Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Contracts > Property midterm > Flashcards

Property midterm Flashcards

1
Q

What amounts to occupancy when it comes to animals?

A

Killing or mortally wounded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Problems with costums?

A

may not align with societal interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

When should custom control?

A

When it embraces the entire buisness, is limited application, and wont disturb general understanding of mankind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The Problem of the Commons. What happened is everyone has access?

A

Individuals have private interests gains instead of community ones

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Three arguments of the problem of the commons

A

Externalities are internalized, Transaction cost are reduced, and people can plan for the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Suppose that the geese that damage F’s field had been attracted to the area by a pond that N, F’s neighbor, had built for the very purpose or luring the birds to earth. Does F have a cause of action against N?

A

???

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Do Native Americans have rights of their land

A

Nope

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is adverse posssesion?

A

Method of transferring an interest in land without consent of prior owner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

5 elements of Adverse Possession

A

Actual entry, Open and Notorious, Hostile, Statutory Period, Claim of title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Meaning of open and notorious

A

Gotta be open enough as a trespasser so they everyone knows you are on the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Hostle means?

A

Cant be there with permission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Good Faith claim of title?

A

When you are on someone else’s land without knowing, its like if my house was a foot on your land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is a Color of Title based on?

A

A defective decrees of written instrument o r judicial degree

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

I give you a title to land that you purchase. Unknown to you, I am not the actual owner of the land. You have good faith and belief that I am. What is your title called?

A

Color of title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

I give you a title to land that you purchase. Unknown to you, I am not the actual owner of the land. You have good faith and belief that I am. What is your title called?

A

Color of title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

True or False: Color of tile is required for adverse possession.

A

False. It does help you get adverse possession but you do not need it. Hopefully no one has a better claim of land, you can use color of title to claim all the land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

True or False: You must had over a gift physically unless it is not practical. (by delivery)

A

True!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Define Constructive delivery

A

Presenting an object giving access to the gift. I.E a key

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define Symbolic delivery?

A

Usually something in writing that delivers the gift. I.E if we were in different states

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What does an irrevocable exchange mean?

A

The donor can’t take it back and has no control for how it is used.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How can disabilities be removed?

A

Reaching the age of majority, Becoming of sound mind, being released from prison, and death

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is the extension give to disabilities?

A

5 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Who is the burden placed on for the discovery rule?

A

It is placed on the injured party to show reasonable attempts at discovery had been made.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Hypo: Kaitlyn owns stock that splits. Kaitlyn wants to give 1/2 of new shares of stock to Barbara. On back of stock certificate, Kaitlyn executed assignment to Barbara, and gave it to her broker with instructions to have company assign shares to Barbara when new certificates are available. Kaitlyn dies before anything done. Is it a gift?

A

Listen to class audio!!!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Hypo: Kaitlyn owns stock that splits. Kaitlyn wants to give 1/2 of new shares of stock to Barbara. On back of stock certificate, Kaitlyn executed assignment to Barbara, and gave it to her broker with instructions to have company assign shares to Barbara when new certificates are available. Kaitlyn dies before anything done. Is it a gift?

A

Listen to class audio!!!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What are the two things required for gifts Causa Mortis

A

Intent and Delivery

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Can you abandon real property?

A

No, absent proof to the contrary, possession is presumed to be in the party who has record title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What are the basic requirements in writing to satisfy statutes? (For statute of frauds)

A

Signature of party to be bound, Description of the property, and sale price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Marketable Title

A

A reasonable person with competent legal presence would be able to accept. Free from reasonable doubt but not every doubt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What are the three types of Deeds?

A

General Warranty Deed, Special Warranty Deed, and Quitclaim deed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What is a general warranty deed?

A

Warrants title against all defects, irrespective of whether grantor of deed had title when error arose.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What is a special warranty deed?

A

Warrants title only against grantor’s own acts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What is a Quitclaim Deed?

A

Warrants nothing. They only convey title. usually only used in foreclosure sale.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Covenant of seisin?

A

Grantors promise that the grantor owns the property in question (possible that the grantor doesn’t have the right to convey) ie. a trustee who is forbidden to convey.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Covenant of the right to convey?

A

Grantor promises that he has the right to convey property. Same person as Seisin.

36
Q

Covenant against encumbrances

A

Land not burdened by mortgages, liens, and easements.

37
Q

Seisin, RTC, CAE are present. Which means?

A

happens right when you sell. Statute of limitations begins running at the time of sell.

38
Q

Covenant of Quiet Enjoyment?

A

Grantor promises that grantee will not be evicted by a paramount title holder.

39
Q

Covenant of Warranty

A

much like quiet enjoyment

40
Q

Covenant of Further Assurance

A

Grantor agree to execute any act or document in the future needed to make title good

41
Q

Over-secured Creditors

A

Where the value of the property is greater than the value of the loan. I am lending you 4000 and the house is worth 5000. I will get paid if there is a fault

42
Q

Under-Secured Creditors

A

Where the loan is greater than the value of the home. I loan you 8000 but the house is worth 4000. I am not going to get paid all if there is a foreclosure

43
Q

Judicial Foreclosure?

A

Accomplished by court order

44
Q

In Foreclosure, will you get the price the house is fairly worth?

A

No, its usually under fair housing price. Needs to be fair for the foreclosure though.

45
Q

Do the mortgagee ever gets possession of the property?

A

No, usually never. Its the person who took at the mortgage and then goes to the person who buys it in a foreclosure sale.

46
Q

When looking at creditors, what is the payment line like?

A

First the cost of the sale gets paid, then creditor 1, 2, 3 (and so on) until there are no more creditors and then the equity holder gets the rest.

47
Q

Do you have the right to sue the property owner if there is a deficiency in the lien after the foreclosure sale?

A

yes, you can sure for whatever you have left unless there is a statute against that.

48
Q

Can you buy a house and assume the creditor during a foreclosure?

A

Yes, I could buy a house for 200 and take the creditor for 100 with me. Then the 2nd creditor get paid and the cycle continues.

49
Q

Three types of Recording acts?

A

Race, Notice, and Race-notice

50
Q

Race?

A

First person to record prevails

51
Q

Notice?

A

If the subsequent purchaser has actual notice, they wont prevail, even if the earlier did was unrecorded.

52
Q

Race-Notice?

A

A subsequent purchaser is protected against prior unrecorded instruments only if: 1). if the subsequent purchaser is without actual notice and 2) the person records first.

53
Q

What is possessory estates?

A

describes the extent to which someone owns the property.

54
Q

What is fee absolute?

A

Full ownership of the property and no future interest.

55
Q

What is the language to look for fee absolute?

A

To A and her heirs.

56
Q

What does B have in this statement, To A and heirs and then to B and her heirs.

A

Nothing since A is given a fee simple absolute.

57
Q

What is the process for analyzing possessory estates?

A

1) Who holds the possessory estate
2) Which possession estate for they have
3) is there future interest?
4) Which future interest?
5) Who holds the future interest? Grantor or a third party
6) What estate would the future interest get?

58
Q

Fee taIl? (for our midterm there is not fee tail allowed.) So what does it become?

A

most fee tails just become fee absolute or you assume that the person gives as much as they can.

59
Q

Magic words for fee tail?

A

“and the heirs of her body”

60
Q

What is a life estate?

A

Second biggest estate you can give. The estate comes to an end after death. So there is future interest.

61
Q

Key words for life estate?

A

A for life

62
Q

Can a life estate be vested or inherited?

A

No

63
Q

What is disabling restraint?

A

Withholds from the grantee the power of transferring his interest

64
Q

What is forfeiture restraint?

A

Provides that if the grantee attempts to transfer interest, it is forfeited to another person.

65
Q

What is promissory restraint?

A

Provides that the grantee promises not to transfer his interest.

66
Q

What is title insurance?

A

Is the opinion of the insurer concerning the validity of the title, backed by an agreement to make that opinion good if it should prove to be mistaken and loss results as a consequence.

67
Q

What does title insurance guarantees?

A

Guarantees that the insurance company has searched the public records and insures against any defects in the public records, unless such defects are specifically excepted from coverage in the policy.

68
Q

What does a lien create?

A

A relationship between the debtor and the creditor.

69
Q

What happens if debt from a lien cannot be paid?

A

It is contractually required, the creditor can foreclose on that piece of property to get the money.

70
Q

True or false? All instruments affecting land are recorded in the public records office.

A

True.

71
Q

What do you do if you want further protection of your interest in purchase?

A

Buy title insurance from a private company

72
Q

What is a mother hubbard clause?

A

A deed or other instrument in writing which is intended to convey an interest in real estate and which describes the property to be conveyed as all grantor’s property in a certain county.

73
Q

Do title companies insure and look at quantity of land?

A

No, unless asked for, title Insurance does not protect quantity of land.

74
Q

In a fee simple absolute, if O fails to devise the property, who does it go to when O dies?

A

To Os heirs.

75
Q

True or false. If you have a fee simple absolute you cant devise the property as you wish.

A

False, fee simple absolute O can do whatever devising they want with the land since they have full ownership.

76
Q

What is an heir

A

An heir is a person who survives the decedent and is designated as an intestate successor under the states statute of descent. No one alive is an heir.

77
Q

What is an issue?

A

Lineal descendants

78
Q

What is collaterals?

A

People related by blood to the testator who are neither parents nor children.

79
Q

What is Escheat?

A

The property of an intestate individual with no heirs goes to the state/

80
Q

What is devisee?

A

Someone named to take under a will.

81
Q

Fee simple determinable?

A

May or may not last forever.

82
Q

What is this O to A and her heirs as long as A does not sell alcohol on the land?

A

Fee simple Determinable.

83
Q

When the occurrence of the express condition in a fee simple determinable happens, what happens?

A

The estate is terminated immediately and automatically.

84
Q

What do these key words point to “to A and his heirs as long as / so long as / until / during / while” some condition occurs

A

Fee simple determinable.

85
Q

What is this class example of “O to A and her heirs, but if A sells alcohol on the land, then O may re-enter and retake the land”

A

Fee Simple Subject to condition subsequent

86
Q

What happens when a condition occurs during a fee simple subject to a condition?

A

O has retained the right to re-enter and reclaim possession, which will then terminate the estate. Until re-entry happens the fee simple continues.

87
Q

COMMAS ARE IMPORTANT IN THE PHRASE FOR FEE SIMPLE SUBJECT TO CONDITION. and if it puts something about re-entering

A

don’t have another side to this just want to remember that.

Contracts (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions