and the deed ultimately controls.
What is the implied warranty of habitability?
The implied warranty of habitability requires that the property be reasonably suitable for human residence.
What is required for a joint tenancy under common law?
There must be unity of time, title, interest, and possession, as well as a right of survivorship.
What happens if a joint tenancy is severed?
If a joint tenancy is severed, the tenants become tenants in common.
What is constructive eviction?
Constructive eviction occurs when a landlord breaches a duty to the tenant, causing a loss of substantial use and enjoyment of the premises.
What does the Fair Housing Act of 1968 prohibit?
It is unlawful to refuse to rent a dwelling based on race, color, sex, religion, familial status, or national origin.
What is the difference between taking property subject to a mortgage versus assuming a mortgage?
- Subject to: Buyer is not personally liable for the debt
- Assuming: Buyer is personally liable and becomes the primary debtor.
What is a quitclaim deed?
A quitclaim deed contains no warranties of title, and the buyer has no claim against the seller for encumbrances.
