Property - ownership

Question 1

Fee simple absolute

Answer 1

100% ownership forever. To A. To A and his heirs.

Question 2

Life estate

Answer 2

• Right and control for life.
• Can’t commit waste.
• O to A for life
• Reversion: interest goes back to grantor
• Life tenant must pay Interest + taxes, not principal
• Remainder: interest after life estate. “then to”
• Contingent remainder: subject to an event
• Vested remainder: automatic transfer
• Vested remainder subject to open: refers to a class of people. One must be alive.
  Vested remainder subject to total divestment: a person’s interest can be wiped out

Question 3

Fee simple determinable

Answer 3

• So long as, as long as
• Possibility of reverter: automatically goes back to grantor if condition not met

Question 4

Rule against perpetuities

Answer 4

• Interest must vest within 21 years after life in being
  Either FS determinable or FS subject to condition subsequent, when interest goes to a third party. If interest about third party, VIOLATION

Question 5

Joint tenancy

Answer 5

• Two or more each has undivided interest in property
• Trumps a will
• Right of survivorship
• Conveyance severs a joint tenancy to tenancy in common
  Must be entered at the same time under same agreement

Question 6

Tenants in common

Answer 6

• No right of survivorship

Question 7

Tenancy by entirety

Answer 7

• Tenancy between married people
• Right of survivorship
• No conveyance without consent
  Severed by divorce

Question 8

Co-tenants

Answer 8

• Co-tenant’s personal debt doesn’t affect the other tenant
• Each right has interest in whole unless ouster
  Each can seek partition (divide the property unless not practical)

Question 9

Contribution - taxes and mortgage

Answer 9

• Co-tenant may seek contribution
  Sole possession - only recover amount that exceeds market value

Question 10

Contribution - rent

Answer 10

• Out of possession co-tenant may SHARE in RENT and PROFITS
• BUT not from a tenant in possession
  UNLESS they are damaging the property

Question 11

Contribution - REPAIR and improvements

Answer 11

• No contribution for repairs, unless necessary and requested
  No contribution for improvements, unless increase rents/profits

Question 12

Landlord-tenant

Answer 12

• Periodic tenancy: has a start date and goes for a period of time. Notice required to terminate. Renews unless a termination date. Notice: month to month, 1 month; year to year, 6 months.
• Tenancy for years: start date - an end date, no notice required
• Tenancy at will: terminable at will, reasonable amount of time to terminate
  Tenancy at sufferance: holdover tenant, terminates by leaving or eviction

Question 13

Landlord duties

Answer 13

• Gives T actual possession on the first date
• Repairs
• Warranty of habitability - can’t be so oppressive
  Warranty of quiet enjoyment - free of nuisances. Not just inconvenience.

Question 14

Tenant duties

Answer 14

• Pay rent unless breach or property destroyed
• No waste - must give notice to L to fix
  Ordinary repairs

Question 15

Assignment

Answer 15

• Assign the rest of the lease term
• New tenant primarily liable
• Original tenant secondarily liable unless novation
  Covenant strictly construed

Question 16

Sublease

Answer 16

• Subleases a portion of the remaining lease term
• Original tenant liable unless novation
  Covenant strictly construed

Question 17

Fair housing act

Answer 17

Federal law prohibits discrimination in sale, rental, financing of property based on race, color, sex, religion, disability, family status, pregnancy

Question 18

Fixture

Answer 18

• Chattel so attached to the property that removal would cause damage

Question 19

Conflicts of law

Answer 19

• The law of the state where property is located applies
  Exception: choice of law clause. Mortgage/collateral issues use local law.

Question 20

Fee simple subject to condition subsequent

Answer 20

• If a future event occurs, then grantor has right of reentry
• “But if”
  Right of reentry: grantor must act do get the interest back