Property Flashcards
1
Q
Adverse Possession
A
One who wrongfully enters prop excludes gov’t owned land
2
Q
Req Adverse Possession
A
Continuous
Open and Notorious
Hostile
Exclusive
3
Q
Continuous AP
A
For statutory period (CL 20 yrs)
Seasonal or infrequent if
Consistent w/ type of property
4
Q
Open & Notorious AP
A
Used in manner such that
Reasonable true owner on notice
Seasonal sufficient if intended use
5
Q
Hostile AP
A
W/ out true owner’s consent Ignores state of mind (Maj) Good Faith (Min) Hostile if thinks rightful owner Bad Faith (Min) Knows not his
6
Q
Exclusive AP
A
Excludes owner and general public
7
Q
Tacking AP
A
Can tack on predecessor’s time to
Satisfy statutory period if relationship
Such as transfer, contract, or deed
8
Q
Disabilities AP
A
SOL stayed for true owner at time AP began
Infancy, insanity, prison at time AP began
9
Q
Color of Title (SoF) AP
A
SoL ran and entered w/ belief owned
Acquires AP for whole prop if significant portion
10
Q
Formation of Sale of Land K
A
Requires offer, acceptance, and consid
11
Q
Statute of Frauds Sale of Land
A
Writing Signed by party to be charged Essential terms: Parties Description of property Price and payment info
12
Q
Exceptions Statute of Frauds Sale of Land
A
Part Performance (need two): Payment Possession Improvements Detrimental Reliance (Estoppel): Reasonably relied upon k AND Would suffer detrimental hardship Admission Rescission: can be oral
13
Q
Risk of Loss and Equitable Title
A
Buyer Liable unless
Deed states otherwise
14
Q
Marketable Title
A
Implied covenant title
Free from unreasonable risk of litigation
Have until closing to cure
15
Q
Time of Essence Sale of Land
A
No Unless k specifically states
16
Q
Merger Sale of Land K
A
K merges w/ deed
Extinguish all rights/obligations
Under k and following only
Terms under deed
17
Q
Types of Deeds
A
General warranty deed
Special warranty deed
Quitclaim deed
18
Q
General warranty deed
A
Protects against all 6 warranties
For all defects
19
Q
Special warranty deed
A
Protects against 6 warranties
For all defects caused by grantor
20
Q
Quitclaim deed
A
No warranties and
Receives same as grantor held
21
Q
Covenants to Deeds
A
Seisin Right to convey Against Encumbrances Quiet Enjoyment Warranty Further Assurances
22
Q
Req of Deed
A
Identify Parties Signed by Grantor (SoF) Words of Transfer Sufficient description of property Delivery Acceptance
23
Q
Delivery of Deed
A
Retained by grantor, presumed no transfer
Given to 3rd party, once given ownership retroactive
Given to grantee, presumed valid
24
Q
Acceptance of Deed
A
Presumed with land
25
Implied Warranty of Fitness or Suitability
Defects in new construction
Used adequate materials and good
Workmanship in working on residence
26
Duty to Disclose Defects
Material physical defects:
Material if substantially affects value
Safety of occupants or desirability
Not readily observable
27
What Recording Acts Attach to
Deeds, mortgages, leases, options,
| Judgment affecting title
28
Types of Recording Acts
Race
Notice
Race/Notice
29
CL Recording
First in time, first in right
30
Shelter Rule
Take as if subsequent purchaser
31
Estoppel by Deed
Transfers when not owned
| Cannot repossess once owned
32
Mortgages
Security device used to secure payment of debt owed by party (mortgagor) to lender (Mortgagee)
33
Majority Lien Theory Mortgages
Borrower treated as owner
| Lender holds lien
34
Minority Title Theory Mortgages
Lender treated as owner
35
Purchase Money Mortgage
Loan obtained for purpose of
| Purchasing property
36
Future Advance Mortgage
Line of credit or second mortgage after
| Property purchased
37
Deed of Trust
Delivers title to 3rd party (Tee)
| Until note paid
38
Installment Land Contract
```
Seller retains title until pmt
CL: if buyer breaches
Seller keeps installments and land
ML: some JDX must foreclose, or
Redemption, or restitution
```
39
Absolute Deed
Transfer of title for loan
| Prove by clear and convincing evidence
40
Conditional Sale and Repurchase
Sells to lender who leases back
| W/ option to repurchase when paid
41
Transfer of Mortgage By mortgagor/borrower
```
Liability of mortgagor
Remains liable
Liability of transferee
If assumes, personally liable
Takes subject to, not personally liable
Default
```
42
Due On Sale Clause
Lender demand full pmt on transfer
43
Transfer of Mortgage By mortgagee/lender
Mortgage follows note
44
Foreclosure
Forced sale of asset to pay debt when
| Mortgagor in default
45
Types of Foreclosure
```
Judicial sale (by court)
Power of sale (auction by mortgagee)
```
46
Equity of Redemption
Right of mortgagor to reclaim and
Prevent foreclosure by paying in full
Statutory Redemption
47
Deed in lieu of foreclosure
Convey property in exchange for release
48
Deficiency from Foreclosure
Responsible for remaining after foreclosure
49
Mortgage Priority
First in time
50
Exceptions of Mortgage Priority
```
Purchase money mortgage
Recording act
Subordination agreement
Mortgage modifications: do not change priority unless sub burdens
Future-advance mortgages
After-acquired property
```
51
Easement
Right by one to make specific, limited
| Use of land owned by another
52
Types of Easement
Appurtenant
In Gross
Affirmative
Negative
53
Express Easements
Grant
| Reservation
54
Grant Express Easements
Created by parties in writing
55
Reservation Express Easements
Conveys land but
| Reserves easement for him/herself
56
Implied Easements
By implication
By Necessity
Prescriptive
Easement by Estoppel
57
Easement By implication
Prior use
Continuous and apparent after severance
Reasonably necessary to dominant land
58
Easement By Necessity
Common ownership in past
| Strict necessity at severance
59
Prescriptive Easement
AP minus exclusive
60
Easement by Estoppel
Permission by someone to use land
Continuous reasonable reliance
Permission is withdrawn and
Reliance was detrimental
61
Scope of Easement
Defined by first instance of its terms
Change in Scope:
Reasonableness standard
If exceeds, trespasser
62
Termination of Easement
```
END CRAMPS
Estoppel
Necessity ends
Destruction
Condemnation
Release
Abandonment
Merger
Prescription
Sub BFP
```
63
Release Termination of Easement
Written and comply with SoF
64
Abandonment Termination of Easement
Non-use PLUS
| Demonstrating intent
65
Merger Termination of Easement
Acquire full title to other property
66
Prescription Termination of Easement
Fails to protect against AP
67
Sub BFP Termination of Easement
No record, not enforceable
68
Profit Property
Non-possessory right to enter land AND
| Remove specific natural resources
69
License Property
Revocable non-possessory right to
| Enter land for particular purpose
70
Covenant Property
Promise restricting right to use property or
| Impose obligations on owner
71
Req of Covenant Property
```
WITCH VaN:
Writing
Intent
Touch and Concern
Horizontal (Burden Only)
Vertical
Strict (burden)
Relaxed (benefit)
Notice (Burden Only)
```
72
Termination of Covenant/Equitable Servitude
```
DREAM CC:
Destruction
Release
Estoppel
Abandonment
Merger FSA
Condemnation
Changed Circumstances
Purpose impossible to accomplish
```
73
Remedy of Covenant Prop
Damages
74
Req of Equitable Servitudes
```
WITN:
Writing
Intent
Touch and Concern
Notice (Burden Only)
```
75
Remedy of Equitable Servitude
Injunctive relief
76
Implied Reciprocal Servitudes
Planned scheme with mutual rights of enforcement
77
Req of Implied Reciprocal Servitudes
Common scheme
Negative servitude
Notice (AIR)
78
Remedy of IRS
Injunctive relief
79
Defenses to Covenants and Equitable Servitudes
```
Acquiescence
Changed Circumstances
Laches
Unclean Hands
Estoppel
```
80
Acquiescence Defenses to Covenants and Equitable Servitudes
Implied permission
81
Changed Circumstances Defenses to Covenants and Equitable Servitudes
Does not make sense due to
| Drastic changes in surrounding area
82
Laches Defenses to Covenants and Equitable Servitudes
Unreasonable delay in claim
| Prejudicial to defendant
83
Unclean Hands Defenses to Covenants and Equitable Servitudes
Engaged in same conduct
84
Common Interest Ownership Communities
```
Property owners’ associations:
Required to pay dues by owning property
Condominiums:
Required to pay fee for maintenance
And use of common areas
Cooperatives:
Owned by corp leases to shareholders
Share fees for taxes and maintenance
```
85
Existing Nonconforming Property Zoning
Occurs when zoning is changed and
Existing structure no longer complies
Grandfathered in but
Cannot expand or switch use
86
Post-Ordinance Nonconformity Zoning
Request to use property in
Existing non-conforming way
Variance or
Special Exception
87
Variance Zoning
Use:
Right use in manner not permitted
Area:
Restriction on manner property developed
88
Req of Variance Zoning
```
Result in unnecessary hardship
Circumstances unique to property
Not created by owner
Keeping w/ overall purpose of ordinance
Not substantial harm to general welfare
```
89
Special Exception Zoning
Receives a permit
90
Spot Zoning
Singles out for different treatment
91
Procedural Due Process Zoning
Right to receive hearing
Present evidence
Receive explanation
92
Dedication Zoning
Gives use to gov’t but retains fee owner
93
Riparian Water Rights
```
Water flowing through or adjacent to land
Reasonable Use:
Cannot transfer separate from land
Prior-appropriation Doctrine:
Can transfer separate from land
```
94
Lateral Support Rights
Excavates
Strictly liable for damage
Except: if contributed, then negligence
95
Subjacent Support Rights
Mineral rights owner strictly liable for failure to support
| Except: if contributed, then negligence
96
Air Rights
Reasonable use UNLESS
| Interferes with another’s reasonable use
97
Types of Tenancy
Term of Years
Periodic
At Will
At Sufferance
98
Term of Years Tenancy
Fixed and ascertainable time
| Auto expires at end of term
99
Periodic Tenancy
Repetitive, ongoing by set period
Auto renews each period
Notice before end of last period
Based on length of period
100
At Will Tenancy
No specified term
| 30 day notice
101
At Sufferance Tenancy
Holdover tenancy
102
Disputes of Tenancy
Pay Rent
Condition of Premises
Possession (Eviction)
Improvements (Fixtures)
103
Dispute Pay Rent Tenancy
Duty to pay
Look to agreement or RRV
Maj: reasonable effort to rerent
Min: no duty to mitigate
104
Defenses of Pay Rent Tenancy
```
Failure to Deliver Possession
Destruction
Constructive
Implied Warranty of Habitability
K concepts
Surrender and acceptance
```
105
Failure to Deliver Possession Defense to Pay Rent
Majority: legal and physical possession required
106
Destruction Defense to Pay Rent
CL: T responsible
ML: L responsible
107
Constructive Eviction Defense to Pay Rent
LL breaches duty to
Tenant that Substantially interferes
W/ T’s use and enjoyment
108
Req of Constructive Eviction
T notice
LL given time to fix
Vacates w/in reasonable time
109
Implied Warranty of Habitability Exception to Rent
Maintain such that property reasonably suited for residential use
110
Req of Implied Warranty of Habitability
```
Notice to LL
May
Terminate and move
Repair and deduct
Pay reduced rent and sue
```
111
Condition of Premises Exception to Rent
```
LL maintain common areas for defects AND
Make necessary repairs
T avoid Waste
Affirmative: voluntary
Permissive: negligent
Ameliorative: increases value
```
112
Possession Exception to Rent
CL: lock out and reasonable force
ML: no self help and use legal process
113
Retaliatory Eviction Doctrine
Cannot evict T for
Reporting housing code OR
Withholding rent due to habitability
114
Improvements Exceptions to Rent
CL: stay w/ prop if attached UNLESS
Trade fixture
ML: Remove if does not damage AND
Done before end of lease
115
Transfer by LL
LL can assign or delegate but requires supervision w/ out T approval
116
Assignment by Tenant
Complete transfer
New T: liable to LL
Old T: liable to LL
117
Sublease by Tenant
Partial transfer
New T: not liable to LL
Old T: liable to LL
118
Novation of Transfer Tenant
Release OG from liability
119
Present Interests Land
Fee Simple Absolute
Life Estate
Fee Simple Determinable
Fee Simple Subject to Condition Subsequent
Fee Simple Subject to an Executory Interest
120
Fee Simple Absolute
Largest possessory estate
Capable of lasting forever
“And his/her heirs”
121
Life Estate
Duration of life
Pur Autre Vie
Life of another
122
Obligations of Life Estate Tenants
Mortgage interest
Repairs reasonable
Taxes reasonable
No waste
123
Fee Simple Determinable
Limited by durational language
| “While, during, until, so long as, unless”
124
Fee Simple Subject to Condition Subsequent
Limited by conditional language
| “Provided that, on condition that, however if, but if”
125
Fee Simple Subject to an Executory Interest
Upon occurrence of particular event
| Auto passes to 3rd party
126
FI Transferor
Reversion
Possibility of Reverter
Right of Entry
127
Reversion
Future interest in grantor
| Follows life estates or estate for years
128
Possibility of Reverter
Follows FS determinable
| Auto reverts to grantor
129
Right of Entry
Follows FS Subject to Condition Subsequent
| Must exercise right
130
Doctrine of Worthier Title
Remainder in grantor’s heirs
131
FI Transferee
Remainder
| Executory Interest
132
FI Remainder
Future interest in 3rd party
Vested
Contingent
133
Vested Remainder
Not subject to condition
| Precedent AND ascertainable
134
Types of Vested Remainder
Vested Subject to Open
| Vested Subject to Complete Divestment
135
Vested Subject to Open
Class gift w/ one member vested
136
Rule of Convenience
```
Closes class when member
Entitled to immediate possession
```
137
Contingent Remainder
Unascertainable OR subject
| To condition precedent
138
Alternate Contingent Remainder
Two parties have contingent AND
| Pivots on same condition
139
Rule in Shelley’s Case
Prevents remainders in grantee’s heirs
140
Executory Interest
```
Upon occurrence of condition
Auto reverts to 3rd party
Springing
Divests interest of grantor
Shifting
Divests interest of grantee
```
141
Absolute restraint on alienation
Void
142
Rule Against Perpetuities
```
A life plus 21 years
Apply to:
Contingent Remainders
Executory Interests
Vested Subject to Open
```
143
Types of Concurrent Ownership
JT
TE
TC
144
JT
Two or more hold
Single, unified interest w/
Right of survivorship
145
Req of JT
```
PITT:
Possession
Interest
Title
Time
```
146
Severance of JT
```
Transfer
Title Theory Mortgage severs
Lease on whole prop to 3rd party
Split JDX
Ouster
Partition
```
147
TE
Only for married similar to JT
148
TC
No right of survivorship
Undivided interest w/ unrestricted access to prop
Default
149
Rights of Obligations of Concurrent Ownership
```
Ouster
Profits
Rent
Operating Expenses
Repairs and Improvements
```
150
Ouster
One co-tenant refuses to
| Allow access to another
151
Profits Concurrent Ownership
No required to share from use EXCEPT mining
152
Rent Concurrent Ownership
Must share received from 3rd parties
153
Operating Expenses Concurrent Ownership
Cannot collect for more than her portion
154
Repairs and Improvements Concurrent Ownership
No right to reimburse
