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My MBE MEE > Property MBE > Flashcards

Property MBE Flashcards

1
Q

Fee simple Absolute

A

100% ownership forever

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2
Q

Life Estate

A

rights and control for life cannot commit waste original has reversion automatically life tenant must pay interest and taxes if possessing or renting out outside interest after life estate = remainder

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3
Q

Vested Remainder

A

automatic transfer

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4
Q

Contingent Remainder

A

subject to event

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5
Q

Vested Remainder Subject to Open/Partial Divestment

A

class of people one must be alive

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6
Q

Vested Remainder Subject to Total Divestment

A

interest can be wiped out

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7
Q

Fee Simple Determinable

A

as long as automatic possibility of reverter

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8
Q

Fee Simple Subject to Condition Subsequent

A

but if grantor must act to get land back

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9
Q

RULE AGAINST PERPETUITIES

A

interest must vest within 21 years of a life in being either fee simple determinable or fee simple subject to condition subsequent to a third party

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10
Q

joint tenancy

A

right of survivorship trumps a will conveyance severs into a tenancy in common

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11
Q

tenancy in common

A

no right of survivorship

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12
Q

tenancy by the entirety

A

joint tenancy between married people right of survivorship severed by divorce

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13
Q

partition

A

court divides property granted unless not practical

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14
Q

contribution (taxes & mortgage)

A

co tenant may seek contribution sole possessor can only recover amount that exceeds market value contribution (rent) out of possession co-tenant may share in rent and profits, but not from a tenant in possession unless they are damaging the property

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15
Q

periodic tenancy

A

start date - a period of time renews unless termination date notice required to terminate

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16
Q

tenancy for years

A

start date - end date no notice required

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17
Q

tenancy at will

A

terminable at will reasonable amount of time to terminate

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18
Q

tenancy at sufference

A

holdover tenant terminates by leaving or eviction

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19
Q

landlord duties

A

actual possession basic repairs warrant of habitability warrant of quiet enjoyment

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20
Q

tenant duties

A

rent not commit waste

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21
Q

assignment

A

assign the rest of the lease term new tenant primarily liable original tenant secondarily liable unless novation

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22
Q

sublease

A

a portion of the lease original tenant liable unless novation

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23
Q

covenant against assignment or sublease

A

strictly construed

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24
Q

FAIR HOUSING ACT

A

federal law prohibits discrimination in sale or rental race, color, religion, sex, disability, family status, pregnancy

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25
Q

FIXTURES

A

chattel affixed to property removal would cause damage

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26
Q

CONFLICT OF LAWS

A

generally, law of the state where property is located exceptions choice of law clause property is collateral, use local law

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27
Q

Purchase Money Mortgage

A

Money used to purchase the property Always gets priority

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28
Q

Redemption

A

Paying off debt to prevent foreclosure

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29
Q

Equitable Right of Redemption

A

Time from NOTICE to SALE Never Waived

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30
Q

Statutory Redemption

A

Period of time AFTER foreclosure sale

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31
Q

Lien Theory

A

Bank only has a LIEN Owner holds TITLE Owner can sell

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32
Q

Title Theory

A

Bank holds TITLE Owner only has equitable interest Owner cannot sell, severs joint tenancy

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33
Q

Assume the Mortgage

A

New buyer takes over payment, Original owner secondarily liable unless novation

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34
Q

Subject to the Mortgage

A

Original owner liable for payment, BUT bank CAN foreclose on new owner

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35
Q

Deed in Lieu of Foreclosure

A

Sign deed to bank & skip foreclosure proceedings

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36
Q

Mortgages Taken AFTER Are Wiped Out

A

1) Must be given notice 2) Joined to suit

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37
Q

Mortgages Taken BEFORE Stay

A

Buyer takes Subject to

38
Q

Deficiency Judgment

A

Collect the remaining money not recovered by foreclosure sale

39
Q

Installment Land Contract

A

No title until all payments made, Seller can take back after default

40
Q

Deed

A

Transfers legal title on day of closing

41
Q

Present Warranties

A

1) Seisin 2) Right to Convey 3) Covenant against Encumbrances, If Present Warranties are breached, they are breached on the day of closing

42
Q

Future Warranties

A

1) Quiet Enjoyment 2) Warranty 3) Further Assurances, last forever

43
Q

General Warranty Deed

A

Promise for all 6 warranties since property was developed/created

44
Q

Special Warranty Deed

A

Promise for all 6 warranties since seller had title

45
Q

Quitclaim Deed

A

No promises regarding title

46
Q

FORMALITIES OF CLOSING

A

Writing To satisfy Statute of Frauds Delivery of Deed Intent of the seller to give up control Acceptance of Deed Presumed unless rejected

47
Q

Merger

A

at closing the Contract & Deed MERGE

48
Q

Adverse Possession

A

Acquire legal title if 1) Continuous 2) Actual 3) Open and Notorious 4) Hostile 5) Exclusive

49
Q

Tacking

A

Intentional transfer from one person to another

50
Q

Drafting Documents

A

Non-attorney can draft documents, BUT not give legal advice

51
Q

Equal Dignity Rule

A

Agent may sign deed on behalf of grantor, Need permission in writing

52
Q

Equal Dignity Exceptions

A

1) Officer of Corporation with authority 2) Signing agent 3) No writing - Grantor is estopped if he tried to induce reliance

53
Q

Bona Fide Purchaser

A

Pay for property, Take property without notice

54
Q

Notice Statute

A

Key words “subsequent purchaser for value without notice,” Last Bona Fide Purchaser prevails

55
Q

Race Statute

A

First person to record prevails

56
Q

Race Notice Statute

A

First Bona Fide Purchaser to record, Key words: “first recorded”

57
Q

Shelter Rule

A

One who takes from a BFP will prevail against anyone the transferor-BFP would have prevailed against

58
Q

Wild Deed

A

A recorded deed outside the chain of title

59
Q

After-Acquired Title

A

If Grantor acquires title after closing, title will pass AUTOMATICALLY to grantee

60
Q

conveying title requires 2 documents

A

1) real estate contract 2) deed

61
Q

STATUTE OF FRAUDS

A

a) must be in writing b) part performance

62
Q

Part performance

A

a) payment b) possession c) valuable improvements

63
Q

TERMS

A

1) price 2) parties 3) description 4) conditions 5) signed by party to be charged

64
Q

EQUITABLE CONVERSION

A

transfer of equitable title risk of loss shifts to buyer

65
Q

LEGAL TITLE

A

seller does not need legal title on day of signing

66
Q

MARKETABLE TITLE

A

implied covenant to convey title free of encumbrances

67
Q

TIME

A

not of the essence, unless stated

68
Q

MERGER

A

at closing, contract merges into deed can no longer sue under contract

69
Q

SELLER’S DUTY TO DISCLOSE

A

material defect that cannot be seen by buyer

70
Q

EASEMENTS

A

the right to use someone else’s land

71
Q

Easement creation

A

writing prescription implication necessity can be positive or negative

72
Q

easement terminated by

A

agreement, time, merger, abandonment (non-use is not enough)

73
Q

COVENANTS

A

promise for a promise always created by writing generally last forever

74
Q

runs with the land if

A

1) writing 2) intent 3) notice 4) privity 5) touch & concerns the land

75
Q

EQUITABLE SERVITUDES

A

looks like a restrictive covenant injunction as remedy

76
Q

implied reciporal servitude

A

common scheme & notice

77
Q

LICENSE

A

right to enter freely revocable by grantor unless coupled with an interest

78
Q

PROFIT

A

right to enter land & take something off

79
Q

TAKING

A

1) government taking private property for public use 2) requires just compensation (very broad)

80
Q

WATER RIGHTS

A

reasonable use of water reasonable amount of water reasonable means to alter flow of rain/snow

81
Q

CROPS

A

generally go with property natural- real property man-made- personal property exceptions - express agreement tenant with right to harvest

82
Q

SUPPORT RIGHTS

A

adjoining undeveloped property strict liability adjoining developed property or else negligence digging on adjoining land negligence for damage

83
Q

property owners associations

A

owners required to belong to association and pay dues

84
Q

condominium

A

created by statute must file a declaration & plat

85
Q

condominium owners

A

pay taxes, insurance, mortgage for their unit own common areas as tenants in common cannot separate ownership of unit & common areas

86
Q

co-op

A

corporation owns building & leases unites to shareholders one mortgage on whole property tenant pays share of fee for taxes & mortgage

87
Q

common interest owned community

A

lot owners pay dues to association

88
Q

forming common interest owned community

A

1) declaration 2) association 3) board 4) developer

89
Q

rules by common interest owned community

A

must be reasonable related to further a legitimate purpose of the association

90
Q

powers of community

A

levy assessments & fees manage/improve common areas create rules impose fines conduct reasonable inspections revoke privileges litigate as the association

91
Q

duties of community

A

treat members fairly ordinary care in managing property/finances reasonable access to information burden on members to prove breach by association

92
Q

duty of board members

A

act in good faith standard - an ordinary director of a common interest owned community board members not jointly/severally liable

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