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MBE Tips and tricks for Bar > Property - Ownership > Flashcards

Property - Ownership Flashcards

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MBE flashcards
1
Q

Fee simple absolute

A

100% ownership forever

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2
Q

Life estate means you have the right and control of the land for

A

life

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3
Q

Can you mortgage a property in a LE

A

yes

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4
Q

Can you convey the property to someone else

A

yes but the measuring life is yours

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5
Q

What type of right did the owner who gave away a LE have

A

reversion

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6
Q

What must the LE pay

A

interest and taxes but not the prinicipal

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7
Q

The words “then to” after a LE when it doenst go back to a grantor creates a

A

reminder

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8
Q

What r the two types of remainders

A

vested and contingent

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9
Q

Vested remainder results in a

A

automatic transfer

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10
Q

Contingent remainder you must wait for

A

an event to occur or the person is unascertainable

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11
Q

Vested remainder subject to open / partial divestment refers to a

A

class of people

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12
Q

Name this interest:

O conveys to me for life then to Bob’s kids. Bob has one child at this point in time

A

Vested remainder subject to open / partial divestment

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13
Q

O to A for your life then to C but if C has no children, then to D

A

Vested remainder subject to total divestment

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14
Q

Vested remainder subject to total divestment must have the words

A

then to

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15
Q

Vested remainder subject to total divestment

A

a person’s interest can be wiped out

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16
Q

What words create a FSD

A

so long as or as long as

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17
Q

What happens if you stop doing the condition in a FSD

A

possibility of reverter

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18
Q

Possibility of reverter

A

Automatically revert to grantor if condition is not met

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19
Q

Fee simple subject to condition subsequent words needed

A

but if

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20
Q

Fee simple subject to condition subsequent means if a

A

future event occurs, G has a a right of re-entry

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21
Q

right of reentry

A

G must act to get the land back

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22
Q

RAP

A

Interest must vest w/n 21 years of the life in being

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23
Q

If you think it is possible that the life in being will get it then

A

it doesnt violate rap

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24
Q

If you think there is no way the LIB gets it

A

violate RAP

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25
Q

I convey GA to you + a FSD or FSSCB and instead if it goes to someone else instead of O when does it violate RAP

A

if they are asking about he last perosn in the chain

26
Q

Joint tenancy unlike a TIC has

A

right of surviorship

27
Q

how to term a JT

A

conveyance

28
Q

Do you have to tell the other person or give notice to them about conveying away your interest

A

No

29
Q

TIC has no

A

right of survivorship and interest will pass by will

30
Q

what is a tenancy of the entirety

A

a JT + Marriage

31
Q

Can you convey a TIE w/o consent

A

no

32
Q

When is a TIE severed

A

divorce

33
Q

Does each tenant have the right to the whole property

A

yes unless ouster occurs

34
Q

What is partition

A

when the court divides the property in 2 unless it is unpractical

35
Q

A co-tenant may seek contribution of the other co-tenant for taxes and mortgages that was paid by one cotenant unless

A

one co tenant is the Sole possessor: only recover amt that exceeds Market value of the land

36
Q

When can a co-tenant receive contribution for ren

A

Out of possession a Co-tenants (ie dont live on the property) may share in rent and profits with the other co-tenants

37
Q

Can you demand a tenant in possession to pay rent

A

no unless they are damaging property

38
Q

When can a co-tenant seek contribution for repairs

A

when they are necessary and requested and the other tenant refused

39
Q

When can a co-tenant seek contribution for improvements

A

increases the rents and profits

40
Q

Period tenancy formula

A

(Start date)- (A period of time)
EX: January 1st for year to year or month or month

41
Q

Period tenancy renews

A

unless a term date

42
Q

is there notice required in a periodic tenancy

A

yes

43
Q

Tenancy for years formula

A

(Start date)- (An end date)

EX:January 1st - December 31st

44
Q

Tenancy for years does not need

A

notice

45
Q

Tenancy at will is terminable

A

at will

46
Q

How much notice do you need to give in a tenancy at will

A

reasonable amount

47
Q

A tenancy at sufferance is a

A

holdover tenant that is bound by the orginal terms of the lease

48
Q

How do you terminate a tenancy at suffereance

A

tenant is leaving or eviction

if they dont pay their rent or commit waste

49
Q

Landlord duties

A

Actual possession on the first day of the lease term
Duty for basic repairs
Warranty of habitability
Warranty of quiet enjoyment

50
Q

Warranty of habitability means

A

you do not violate the health or safety codes or the issue is so oppresive that the T could not live on the land

51
Q

If you breach the warranty of habitability T can

A

refuse to pay rent

52
Q

Warranty of habitability is

A

stopping other T’s or neighbors from annoying you but T has to give notice

53
Q

Warranty of quiet enjoyment standard is judged by

A

Have to be so inconvenient/significant that no one would be able to live on the property

54
Q

Tenants duties

A

pay rent or commit waste

55
Q

How can a T get out of paying rent

A

warranty of habitability breached

If the property is destroyed → you can get out of paying rent (Modern trend; Common law does not have this )

56
Q

For the T’s duty to not commit waste you also are not allowed for the property to be destroyed and thus T must give L

A

notice unless they are ordinary repairs like turning a screw

57
Q

Assignment is when you do what and who is primarily liable

A

Assign the rest of the lease term
New tenant primarily liable
Original T secondary liable unless novation

58
Q

Sublease is when you do what and who is primarily liable

A

Give away a portion of the lease
Original tenant liable unless novation

59
Q

Covenant against assignment or sublease are

A

strictly construed:

IE lease says there is no assignment → no assignment, but can have sublease
IE lease says there is no sublease → no sublease, but can have assignment
IE: Lease says no sublease or asisgnement → none of them

60
Q

Fair house act

A

Prohibits discrimination in sale /rental/ financing of a property
Race, color, religion, sex, disability, family status (including have kids under 18), pregnancy

MBE Tips and tricks for Bar (14 decks)

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