Property Flashcards
1
Q
fee simple absolute
A
own property, 100%, forever
2
Q
life estate
A
conveyance for life, has rights while alive, but NO WASTE
3
Q
grantor
A
reversion
4
Q
life tenant responsibilities
A
MUST pay interest and taxes
5
Q
remainder
A
comes after life estate
6
Q
vested remainder
A
you just get it, automatically get it, nothing stops you
7
Q
Contingent Remainder
A
something must happen to get it
8
Q
Vested Remainder Subject to Open (partial divestment
A
classes of people
9
Q
Vested Remainder Subject to Total Divestment
A
then to but something can happen that will wipe out interest
10
Q
Fee Simple Determination
A
SO LONG AS// AS LONG AS
11
Q
Possibility of Reverter
A
grantor gets it back automatically
12
Q
Fee Simple Subject to Condition Subsequent
A
“BUT IF” condition
13
Q
Right of Re-entry
A
Grantor must do something to re-enter
14
Q
Rule Against Perpetuities
A
interest must vest within 21 years in the life in being
15
Q
Questions to ask if RAPs?
A
Could you get it within 21 years? Maybe? Not RAP. Not sure, NO. DON’T DO THE MATH
16
Q
Executory Interest
A
violated RAPS, If property goes to someone else not grantor, violates RAPS, VOID interest
17
Q
Joint Tenancy
A
right of survivorship
18
Q
Conveying interest in Joint Tenancy
A
severs joint-tenancy into tenancy in Common, present conveyance
19
Q
Joint-Tenancy vs Will
A
Right of survivorship wins over the will
20
Q
One Joint Tenant Has a Debt
A
dies with persona, debt not with other Joint-Tenant
21
Q
Tenancy in Common
A
no right of survivorship
22
Q
Tenancy by the Entirety
A
joint-tenancy between married people, right of survivorship, ones spouse may not convey w/o other spouses’ consent. Severed by DIVORCE
23
Q
Right of a Tenant
A
i. Each tenant has right to whole property unless ouster
24
Q
Ouster
A
someone got kicked off
25
Partition
gets land divided, awarded unless it’s not practical
26
Contribution
Co-tenant who is paying the mortgage and the taxes may seek contribution from co-tenant, but if co-tenant is in sole possession, may only get extent that it exceeds the market value of the property
27
Rent
out of possession co-tenant may share in the rent and profits from property but cannot demand rent from tenant who is living on the land unless they are damaging the property
28
Repairs
co-tenant may not seek contribution for repairs on property, however if repairs necessary and requested but refused, co-tenant can get repairs
29
Improvements
one co-tenant may not seek contribution unless improvements increase rent or profits
30
Periodic Tenancy
has a start date, then period of time, generally renews unless there is a set end date, notice is required to terminate
31
Month to month Tenancy
1 month notice
32
Year to year Tenancy
6 months notice to vacate
33
Tenancy for Years
start date and a particular end date, no notice required.
34
Tenancy at will
no specific term until either party terminates, tenant needs reasonable amount of time
35
Tenancy at Sufferance
holdover tenant, parties will be bound by original terms of lease, tenancy ends with tenant leaves or gets kicked out
36
Landlord Duties
1. Give actual possession on the 1st day of lease term, if not, lease is done
2. Basic Repairs
3. Warranty of Habitability
4. Warranty of Quiet Enjoyment
37
Warranty of Habitability
if breach, tenant can refuse to pay rent, violation of codes, so oppressive that person cannot live on land
38
Warranty of Quiet Enjoyment
stopping other nuisance to disturb you so you can live on land, if not tenant can refuse to pay rent
39
Tenant Duties
1. Pay rent, unless Landlord breaches warranties or property is destroyed
2. No waste does not allow property to be destroyed, must give notice
3. Ordinary repairs -make themselves
40
Assignment
new tenant primarily liable for rent, original tenant secondarily liable unless ovation
41
Sublease
original tenant stays liable to original landlord
42
Fair Housing Act
prevents discrimination in sale or rental of property in a home based on race, color, religion, sex, disability, family status, or being pregnant
43
Fixture
property that if removed would cause damage
44
Conflict of Laws in states
law of state where the property is located WINS, unless deed says otherwise
45
Easement
allowing not or not allowing someone on property
46
Express Easement
in writing
47
Easement By Prescription
looks like adverse possession, open, notorious, hostile, no need for exclusivity
48
Easement by implication
applied by prior use, land divided into 2
49
Easement by necessity
no other way out
50
Ways to end easement
1. Agreement 2. Time expired 3. Merger 4. Abandonment
51
Merger of Easement
one owner buys and now owns both pieces of land
52
Abandonment
(1) nonuse and (2) show intent not to return
53
Covenant
grants right to do, or restricts right. Contract. Promise for promise. Governed by contract principals. ALWAYS A WRITING
54
Covenant Creation
always created by a writing
55
How do you know covenant runs with the land?
(1) writing (2) intent between parties (3) notice (4) privity (5) touch and concern the land
56
When will covenant not touch and concern land?
(1) Personal characteristic of individual, (2) a lease – it’s a contract
57
Equitable Servitude
looks like a restrictive covenant, this is actually an injunction
58
Implied reciprocal servitude
(other equitable servitude)– (1) common scheme + (2) notice , restrictions to all (gated community). ii. Restrictions keep on going as long as profile of community continues
59
License
freely revocable by grantor
| i. Exception – if coupled with interest then not revocable
60
Profit
take stuff from the ground
61
Taking
gov can take private property for public use and just compensation
62
Water Rights Reasonable Use
water can be used reasonably
63
Water Rights Crops
except in tenancy, runs with land
64
Excavation - undeveloped property
strict liability
65
Excavation - developed property
strict if damages would have happened anyway. if you let them then negligence standard
66
Nuisance
interference with reasonable person’s use of land and property
67
Public Nuisance
private plaintiff must prove special damages (otherwise gov makes it)
68
Common Interest Owned Community
lot owners must pay dues
69
Property Owners Association
owners required to belong and pay the dues
70
Condominium Association
created by statute, file a declaration, and plat (describing physical boundaries and common areas)
71
Condo Owners
own inside of unit, pay taxes, insurance, mortgage their own unit, own common areas as tenants in common with other owners
72
Condo Association Rules
reasonably related to further legitimate purpose of Association
73
Real Estate Contract
(1) intent to sell (2) basic contract terms (3) must be in writing (SoF)
74
Equitable Conversion
(1) equitable title + (2) risk of loss on buyer
| 1. day of signing, transfer of equitable interest, seller still has legal title. RISK OF LOSS shifts to buyer
75
Marketable Title
implied in EVERY real estate contract, free of encumbrances and liens
76
Real Estate Contract Merger
contents of real estate contract merge into the deed, after merger must sue on deed
77
Real Estate Contract Duty to Disclose
seller has duty to disclose defects that cannot be seen by buyer
78
Purchase Money Mortgage
the loan used to buy the property, land is collateral
| i. Always gets paid back 1st
79
Redemption
trying to get property back after foreclosure,
80
Equitable Redemption
(1) period of time from notice until foreclosure sale (2) NEVER WAIVED
81
Statutory Redemption
after foreclosure sale, not automatically gotten.
82
Lien Theory
resident has equitable interest, bank owns title, cannot sell
83
Joint-Tenancy in Lien Thoery
mortgage does NOT sever tenancy
84
Title Theory
resident has equitable interest, bank owns title, cannot sell
85
Joint-Tenancy in Title Theory
mortgage severs the joint tenancy into a tenancy in common
86
Subject to Mortgage
new buyer NOT liable for payments, old buyer owes no money but bank may still foreclose on old buyer
87
Assumption of Mortgage
new buyer takes over payment, old buyer as secondary still liable unless novation
88
Deed in Lieu of Foreclosure
giving deed to bank immediately instead of waiting for foreclosure
89
Effect on Foreclosure sale
any junior mortgage will be wiped out as long as (1) notice given and (2) junior interests joined the suit
90
Deficiency Sale
amount money not recovered from sale may be recovered from original buyer, amount recovered is what was owed after foreclosure sale
91
Installment Contract
title only transfers after the entire contract balance is paid, if buyer defaults, seller may retake unless foreclosure proceeding rules that supersedes. Seller does not have to give marketable title until final payment
92
Deed
legal title
93
Warranty Deeds
6 warranties, 3 present, 3 future
94
3 present warranties
breached on day of closing
1. Right to Seisin – own
2. Right to Convey
3. Right - Covenant against encumbrances
95
3 future warranties
will last forever
1. Quiet enjoyment – no problem
2. Warranty – defend
3. Further assurances – fix defects
96
General Warranty Deed
title good since forever
97
Special Warranty Deed
all good since current owner had title
98
Quitclaim Deed
no promises
99
Valid Deed Requirements
i. Writing ii. Delivery iii. Acceptance iv. Merger
v. Legal Description of property
vi. Identifiable grantees
100
Deed Delivery
from seller to buyer (1) intent, give up all control
101
Deed Acceptance
is presumed, unless facts say otherwise
102
Deed Merger
contract merges with deed
103
Ademption
land left in will but during life, sold to someone else. Get nothing at death
104
Lapse
if left something in will but you die before me, the your part goes back to residuary estate
105
Adverse Possession
if elements met you get title, squatter (1) continuous for statutory period of time(2) actual, open, and notorious (3) hostile (4) exclusive.
106
Tacking
when squatter intentionally gives right to someone else
107
Executing a Deed - signatures
agent for the grantor may sign a deed on behalf of a grantor, but the authority granting the ability to do it has to be in writing
108
Notice Statute
last BFP wins "SUBSEQUENT PURCHASER FOR VALUE WITH NO NOTICE"
109
BFP
(1) pays value (2) no notice // bank/mortgagee is a BFP
110
Not a BFP
(1) gift (2) will (3) adverse possession (4) creditor
111
Race Statute
1st to record wins
112
Race-Notce Statutes
1st BFP who recorded
113
Shelter Rule
someone who would normally lose will win because the previous grantor will prevail, sheltered by the BFP
114
Wild Deed
out of the chain of title, no double dealing.
115
After-Acquired Title
(1) when grantor intends to convey but doesn’t have full title, (2) title automatically goes to end grantee when title is fixed.
116
Dedication of land for public use
(i) dedication, and (ii) acceptance
117
Offer of dedication
i) a written or oral statement, (ii) the submission of a map or plat showing the dedication, or (iii) the opening of the land to public use
118
Offer of acceptance
(i) a formal resolution, (ii) the approval of the map or plat, or (iii) the actual assumption of maintenance or construction of improvements.
