Property

Question 1

What is Adverse Possession?

Answer 1

A legal doctrine under which a person can acquire ownership of another’s land by openly, notoriously, exclusively, continuously, and hostilely possessing it for a statutory period.

This doctrine is often invoked in property law to resolve disputes over land ownership.

Question 2

What is an Assignment (Lease)?

Answer 2

The transfer by a tenant of their entire remaining interest in a leasehold to a third party.

This allows the assignee to step into the shoes of the original tenant.

Question 3

Define Bona Fide Purchaser (BFP).

Answer 3

A buyer who purchases property for value without notice of any prior adverse claims or interests.

This status provides certain protections against claims on the property.

Question 4

What is the Chain of Title?

Answer 4

The sequence of historical transfers of title to a piece of real property from the present owner back to the original owner.

It is crucial for establishing clear ownership.

Question 5

What does Covenant Running with the Land mean?

Answer 5

A promise concerning the use of land that binds not only the original parties but also their successors in interest.

This concept is important in real estate transactions.

Question 6

What is a Deed?

Answer 6

A written instrument that conveys legal title to real property from a grantor to a grantee.

It is essential for transferring ownership of property.

Question 7

Define Easement.

Answer 7

A nonpossessory right to use another person’s land for a specific purpose.

Easements can be for utilities, access, or other specific uses.

Question 8

What is an Equitable Servitude?

Answer 8

A restriction on the use of land that is enforceable in equity against subsequent owners who have notice of the restriction.

This is typically used to enforce community standards.

Question 9

What is Fee Simple Absolute?

Answer 9

The highest form of property ownership, granting the owner unlimited rights to possess, use, and transfer the property.

It is the most complete interest one can have in real property.

Question 10

What characterizes Fee Simple Determinable?

Answer 10

A present possessory estate that automatically terminates upon the occurrence of a specified event or condition, reverting the property to the grantor.

This creates a future interest for the grantor.

Question 11

What is a Fixture?

Answer 11

Personal property that has become so attached to real property that it is considered part of the real estate.

Common examples include built-in appliances and lighting.

Question 12

Define Foreclosure.

Answer 12

A legal process by which a lender sells a mortgaged property to satisfy the outstanding debt when the borrower defaults.

This process often involves a court proceeding.

Question 13

What is Joint Tenancy?

Answer 13

A form of co-ownership characterized by the four unities (time, title, interest, possession) and the right of survivorship.

Upon the death of one tenant, the surviving tenant(s) automatically inherit the deceased’s share.

Question 14

What does a Lease entail?

Answer 14

A contract between a landlord and a tenant granting the tenant the right to possess and use the landlord’s property for a specified period.

Leases can vary in terms and conditions.

Question 15

Define Life Estate.

Answer 15

A present possessory estate whose duration is measured by the life of a specified person (the life tenant).

Upon the life tenant’s death, the property passes to the remainder person.

Question 16

What is Marketable Title?

Answer 16

Title to real property that is free from reasonable doubt and legal defects, allowing a purchaser to possess the property without fear of future legal challenges.

This is a standard requirement in real estate transactions.

Question 17

What is a Mortgage?

Answer 17

A legal agreement that creates a lien on real property as security for a loan.

The lender can foreclose if the borrower defaults.

Question 18

What is Nonconforming Use (Zoning)?

Answer 18

A use of property that was lawful under prior zoning regulations but no longer conforms to the current zoning ordinance.

This often requires a variance to continue operating.

Question 19

What does Notice (Recording) refer to?

Answer 19

Actual or constructive knowledge of a prior interest in real property.

Recording provides public notice and protects against claims.

Question 20

Define Periodic Tenancy.

Answer 20

A leasehold estate that continues for successive periods (e.g., week-to-week, month-to-month) until terminated by proper notice.

This type of tenancy does not have a fixed end date.

Question 21

What is Privity of Estate?

Answer 21

A legal relationship between parties who hold successive or concurrent interests in the same property, such as landlord and tenant or grantor and grantee.

This relationship is essential for enforcing lease obligations.

Question 22

What does Profit a Prendre mean?

Answer 22

A nonpossessory right to enter another’s land and remove natural resources (e.g., timber, minerals).

This right can be granted by deed.

Question 23

What is a Quitclaim Deed?

Answer 23

A deed that conveys whatever interest the grantor has in the property but provides no warranties of title.

It is often used to clear up title issues.

Question 24

What are Recording Statutes?

Answer 24

State laws that establish a system for recording real property conveyances to provide public notice of ownership and encumbrances.

These statutes help protect property rights.

Question 25

What is a Remainder?

Answer 25

A future interest that is capable of becoming possessory immediately upon the natural termination of a prior life estate. ## Footnote Remainders can be vested or contingent.

Question 26

Define Reversion.

Answer 26

A future interest retained by the grantor after conveying a lesser estate (e.g., a life estate) and that becomes possessory when the lesser estate terminates naturally. ## Footnote This reverts the property back to the grantor or their heirs.

Question 27

What is the Right of Reentry (Power of Termination)?

Answer 27

A future interest retained by a grantor who conveys a fee simple subject to a condition subsequent, allowing the grantor to terminate the grantee's estate upon the occurrence of the condition. ## Footnote This right must be exercised within a reasonable time.

Question 28

What is the Rule Against Perpetuities (RAP)?

Answer 28

A common law rule that prevents property interests from being tied up indefinitely in the future by requiring that they must vest or fail within a certain period (typically 21 years after the death of someone alive when the interest was created). ## Footnote This rule aims to promote the free transferability of property.

Question 29

What does Severance (Joint Tenancy) mean?

Answer 29

An act that destroys one of the four unities of a joint tenancy, converting it into a tenancy in common. ## Footnote This can occur through sale or transfer of interest.

Question 30

What is the Statute of Frauds?

Answer 30

A statutory requirement that certain types of contracts, including those involving the sale of land and leases exceeding one year, must be in writing and signed by the party to be charged to be enforceable. ## Footnote This statute aims to prevent fraud in contractual agreements.

Question 31

What is a Sublease?

Answer 31

A transfer by a tenant of a portion of their leasehold interest to a third party (the sublessee), with the original tenant retaining a reversionary interest. ## Footnote The original tenant remains liable for the lease obligations.

Question 32

Define Tenancy at Sufferance.

Answer 32

A type of tenancy that arises when a tenant remains in possession of the property after the expiration of their lease without the landlord's permission. ## Footnote The landlord can initiate eviction proceedings.

Question 33

What is a Tenancy at Will?

Answer 33

A leasehold estate that has no fixed term and can be terminated by either the landlord or the tenant at any time. ## Footnote This type of tenancy is often informal.

Question 34

Define Tenancy in Common.

Answer 34

A form of co-ownership where two or more people hold separate but undivided interests in the property; there is no right of survivorship. ## Footnote Each tenant can transfer their interest independently.

Question 35

What is a Variance (Zoning)?

Answer 35

Permission granted by a zoning authority to an owner to use or develop property in a way that deviates from the strict requirements of the zoning ordinance. ## Footnote Variances are often granted for practical difficulties.

Question 36

What is a Warranty Deed (General)?

Answer 36

A deed that contains covenants or warranties of title, assuring the grantee against certain defects in the title. ## Footnote It provides the highest level of protection for the buyer.

Question 37

Define Waste.

Answer 37

Conduct by a possessory tenant that permanently impairs the value or condition of the property to the detriment of those holding future interests. ## Footnote This can lead to legal action by the landlord or future interest holders.

Question 38

What does Zoning refer to?

Answer 38

The division of land into districts by local governmental regulations that specify permitted uses, building sizes, and other development standards. ## Footnote Zoning laws help control urban development and land use.

Question 39

What is a fee simple subject to a condition subsequent?

Answer 39

A fee simple subject to a condition subsequent continues until the stated condition occurs and the grantor takes action to terminate the estate by exercising their right of reentry.

Question 40

What is a fee simple determinable?

Answer 40

A fee simple determinable automatically ends upon the occurrence of the stated condition, reverting the property to the grantor (or their successor) due to a possibility of reverter.

Question 41

What does the Rule Against Perpetuities (RAP) state?

Answer 41

The RAP prevents property interests from being tied up indefinitely in the future, stating that an interest must vest or fail no later than 21 years after the death of someone alive when the interest was created. ## Footnote Example: 'to A and her heirs as long as the land is used for a farm, then to B and his heirs' might violate RAP depending on when and if the condition ceases.

Question 42

What are the four unities of a joint tenancy?

Answer 42

The four unities are time (interests created at the same time), title (acquired by the same instrument), interest (equal shares), and possession (right to possess the whole).

Question 43

What is the right of survivorship in a joint tenancy?

Answer 43

The right of survivorship means that upon the death of one joint tenant, their interest automatically passes to the surviving joint tenant(s), not to their heirs or devisees.

Question 44

What is the law of the situs?

Answer 44

The law of the situs is the law of the state where the real property is located, governing real property disputes.

Question 45

What is in rem jurisdiction?

Answer 45

In rem jurisdiction allows a court to exercise authority over property located within its state, even if it lacks personal jurisdiction over the individuals claiming an interest in the property.

Question 46

What is a tenancy for years?

Answer 46

A tenancy for years has a fixed and ascertainable duration, terminating automatically at the end of the agreed-upon term without the need for notice.

Question 47

What is a periodic tenancy?

Answer 47

A periodic tenancy has a repetitive term (e.g., month-to-month) with no fixed end date and automatically renews until proper notice of termination is given.

Question 48

What is an assignment in lease terms?

Answer 48

An assignment occurs when a tenant transfers their entire remaining leasehold interest to a third party (the assignee), creating privity of estate between the landlord and the assignee.

Question 49

What is a sublease?

Answer 49

A sublease occurs when a tenant transfers only a portion of their leasehold interest to a third party (the sublessee), retaining a reversionary interest.

Question 50

What are the elements of adverse possession?

Answer 50

The elements include: actual possession, exclusive possession, open and notorious possession, hostile possession, and continuous possession.

Question 51

What are the three essential elements of a valid deed?

Answer 51

The three essential elements are: written instrument, grantor's signature, and delivery to the grantee with the intent to transfer title.

Question 52

What is the granting clause in a deed?

Answer 52

The granting clause contains words indicating a present intent to transfer the property interest (e.g., 'grant,' 'convey').

Question 53

What is required for a property description in a deed?

Answer 53

The property description must be reasonably definite to identify the land being conveyed, although extrinsic evidence may be used to clarify ambiguities.

Question 54

What is a notice statute?

Answer 54

Under a notice statute, a subsequent bona fide purchaser prevails over the prior unrecorded interest holder, regardless of whether they record their deed.

Question 55

What is a race-notice statute?

Answer 55

Under a race-notice statute, a subsequent bona fide purchaser prevails only if they record their deed before the prior interest holder does.

Question 56

What is a real covenant?

Answer 56

A real covenant is a written promise concerning the use of land that runs with the land, binding subsequent owners.

Question 57

What are the two requirements for the burden of a real covenant to run?

Answer 57

The two requirements are: intent (the original parties intended the covenant to bind successors) and touch and concern (the covenant must relate to the use, enjoyment, or value of the burdened land).