Property Intro Cards Flashcards
What is an estate?
A legal interest in real property
What is real property?
Land, buildings, and anything affixed to it.
What is a present possessor estate?
A current right of possession in real property (freehold or non freehold)
Possession of property includes the right to: (i) _______, (ii) _________; and (iii) __________
(i) use the property lawfully; (ii) transfer possession to another; (iii) exclude others from the property.
Freehold estates are possessed __________.
Indefinitely
The three types of freehold estates are:
(i) fee simple; (ii) life estate; and (iii) fee tail.
A non-freehold estate confers possession for a limited ______ or _______.
Time or will.
The four types of non-freehold estates are:
(i) an estate for years (fixed term); (ii) tenancy at will; (iii) periodic tenancy; and (iv) tenancy at sufferance
Future interests in an estate confer a right or possibility of ________ _______.
Future possession.
The five types of future interests in an estate include:
(i) possibilities of reverter; (ii) rights of entry or powers of termination; (iii) reversions; (iv) remainders; and (v) executory interests.
A property is transferable if it can be moved from ____ ____ __ _____.
One person to another.
A devisable transfer interest in an estate may be transferred __ ______.
At will
A descendible transfer interest in an estate may be transferred by ______ ________.
Intestate succession.
An alienable inter vivos interest in an estate can be transferred during ___ ______ _________.
During the grantor’s lifetime.
The four types of fee simple estates are:
(i) fee simple absolute; fee simple subject to a condition subsequent; (iii) fee simple determinable; and (iv) fee simple subject to an executory limitation
What does it mean for an estate to be defeasible?
It can be terminated under certain conditions
A fee simple estate is absolute when (i) _________, it has no definite ______ _____, (iii) it is created when a grantor who holds the estate transfers the _______ estate to another; and it is (iv) _______, ______, and ______ _____ _______.
(i) indefeasible (it cannot be cut short by another estate); (ii) ending date; (iii) entire; (iv) devisable, descendible, and alienable inter vivos.
A fee simple estate is determinable when (i) it is _________; (ii) has no definite ending date, but will end if a ______ ______ occurs; (iii) it is followed by the possibility of _______; (iv) it includes language about ____ of _______; (v) it terminates __________ on the occurrence of the ______ ________ and reverts to the grantor; and (vi) is is _______, ___________, and _______ ______ ________.
(i) defeasible (it can be cut short); (ii) specified condition; (iii) reverter; (iv) duration of time; (v) automatically on the occurrence of the specified conditions; (vi) is devisable, descendible, and alienable inter vivos.
An estate is fee simple subject to condition subsequent (FSSCS) if (i) it is _________; (ii) it has no definite ending date, but it will end if the grantor ________ to _____ _________ when a specified condition occurs; (iii) it is followed by a _____ of ______; (iv) it is created with _______ language; (v) it terminates if the grantor chooses, upon a specific condition occurring, to _____ the ____ and ____ ________; and (vi) it is ____, _______, and ______ _____ ______.
(i) defeasible (can be cut short); elects to take repossession; (iii) right of entry; (iv) conditional language; (v) enter the land and take repossession; (vi) is devisable, descendable, and alienable inter vivos.
An estate is fee simple subject to executory limitation when it passes to someone (i) _____ ____ ___ _____ when some condition occurs. The recipients future interest is an (ii) __________ interest.
(i) other than the grantor; (ii) executory
An estate is fee tail when it keeps land with a (i) _____ line by conveying “to X and the (ii) _____ of his body.” Fee tail has been abolished in most states.
(i) family; (ii) heirs
A (i) ____ ______ is a present possessory interest that lasts until the end of a specified person’s (ii) _____ and then terminates automatically.
(i) life estate; (ii) life
The estate holder of a life estate is called a ____ _____.
Life tenant.
A life estate measured by a third party’s life is a life estate ___ ____ _____
pur autre vie.
A typical conveyance of a life estate is: “to X for ____”
life
If the land returns to the grantor on the termination of a life estate, the grantor holds a ________ interest.
Reversion.
If the land passes to someone else on the termination of a life estate, the person to whom the land passes holds a __________ interest.
Remainder
If a life estate does not specify who receives possession on termination, the court will assume what?
It reverts to the grantor.
Are life estate reversions and remainders transferrable?
In most states, yes.
Is a life estate devisable (it can be transferred at will)?
No
Is a life estate descendable?
No.
Is a life estate alienable inter vivos (conveyed during the grantor’s lifetime)?
Yes. It is terminated if the grantor dies. A grantee of a life estate accepts the estate pur auto vie (based on the grantor’s life).
A life tenant has the right to use the property as a fee simple owner would, except that he cannot (i) commit ______, which is the filature to exercise ordinary care in the use of the premise, causing material and permanent injury to the land (beyond normal wear and tear).
Waste.
A life tenant commits ______ _______ when he fails to maintain the property.
Permissive waste.
A life tenant commits ____ _____ when he makes alterations that materially decrease the property’s value
Voluntary waste
A life tenant commits (i) ________ ________ when he significantly alters the character of the property, even if doing so (ii) __________ the value.
(i) Ameliorative waste; (ii) increases
A (i) ________ is a future interesting priority that (ii) _______ back to the original (iii) __________ upon the occurrence of a future event or termination of the current holder’s tenancy.
(i) reversion; (ii) reverts; (iii) grantor
A reversion occurs when a grantor conveys ______ of his possessory estate.
Part
A (i) __________ is a future interest in real property that becomes a present interest when the holder of a (ii) _____ ______, fee tail, or (iii) _____ of _____ dies.
(i) remainder; (ii) life estate; (iii) term of years
A remainder in an estate is created at (i) ____ ____ ____, by (ii) ____ _____ ______ as the prior estate; (iii) it _________ becomes possessory on the termination of the prior estate; (iv) it is never held by the ______; (v) it follows a ___ _____, term-of-years, or ____ _____; and it conveys a _____ _______, ______ ________, or an estate for years.
(i) the same time; (ii) the same instrument; (iii) immediately; (iv) grantor; (v) fee tail, life estate, (vi) fee simple, life estate.
A remainder interest in an estate is (i) _______ if it is held by an (ii) _______ living person and it (iii) ________ becomes possessory upon the termination of the prior estate.
(i) vested; (ii) identifiable; (iii) unconditionally
Vested remainders are ______, descendable, and _____ _____ ______.
divisible, descendable, and alienable alter vivos.
The ________ vested remainder cannot be terminated by a future condition or diluted by the addition of new grantees.
indefeasibly
The remainder subject to _____ ________ will terminate if a future condition occurs.
complete divestment
The vested remainder subject to ______ is shared equally by a class of people, bu in which each class member’s share will decrease if new members are added.
Open.
A (i) _____ remainder is held by some (ii) _______ or non-living person or it requires a (iii) _______ _______ in addition to the natural termination of the prior estate in order to become possessory.
(i) contingent; (ii) unknown; (iii) condition precedent
If a contingent remainder in an estate fails to vest by the termination of the prior estate, the property _____ to the ______.
Reverts to the grantor.
Contingent remainders are _____ and ________ and mostly alienable inter vivos.
Divisible and descendable.
An executory interest is a future interest held by a grantee that is not a (i) ________. Unlike a (ii) _______, the executory interest is (iii) __________ contingent, it may (iv) ____ _____ the prior estate, (v) it may follow a ___ ______ estate, and (vi) it may become possessor after a ____ in _____ from the termination of the prior estate.
(i) remainder; (ii) remainder; (iii) aways; (iv) cut short; (v) fee simple; (vI) gap in time
A (i) ________ executory interest divests a prior estate held by the (ii) _______. A (iiii) ________ executor interest divests a prior estate held by someone other than the (iv) _______..
(i) springing; (ii) grantor; (iii) shifting; (iv) grantor
A ______ may create a future interest in a class of individuals.
Grantor
In general, a class (class estate interest) closes when it is impossible to ___ ___ _______.
Add new members.
The Class estate rule of convenience holds that the class can close when the ___ ___ ____ becomes eligible to take.
First class member.
The ____ ______ _______ states that no interest is property is valid unless it must vest (or forever fail to vest) within 21 years after the end of some life in being when the interest is created.
Rule Against Perpetuities
The Rule Against Perpetuities apples only to _______ or uncertain future interests.
Contingent
The Rule Against Perpetuities applies to (i) _______ remainders, (ii) ________ interests; (iii) ______ to buy and (iv) rights of _____ _______; and (v) open ____ ______.
(i) contingent; (ii) executory; (iii) options; (iv) first refusal; (v) class gifts.
The Rule Against Perpetuities exempts (i) _______ possessor estates and most (ii) ________ future estates.
(i) present; (ii) vested
A measuring life validates an interest under the Rule Against Perpetuities if the interest must either vest or fail within 21 years at the end of that life. A measuring must (i) _______ when the interest is created, (ii) it is usually a person ________ to the vesting interested; and (iii) it must be a _______ person.
(i) exist; (ii) connected; (iii) natural.
A (document) ____ creates an interest upon the testator’s death.
Will
A (document) _____ creates an interest when ________ and _______
Deed.
A (document) _______ _____ creates an interest when the _____ becomes _______
irrevocable trust; trust becomes irrevocable
The Rule Against Perpetuities assumes (i) anyone can die at ____ _______, (ii) on one knows when _____ ____ ______, and (iii) anyone can _____ _____, regardless of ____.
(i) any moment; (ii) anyone will die; (ii) have children, regardless of age.
The Rule Against Perpetuities has been abolished or reformed in many states, including the (i) ____ and ____ approach (an interest is only void if it does not vest or disappear in time); (ii) the _____ _______ RAP (under which an interest is void if it does not vest or disappear in either the shorter of the common-law perpetuities period or 90 years from the creation of the interest; or (iii) __ ____ (under which courts will rewrite a conveyance to comply with RAP will effectuating the grantor’s intent as closely as possible.
(i) wait and see; (ii) Uniform Statutory; (iii) cy pres
A ____ on _______ is an attempt y the grantor to place restrictions on the grantee’s ability to transfer the property by placing a total or partial restraint on mortgages or other encumbrances.
Restraint on Alienation.
Restraints on Alienation for legal estates are generally ________
unenforceable.
Restraints on _______ interests (like trusts) are widely enforced.
Equitable.
The three types of restraints on alienation are: (i) ___ _______ which state that an attempt to alienate the property has no legal effect; (ii) _____ restraints, which terminate the grantee’s interest if he tries to alienate the property; and (iii) ________ restraints, under which the grantee __________ not to alienate the property.
(i) disabling restraint; (ii) forfeiture; (iii) promissory, promise
What is the name of concurrent owners of property?
Cotenants.
What are the three types of concurrent ownership / cotenancy?
(i) tenancy in common; (ii) joint tenancy with right of survivorship; and (iii) tenancy by the entirety.
What is the presumptive (default) form of co-ownership?
Cotenancy in common
In a tenancy in common, each co-teneant owns a (i) _____ of the property, with no right of (ii) _________; the ______ may be equal or ________; (iii) each co-tenant has an ______ _________ in the property; (iv) each co-tenant is simultaneously entitles to posses the ______ ________; (v) and each co-tenant holds a separate estate and may independent ________ or _______ his interest
(i) share, survivorship; (ii) share, unequal; (iii) undivided interest; (iv) entire property; (v) transfer or encumber
In a joint tenancy with the right of survivorship, each co-tenant has an (i) _____ _______ of the property, with a right of (ii) _________. Each co-tenant has an (iii) _____ ______ in the property, and each co-tenant is simultaneously entitled to possess the (iv) ______ _______. Upon a joint tenant’s (v) _______, their interest (vi) _______, and the shares of the remaining joint tenants (vii) ______ ________.
(i) equal share; (ii) survivorship; (iii) undivided interest; (iv) entire property; (v) death; (vi) disappears; (vii) increase proportionately.
A tenancy in common can be created by a (i) _______, (ii) an _______ in creating another form of joint co-tenant ownership, or (iii) a _______ of a joint tenancy.
(i) conveyance; (ii) error; (iii) severance
Because a joint tenant’s interest (i) ________ at death, is is neither (ii) ________ nor (iii) __________.
(i) disappears; (ii) devisable; (iii) descendible
Courts require _________ language to create a joint tenancy.
Unambiguous
At common law (and in many states today), a joint tenancy requires the four unities of:
(i) time, (ii) title, (iii) interest, and (iv) possession.
The Four Unities of joint tenancy are: (i) time: the co-tenant’s interest must vest _________; (ii) title: the co-tenancy must be based on the same _________; (iii) interest: each co-tenants share must be _____, and they must hold the same _____ ______; and Iv) possession: each co-tenant must have the same right to possess the __ ____.
(i) simultaneously; (ii) instrument; (iii) equal and same legal estate; (iv) entire property.
Tenancy of the Entirety is a (i) ______ estate in which each (ii) _____ holds the entire property, with a right of survivorship. Tenancy of the Entirety also requires the (iii) ___ _____ of the joint tenancy, as well as the fifth requirement of marriage. Most states do not recognize tenancy of the entirety.
(i) marital; (ii) spouse; (iii) four unities.
Co-tenants must have the right to possess the ____ ____.
Entire property.
Generally, in a co-tenancy, property taxes, mortgage interest, maintenance costs, and other obligations are divided __________ by ______ of ownership.
Proportionately by share of ownership.
_______ ends the co-tenancy and distributes the property.
Partition.
With some exception, any co-tenant can seek (i) ______ of the property (ii) ______ the consent of the other-co-tenants.
(i) partition; (ii) without
A partition requires determining each owner’s share and distributing the equity. The distribution may be (i) in _____, in which the property divides into parcels proportionate to each party’s share; (ii) in _____ with _____, in which the parties settle the differences in parcel values with ______ payment; or by (iii) ____, with distributed process.
(i) kind; (ii) kind with owelty, monetary; (iii) by sale
In a lease, the landlord has a _______ that is effective when the leasehold ends
Reversion
To satisfy the statute of (i) _______, a lease for more than one year must be in (ii) ________
(i) frauds; (ii) writing.
The four types of leaseholds are: (i) tenancy ___ ____, which is a fixed term of time; (ii) ______ tenancy, which lasts for a specific period and then repeatedly extends for the same period until one party terminates the lease; (iii) tenancy __ _____, which lasts indefinitely until one party terminates; and (iv) tenancy __ ________, (including the holdovers tenancy), which arises if a rightful tenant retains possession after the right of possession expires.
(i) for years; (ii) periodic; (iii) at will; (iv) at sufferance
The tenant’s duties are (four):
(i) pay rent; (ii) refrain from abandoning the premises; (iii) refrain from waste; (iv) make limited repairs.
A landlord has the broad duty to make residential repairs under the implied _____ of _______.
Warranty of habitability.
A landlord just deliver (i) _____ and _____ possession at the beginning of the lease. (ii) _____ possession means that the property is free from a third party claim that Ould result in the tenant’s conviction. (ii) _____ possession means the party is free from wrongful occupants.
(i) legal and actual; (ii) legal; (iii) actual
What is the common law rule of caveat lessee?
The tenant takes the premises as he finds them (unless the lease provides otherwise)
Caveat Lessee applies to _______ but not _____ buildings
commercial; residential
Quiet enjoyment mens that the tenant has a right to possess the property without being disturbed by a party claiming ______ _______.
Superior title.
A residential landlord must deliver and maintain (i) ______ premises. This is the (ii) _____ ______ of _______
(i) habitable; (ii) implied warranty of habitability
A (i) __________ must be sufficiently (ii) _____ and _______ for human habitation.
(i) habitable; (ii) safe and sanitary
A residential landlord must comply with the code requirements that affect (i) _______ and safety; (ii) provide necessary _______; and (iii) supply _____ and ___-_____.
(i) health; (ii) maintenance; (iii) heat and hot water
A tenant may convey all of part of her intent in a leased premise to someone else by either (i) ________ or (ii) ______.
(i) assignment; (ii) sub-lease.
In a lease assignment, the tenant transfers the (i) _______ ______ ________ to an assignee.
(i) entire remaining lease
In an assignment of a lease, the landlord and tenant remain (i) in ______ of contract, and the landlord may collect rent from the tenant if the (ii) ________ does not pay; the landlord and (iii) ________ enter (iv) ________ of (v) _____, and are liable to one another for covenants that couch and concern the land, including rent; and the tenant has (vi) ________ liability to the landlord for covenants that run with the land, including rent.
(i) in privity; (ii) assignee; (iii) assignee; (iv) privity; (v) estate; (vi) secondary
In a (i) ________, the tenant transfers part of the leasehold to a (ii) ________ and retains the rest.
(i) sublease; (ii) subtenant
In a sublease, the landlord and (i) _______ tenant remain in (ii) _______ of contract and (iii) ______ under the original lease, and the (iv) ______ tenant must still (v) ___ _____. The (vi) _____ tenant and the subtenant enter (vii) ______ of contract and (viii) ________, and the subtenant is directly liable to the (ix) ______ tenant for rent; the landlord and subtenant have no (x) ______ of estate and no (xi) _______ of contract, so the landlord may not collect rent from the subtenant.
(i) prime; (ii) privity; (iii) estate; (iv) prime; (v) pay rent; (vi) prime; (vii) privity; (viii) estate; (ix) prime; (x) privity; (xi) privity
The landlord’s interest in leased property take the form of a __________, which is triggered when the lease ends
Reversion
If the landlord conveys his reversion to a grantee, the tenant enters into ______ of _______ with the grantee
Privity of estate
If the landlord conveys his reversion to a grantee, the tenant and the grantee become liable to one another for all lease covenants that ___ _____ ___ _____, including rent.
Run with the land
If the landlord conveys his reversion to a grantee, the landlord and tenant remain in _____ of ______, unless the tenant releases the landlord
Privity of Contract.
The federal Fair Housing Act prohibits discrimination based on ____, _____, _____, ___, _____ _____, _____ _____, and ______.
Race, Color, Religion, Sex, Familial Status, National Origin, and Disability.
The Fair Housing Act prohibits discriminatory actions such as refusing to (i) _____/_____ upon receiving a (ii) _____ _____ offer or discriminating in (iii) ______/______.
(i)rent/sell; (ii) bona fide; (iii) terms/conditions
A violation of the Fair Housing Act requires either a discriminatory (i) ________ or discriminatory (ii) ______.
(i) intent; (ii) effect.
The Civil Rights Act of 1866 prohibits race discrimination in the sale/lease of ______, including real _____.
Property, property.
(i) ___________ rights of real property include real covenants, equitable servitudes, (ii) _______, profits, and (iii) _______.
(i) Non-possessory; (ii) easements; (iii) licenses.
The land that is benefitted by a non-possessory right is the (i) _______ tenement, and the land that is burdened is the (ii) _______ tenement.
(i) dominant; (ii) servient
A real (i) _______ is an agreement regarding land use, where on party promises to refrain from doing something on the promisor’s land, for the benefit of the promisee’s land, and the agreement is binding on the parties and successor in interest and enforceable by action for (ii) _______.
(i) covenant; (ii) damages
A the original (i) _______ of a real covenant may enforce the covenant against the original promisor’s (ii) ________ if: the covenant is in (iii) _________; the original parties intended the convenient to (iv) ____ with the ____; the covenant (v) ______ and _______ the lands; (in some jurisdictions) the original parties were in (vi) ________ privity; the owner of the servant tenement is in (vii) ________ privity with the original promisor; and the owner of there servient tenement has adequate (viii) _______ of the covenant.
(i) promisee; (ii) successor; (iii) writing; (iv) run with the land; (v) touches and concerns; (vi) horizontal; (vii) vertical; (viii) notice.
An (i) ______ servitude is a promise between two parties, regarding land, that benefits the (ii) ______ tenements, burdens the (iii) ______ tenements, and is enforceable between he successors in interest to the original parties.
(i) equitable; (ii) dominant; (iii) servient
An equitable servitude is enforceable by and against the successors to the original parties if: the servitude is in (i) ________; the original parties intended the servitude to (ii) _____ with the ________; the servitudes (iii) _______ and _______ the land; and the owner of the servient tenement has adequate (iv) _________.
(i) writing; (ii) run with the land; (iii) touches and concerns; (iv) notice
A real covenant or an equitable servitude may terminate by: (i) ______ of the dominant and servient tenements; (ii) ________ by the owner of the dominant tenement; (iii) _________ of the servient tenement by eminent domain; statute; or the (iv) ________ _____ of the agreement.
(i) merger; (ii) release; (iii) condemnation; (iv) express terms
If a plaintiff seeks to enforce a real covenant or an equitable servitude, the defendant may have one more more equitable defenses, including (i) ___________, acquiescence, (ii) ___________, laches, (iii) _____ ______, or changed conditions.
(i) abandonment; (ii) estoppel; (iii) unclean hands
If a parcel of land is subject to both a real covenant/equitable servitude and a zoning law, and the two conflict, then the ____ ______ controls.
Zoning Law
If a parcel of land is subject to both a real covenant/equitable servitude and (i) _______ law, and the conflict between the two is only (ii) _______ inconsistent, the owner must comply with (iii) ______ if possible.
(i) zoning; (ii) superficial; (iii) Both
A common interest community is one in which the owner holds his tract subject to a set of (i) _________ covenants and under the auspices of a (ii) ______ _____
(i) restrictive; (ii) community association.
Examples of a Common Interest Community include (i) _______, (ii) _________, and planned unit developments.
(i) condominiums; (ii) cooperatives
A _________ easement permits the holder to enter the servient tenement to do something
affirmative.
A ________ easement allows the holder to prevent a particular use of the servient tenement.
negative
Easement ___________ enhances the use and enjoyment of the dominant tenement, and runs with the land
Appurtenant
Easement in ________ benefits the holders personally, but not in the use and enjoyment of the holder’s land.
Gross
_____ à ________ easement allows the holder to enter the servient tenement to extract products of the soil
Profit à prendre
_______ ay be created through express grant, express reservation, prescription, implication, necessity, or a subdivision plat.
Easements
The ____ holder must maintain the ________, and may not alter the _____ to interfere with the use of the servient tenement.
Easement; Easement; Easement
The easement holder may (i) _______ the ____ of the easement, or make (ii) _________ to the easement, consistent with the (iii) ______ and ______ development of the dominant tenement, as long as this does not unreasonably burden the servient tenement.
(i) increase the use; (ii) improvements; (iii) reasonable and natural
The _____ owner of an easement may use the ______ tenement in any way that does not unreasonably interfere with the easement.
servient; servient
An easement may terminate through (i) ______ terms, (ii) _____, estoppel, (iii) _______, release, abandonment, misuse, prescription, destruction of the structure, or end of necessity.
(i) express; (ii) merger; (iii) condemnation
A _________ is permission to use the land another for a specific purpose, and is not an interest in the land, an generally is not alienable.
License
A license may be created by (i) ______ agreement; any act indicating the licensors’ (ii) ______; or a failed attempt to create an (iii) _________.
(i) oral; (ii) intent; (iii) easement
Licenses are not subject to the statute of _____
frauds
A license terminates on (i) _______ of either party, (ii) if the _______ revokes it, or (iii) through the _____/_____ of the property.
(i) death; (ii) licensor; (iii) transfer/sale
A ______ is chattel that has been annexed to real property with the intent to make it permanent to the property.
Fixture
_________ occurs when chattel is physically incorporate into the real property, such that removing it would cause damage to the real property
Annexation
__________ annexation occurs when the chattel would not be usable elsewhere if removed
Constructive
Courts generally presume that the improvements made by a (i) ___ ________ owner are to be (ii) ________
(i) fee simple; (ii) permanent
At common law, ______ annexed by a tenant during the lease become ______.
Fixtures; fixtures
A ____ fixture, installed to carry on business, may be removed before the end of the lease
Trade
A buyer of real property succeeds tow ownership of all fixtures except _______ fixtures.
Trade
A mortgage has a security interest in any ________ on the realty.
fixture
________ is part of the government’s police power which relates to property.
Zoning
A state’s __________ power over real property is limited by the US Constitution and the state constitution
Zoning
The most important federal limitations on zoning are the (i) ___ _______ and (ii) _____ ________ clauses of the fourteenth amendment and the (iii) ______ _____ of the fifth amendment.
(i) due process; (ii) equal protection; (iii) takings clause
A ___-______ use is a use that conflicts with subsequent zoning law
Non-conforming
The government may not immediately eliminate a (i) __-______ use, but may prohibits its (ii) ________ or (iii) _______ to a different non-conforming use.
(i) non-conforming; (ii) expansion; (iii) conversion
A property owner who’s made substantial expenditures in (i) _____-_____ _______ on a zoning law that subsequently changes may acquire a (ii) ______ right to the anticipated use.
(i) good-faith reliance; (ii) vested
Zoning laws are usually upholds unless they are _____ or ______
Arbitrary or unreasonable
_____ zoning, which treats a property different than other nearby properties, is usually impermissible
Spot
Some jurisdictions only allow ____________ if the surrounding area has materially changed since the last decision (or if there was a mistake in the decision).
Rezoning
A _________ is permission to deviate from the zoning laws
Variance
_____ _______ are permission to deviate from physical zoning requirements
Area Variances
___ ______ are permission to deviate from non-conforming use requirements of zoning.
Use Variances
A (i) _____ _____ permit or a (ii) ______ ____ permit is a permit for a conforming use that nonetheless requires special permission because of the potential for unusual impact on the surrounding area.
(i) special use; (ii) conditional use
The sale of real property includes two stages: (i) a binding ______ for sale; and (ii) a _____
(i) contract; (ii) closing
At a real property closing, the buyer (i) ___, the seller delivers the (ii) ______, and the (iii) _____ passes.
(i) pays; (ii) deed; (iii) title
The buyer can use the time between contract and closing to (i) secure _______, (ii) investigate the seller’s ______, (iii) and ______ the property.
(i) financing; (ii) title; (iii) inspect
There are three many types of real estate listings agreements with brokers: (i) an ______ right to sell, under which the broker is entitled to a commission if the property is sold; (ii) ______ ______, under which the broker is entitled to commission if anyone other than the seller finds a buyer; and (iii) ____, under which the broker is entitled to commission only if he finds the buyer.
(i) exclusive; (ii) exclusive agency; (iii) open
A broker may be due a _______ even if closing never occurs, so a prudent seller will include a provision that the _________ is not due until the buyer pays.
commission; commission
Under the statute of (i) ______, a real estate sales contract must be in (ii) ________, signed by the party (iii) ____ _____ enforcement is sought; and contain the (iv) _____ terms of the agreement.
(i) frauds; (ii) writing; (iii) against whom; (iv) essential
Under the statute of (i) ______, the essential terms of most real estate sales contracts are: the parties (ii) ______, words indicating each parties’ intent to (iii) ____ or ____, an (iv) _________ description of the land, and (v) the _____.
(i) frauds; (ii) identities; (iii) by or sell; (iv) adequate; (v) price.
At a real estate closing, each party must _____
tender.
At a real estate closing, the seller’s oblation is to (i) ______ the _____ and the buyer’s obligation is to (ii) _____. These obligations are (iii) ________.
(i) deliver the deed; (ii) pay; (iii) concurrent
A closing date is not usually an essential contract term, and party has a right to (i) _____ ______ within a reasonable time without going into (ii) ________
(i) tender performance; (ii) breach
Unless the contract expressly states otherwise, a real property sale implies a _________ title
Marketable
A (i) ______ title is a title that a reasonably (ii) _______ buyer would accept under the circumstances.
(i) marketable; (ii) prudent
The failure to convey a (i) ________ title is a (ii) ______ of contract, which excuses the buyer’s (iii) _______ and allows the buyer to seek a (iv) _______.
(i) marketable; (ii) breach; (iii) performance; (iv) remedy
Both ______ and ______ remedies are available for real property sales contracts.
Legal and equitable.
Before a party can seek a remedy for breach of a real property contract, that party must _____ ________
tender performance
Potential remedies for real contract breach include: (i) rescission and restitution; (ii) _________; and (iii) _______
(i) rescission and restitution; (ii) specific performance; and (iii) damages
When the contract becomes binding (the time between the contract and the closing), the buyer is considered to be the ________ owner of the property, and the seller has an ________ right to the purchase money.
Equitable; equitable.
After a real property contract is signed, the seller’s right to the proceeds is _______ property
Personal.
After the real property contract is signed, the seller has an equitable ____ on the purchase amount
Lien
After the real property contract is signed, the seller retains _____ legal title, which he holds in trust for the buyer at closing.
Bare
After the real property contract is signed, the buyer has an interest in real property. He may _____ or _____ the interest, subject to the seller’s lien.
alienate or encumber
________ of the property between buying and closing can remain with either party, pursuant to the sale contract.
Possession
Under the majority rule, the (i) _____ bears the risk of any loss not cause by the (ii) _______ for real property, and must pay the (iii) ____ purchase price regardless of damage or destruction.
(i) buyer; (ii) seller; and (iii) full
An ______ is a contract in which the seller gives the buyer the right to buy at a specific price (for a irrevocable or limited time)
Option
When the buyer exercises an ________, a binding contract is formed.
Option
Unless the contract states otherwise, one need not ____ _______ to exercise an option.
Tender performance.
_____ emptor governs the sale of most commercial property. The seller has no duty to disclose known, latent defects, if the transaction is at an arm’s length, and both parties have the opportunity to discovery defects.
Caveat
A residential seller ___ ______ any known material defects, if they are not reasonably discoverable to the buyer.
must disclose
A defect is (i) ______ if it has a significant effect on the (ii) ____ of the property.
(i) material; (ii) value
Fraudulent misrepresentation in the sale of real property is a (i) ______ statement of material fact, made with (ii) ______ or ______ ________ of its falsity, and intended to induce the plaintiff’s (iii) ________, on which the plaintiff actually and justifiable (iv) _________, and therefore (v) ______ _______
(i) false; (ii) knowledge or reckless disregard; (iii) reliance; (iv) rely; (v) suffer damages
Fraudulent ___________ is the same as fraudulent misrepresentation, except that in addition, the seller takes affirmative steps to hide defects from the buyer.
Concealment
Most jurisdictions impose an _____ _______ of quality and workmanship on the sale of new residential houses by a builder, developer, or other seller of new housing.
Implied warranty.
Under an implied warranty, the responsible party is liable for _______ _____ that interfere with the buyer’s ability to inhabit the house
Substantial defects
A _______ is when a creditor acquires an interest in really property to secure a debt.
Mortgage
A ________ is a lien against a real property given to secure a debt.
Mortgage
A _____ is a creditor’s legal interest in property as collateral for a debt.
Lien
Once a debtor repays the debt, the mortgage is (i) ________, and ceases to (ii) _______ the property.
(i) discharged; (ii) encumber
The three main theories of mortgage are: (i) ____ theory, under which the mortgage conveys a security interest, but does not transfer title; (ii) ____ theory, under which the mortgage gives the mortgage legal _____ to the property, which reverts to the mortgagor when the debt is paid; and (iii) ________ theory, under which the mortgagor retinas full title and possession.
(i) lien: (ii) title, title; (iii) intermediate
the _____ is the owner who mortgages the property. they are the debtor.
Mortgagor.
The _____ is the party that grants the mortgage. They are the creditor.
Mortgagee.
Many security instruments function like a (i) ________. They include a deed of trust, and installment land contract, a sale-leaseback, an equitable (ii) _______, and an absolute conveyance for a security debt.
(i) mortgage; (ii) mortgage.
A mortgagor may sell the property, unless the mortgage provides otherwise. Even a sale that violates a no-sale clause is valid, but the seller might be liable for breach of contract. The seller-mortgagor emails _______ _____ on the note, even after title passes to the new buyer.
Personally liable.
__________ occurs when a payor satisfies the debt of the mortgage, and then stands in the mortgagee’s shoes.
Subrogation
To trigger subrogation, the payor must be someone other than (i) __________, satisfy the (ii) ______ debt at once, and be acting to protect the payor’s (iii) _______ in the property or the debt.
(i) primary debtor; (ii) entire; (iii) interest
A mortgagee may seek ______ upon default by forcing the sale of the property and then applying the proceeds of the sale to the debt.
Foreclosure
A mortgagor may avoid foreclosure by: (i) _______ the property by paying a sufficient part of the debt; (ii) ______ the mortgage a deed in lieu of foreclosure; (iii) _______ the debt.
(i) redeeming; (ii) tendering; (iii) renegotiating
There are three types of disclosure: (i) ____ foreclosure, without a sale; (ii) foreclosure under _____ of ____, in which the trustee sells the property upon default; and (iii) foreclosure by ______ sale, in which the court orders a public auction.
(i) strict; (ii) power of sale; (iii) judicial
After foreclosure, the sale proceeds are distributed in this order: (i) _______ of foreclosure and sale (including attorneys fees and court costs); (ii) the ______ being foreclosed; (iii) other _______ in priority order; (iv) the ______, if any money remains.
(i) costs; (ii) mortgage; (iii) liens: (iv) mortgagor
Any debt remaining after foreclosure is called a ________. A mortgagee may sue the mortgagor for a _______ judgment.
Deficiency; Deficiency
An interest in property can be transferred from one holder to another. Important transfer methods include (i) ______ possession; (ii) _____; and (iii) wills.
(i) adverse; (ii) deeds; (iii) wills
An (i) _________ possession can acquire (ii) ______ to the property without the owner’s (iiii) _______ by (iv) ______ the property sufficiently.
(i) adverse; (ii) title; (iii) consent; (iv) using
In order for use to be sufficient to create adverse possession, it must be: (i) ______; (ii) ______; (iii) _______, (iv) ________ and (v) _____.
(i) continuous; (ii) hostile; (iii) open and notorious; (iv) for the statutory period; and (v) exclusive.
A _____ is a legal instrument that conveys title to a party.
Deed
After a transfer by deed, a deed is significant as ______ that the transfer occurred.
Transfer.
If the grantee destroys the deed or returns it to the grantor, this has ___ _____ on the grantee’s title.
No effect.
Most deeds are (i) ________ recorded, though this is not necessary to convey (ii) ______.
(i) publicly; (ii) title.
A valid deed must be signed by the (i) ______ or his agent, describe the (ii) ______ and ______ with sufficient certainty so that they are identifiable, (iii) describe the ________ sufficiently to distinguish it, and contain language expressing the (iv) ______’s _____ _____ to transfer the property.
(i) grantor; (ii) grantor and grantee; (iii) property; (iv) grantor’s express intent
s consideration essential for a valid deed?
No.
Must a seedy be delivered and accepted?
Yes.
How id deed delivery accomplished?
By words or acts of the grantor that demonstrate a present intent to immediately transfer the property. Acceptance is presumed.
Conditional delivery, or (i) ______, occurs if the grantor gives the deed to a third party agent with instructions to give the deed to the grantee upon some future event.
(i) escrow
Title ________ passes to the grantee when the escrow condition is fulfilled.
Automatically
The three types of deeds are the (i) _____ deed, the (ii) _____ ______ deed, and the (iiii) ______ ______ deed.
(i) quitclaim; (ii) special warranty; (iii) general warranty
A _______ deed conveys whatever interest the grantor has, with no covenants.
Quitclaim
A _______ _____ deed conveys the property subject to all covenants of title with a warranty only against defects created by the grantor.
Special warranty
A ______ _____ deed conveys the property subject to all six covenants of title with a warranty against defects created by anyone
General
Covenants of title are _______ by the _____ regarding title
promise by the grantor
The six covenants of title are: (i) ______; (ii) _____ to _____; (iii) the covenant _____ _______; (iv) ______ _______; (v) _______; and (vi) further assurances
(i) seisin; (ii) right to convey; (iii) the covenant against encumbrances; (iv) quiet enjoyment; (v) warranty; and (vi) further assurances
If the grantor uses a warranty deed to convey a title that he does not have, if he ever acquires the title, that title ______ ______ in the grantee.
Immediately vests.
A _____ is a legal instrument by which a _______ directs the disposition of his property after death.
(i) will; (ii) testator
The testator (i) ________ the will during the testator’s (ii) _________.
(i) executives; (ii) lifetime
Individuals who receive property from a will are called (i) _______ or (ii) ______.
(i) beneficiaries or (ii) devisees
A will is _________, meaning that the testator may amend it at any time until his death.
Ambulatory
_______ is a failure to gift under a will, either because the testator no longer owns specified property when he dies, or because during his lifetime he gives the devisee something in place of the gift devised in the will.
Ademption
If the estate is insufficient to satisfy all the gifts in the will, it must be ______.
Abated
Unless the will states otherwise, a gift will ______ is the devisee predeceases the testator.
Lapse
A ______ gift fails and passes to the _______ estate.
Lapsed, residual
(i) _______ a property interest can provide (ii) _______ to other potential interest holders
(i) recording; (ii) notice
Is public recording required to convey a property interest?
No. But it can help to determine the relative priority of a claim.
The (i) ________ acts protect (ii) ____ _____ purchasers against prior interests of which the (iii) ____ _____ purchaser lacked (iv) _____.
(i) recording; (ii) bona fide; (iii) bona fide; (iv) notice
Notice of a property interest can be provided three ways: (i) ______ notice is if the buyer has subjective knowledge of the interest; (ii) _______ notice is if the buyer should be aware of circumstances that would require a (iii) ______ ______ to (iv) ________; (v) ______ notice (also called (vi) _______ notice) is if an interest has been properly (vii) _______ and appears in the buyer’s chain of (viii) _______.
(i) actual; (ii) inquiry; (iii) reasonable person; (iv) investigate; (v) record; (vi) constructive; (vii) recorded; (viii) title.
There are three types of recording acts: (i) _____ statutes, under which the party who records (ii) _____ prevails; (iii) _____ statutes, under which a (iv) ____ _____ purchaser prevailed against any claim for which the (v) ____ _____ purchaser lacked (vi) ______; and (vii) _____ - ______ statutes, under which the (viii) ____ _____ purchaser prevails against any prior interest of which the (ix) _____ ______ purchaser lacked (x) _____, if the (xi) _____ ______ purchaser records (xii) _____.
(i) race; (ii) first; (iii) notice; (iv) bona fide; (v) bona fide; (vi) notice; (vii) race-notice; (viii) bona fide; (ix) bona fide; (x) notice; (xi) bona fide; (xii) first
The (i) _____ of _____ is the history of property conveyances and (ii) .
(i) chain of title; (ii) encumbrances
A (i) _____ ______ evaluates the public record for ownership interest, (ii) _______, or other matters
(i) title search; (ii) encumbrances
County offices that record property records usually use two types of indices: the (i) ____ - _____ index and the (ii) _____ index
(i) grantor-grantee; (ii) tract
Problems in the (i) _____ of ______ search can arise from: (ii) ______ mistakes; (iii) _______; (iv) ____ deeds; or (v) deeds recorded too ______ or ____
(i) chain of title; (ii) indexing; (iii) misspellings; (iv) wild; (v) early or late
Title _______ indemnifies the title holder against any defects.
Insurance
Water rights concern both the right to (i) ____ water and a landowner’s liability for (ii) water ______ to other property.
(i) use; (ii) damage
Water rights are part of the ______ estate.
Surface
(i) __________ include lakes, rivers and streams, either above or below (ii) _______
(i) watercourses; (ii) ground
______ owners own land adjacent to the watercourse
Riparian
The three state doctrines for use of a watercourse are: (i) ______ flow, under which each (ii) ______ owner has a right to use the (iii) _____, unmodified flow of the water.; secondly, (iv) ________ use, under which a (v) ______ owner may make any (vi) _________ use of the water that does not interfere with downstream use; and thirdly, (vii) _____ ______, under which a first-in-time user may use as much water as he wants, regardless of other users.
(i) natural; (ii) Riparian; (iii) natural; (iv) reasonable; (v) Riparian; (vi) reasonable; (vii) prior appropriation
(i) _____ of watercourses can (ii) ______ or _____ through natural processes, including: (iii) ______, the gradual accumulation of silt on the banks, expanding the property bounds; (iv) _______, the removal of soil by water, shrinking the property boundary; and (v) _____, the sudden change in a watercourse, which does not necessarily change property boundaries.
(i) banks; (ii) increase or decrease; (iii) accretion; (iv) erosion; (v) avulsion
_______ is the gradual accumulation of soil on a watercourse bank, expanding property boundaries
accretion
_______ is the removal of soil by water, shrinking property boundaries
erosion
_____ is a sudden change in a watercourse, which may or may not change property boundaries
avulsion
If the adjacent watercourse is a (i) ________ ______ water, then the (ii) _______ owner’s rights are (iii) ________ to the rights of the (iv) _______
(i) navigable public; (ii) Riparian; (iii) superior; (iv) public
(i) _________ ________ water is underground water that does not run in a watercourse (such as an aquifer)
(i) percolating ground
The court theories of percolating ground water ownership are: (i) ________ ownership, in which the landowner has unlimited use of the common reservoir; (ii) _______ use, under which each owner may use the water in a way _______ related to the overground land: (iii) ______ rights, which limit’s the landowner’s use to his proportion share of the available water; and (iv) ____ ________, under which a first-in-time user can use as much as he wants.
(i) absolute; (ii) reasonable, reasonable; (iii) correlative; (iv) prior appropriation
________ _______ water is water that runs over the surface, but not through a watercourse (e.g., runoff or flood)
Diffused Surface
___________ ownership of percolating ground water allows the landowner unlimited use of the common reservoir
absolute
___________ use of the percolating ground water allows the owner _________ use related to the overground land
reasonable
__________ rights for percolating ground water allow the landowner to use his proportionate share of available water
correlative
___________ ________ allows a first-in-time user to take as much percolating ground water as he wants
prior appropriation
The three doctrines of diffused surface water are: (i) the ______-_______ rule, which creates diffused surface water as a ______-______ against which each property owner may defend; (ii) the ______-_____ or _____-____ doctrine, under which the owners of higher lands enjoy an easement for the flow of surface water to lower lands; and the (iii) ______-____ doctrine, under which an upstream owner may take _______ measures to defend his property from diffused surface water
(i) common-enemy; common-enemy; (ii) natural-flow or civil-law; (iii) reasonable-use, reasonable
A dispute about real property is governed by the law of _____. If there is a conflict, the state’s own conflict-of-laws doctrine will govern
Situs
A landowner is entitled to a (i) ________ amount of airspace, as necessary for the (ii) ____ and ________ of the land
(i) reasonable; (ii) use and enjoyment
At common law, the (i) ________ owner also owns all (ii) ______ in place (iii) ______ the surface
(i) surface; (ii) minerals; (iii) beneath
