Property

Question 1

What is Exoneration?

Answer 1

The right of a surety to compel the mortgagee to proceed first against the PERSON or PROPERTY primarily liable. (Must be without notice of the mortgage).

Question 2

Make Future Interests card.

Answer 2

.

Question 3

Rule Against Perpetuities applies to:

Answer 3

Contingent Remainders

Executory Interests

Class Gifts

Powers of Appointment

Options to Purchse (Fee Options

Rights of First Refusal

Question 4

What is a Joint Tenancy

Answer 4

1) 4 unions - time, title, interests & Possession
2) Survivorship - estate passes to the survivor

Question 5

When does a JT become a Tenancy in Common

Answer 5

1) Conveyance
2) Mortgage under title theory
3) Lease
4) Partition
5) Execution sale by judgment creditor

Question 6

How does a PENDING partition action affect ownership?

Answer 6

It must be a FINAL partition judgment to affect ownership. If pending and dies, it dies with them.

Question 7

Define LIcense

Answer 7

A revocable personal privilege to enter the servient tenement of the licensor without liability for trespass.

Question 8

Define Profit

Answer 8

The right of one perosn to come onto the land of another and TAKE some part thereof.

Question 9

What is an easement?

Answer 9

A non-possessory interest in the USe of land of another.

Question 10

What is an easement in gross?

Answer 10

1) no dominant tenement
2) do not run with the land.

Question 11

What is an easement appurtenant?

Answer 11

1) 2 parcels (benefited - dominate; burdened - servient)
2) do run with the land.

Question 12

How can an easement terminate?

Answer 12

1) merger - unity of ownership
2) written release
3) end of necessity
4) abandoment (a. intent; b. physical act)

Question 13

How can an easement be created?

Answer 13

1) expressly in writing;
2) reservation in grantor;
3) estoppel;
4) implication (necessity)
5) prescription.

Question 14

What are the duties of the dominant tenant?

Answer 14

Right to inspect, maintain, and imporove the easement and there is NO liability for damages caused through reasonable repair and maintenance.

Question 15

Describe an easement by implication/necessity.

Answer 15

1) no writing;
2) common grantor;
3) quasi - easement
4) necessity
a. reasonable where the GRANTEE receives the dominant tenement
b. Absolute (strict) where the GRANTOR retains the dominant tenement.

Question 16

What is the English rule regarding possession?

Answer 16

LL has a duty to delvier possession at the leace inception (american rule is contra - T2 only has a cuase of action against holdover T1)

Question 17

Describe liability for subjacent and lateral support

Answer 17

Landowner is strictly liable if his execuvation causes unimproved adjacent land to subside.

Question 18

Describe the caveat for boundary line agreements.

Answer 18

Valid if:

1) parties are UNAWARE of true boundary line;
2) parties AGREE as to location
3) POSSESSION that conforms to the agreement.

Question 19

What take precedent in the rules of construction?

Answer 19

Monuments prevail over courses and distances

Question 20

What is required for a valid deed?

Answer 20

1) proper execution; and
2) intent.

* actual deliver is not required*

Question 21

Describe equitable conversion under the common law?

Answer 21

Risk of loss for casualty is placed on the BUYER during the executory period.

The BUYER is the equitable owner of the LAND, whereas the SELLER, who holds legal title, is the equitable owner to the RIGHT TO THE FULL PURCHASE PRICE.

Question 22

What is the Uniform Vendor & Purchaser’s Risk Act?

Answer 22

Risk of loss is on BUYER only if he had LEGAL TITLE or POSSESSION of the property.

Question 23

Describe the implied warranty of marketable title?

Answer 23

Every contract for the sale of land contains an implied warranty of marketable title.

Encumbrances

1) mortgage
2) lien
3) easement
4) lease
5) equitable servitude
6) zoning violation
7) future interest

Question 24

What are the three requirements for a BFP

Answer 24

1) pays value
2) takes in good faith
3) takes WITHOUT notice (key MBE element)

Question 25

What are the 3 types of recording statutes?

Answer 25

1) Race - 1st to record wins.
2) Notice - Last BFP wins
3) Race/Notice - 1st BFP to record wins.

Question 26

What is a purchase money mortgage?

Answer 26

A purchase money mortgage takes priority over other prior mortgages, regardless of recording statutes. The PMM itself, however, MUST be recorded.