Property Terms Flashcards
Elements of Adverse Possession
(1) actual possession
(2) exclusive possession
(3) open and notorious possession
(4) adverse and hostile possession
(5) continuous possession
(6) for statutory period
Adverse Possession of Chattels Discovery Rule
statutory period for AP does not begin to run until the injured party discovers or by exercise of reasonable diligence should have discovered, facts which would form the basis of a cause of action
Alienable
interest can be sold, transferred, given away during owner’s lifetime
Devisable
interest can be transferred by will at owner’s death
Descendible
interest can be passed on through laws of intestate succession
Fee Simple Absolute
whole estate belongs to owner, have all of the rights in bundle of sticks
Fee Simple Absolute Words of Duration
to B and his heirs
to B forever
to B
Life Estate
interest lasts for the lifetime of the holder
alienable
NOT devisable or descendible
Life Estate Words of Duration
to B for life
Life Estate Pur Autre Vie
interest lasts for the lifetime of someone other than the interest holder
Fee Simple Determinable
may continue forever OR automatically end at certain condition / event returning right of possession to transferor
Fee Simple Subject to Condition Subsequent
may continue forever OR can end at the election of the transferor following a certain condition / event
Fee Simple Determinable Words of Duration
to B so long as
to B while
to B until
Fee Simple Subject to Condition Subsequent Words of Duration
to B provided that
to B but if
to B on the condition that
Fee Simple Subject to Executory Interest
defeasible estate (one that can be cut short) created in transferee that is followed by a future interest in someone other than the transferor
Possibility of Reverter
future interest held by transferor of fee simple determinable
Right of Entry
future interest held by transferor of fee simple subject to condition subsequent
Remainder
(1) capable of becoming possessory immediately upon expiration of prior estate
(2) does not cut short any other interest (waits patiently)
Vested Remainder
(1) created in an ascertainable person
(2) not subject to a condition precedent
Contingent Remainder
interest created in an unascertainable person or is subject to condition precedent
if it is a remainder but is not vested, must be contingent
Executory Interest
future interest that cuts short another’s interest to become possessory
Springing Executory Interest
cuts short the interest of the grantor
Ex. to A if and when he marries
Shifting Executory Interest
cuts short the interest of someone other than the grantor
Future interests subject to the rule against perpetuities
(1) contingent remainders
(2) executory interests
(3) vested remainders subject to open
Tenancy in Common
cotenants in common each have the right to use and possess the whole property, but their share of interest in the property may be unequal
Joint Tenants
joint tenants have right to use and possess whole property, share of interest MUST be equal
have right of survivorship in relation to other joint tenants
Joint Tenancy Elements
(1) time
(2) title
(3) interest
(4) possession
Tenancy by the Entirety
same as joint tenancy, but the joint tenants are married
right of survivorship
can only be ended by death, divorce, mutual agreement of spouses
Tenancy by the Entirety Elements
(1) time
(2) title
(3) interest
(4) possession
(5) marriage
Partition by Sale
ends cotenancy and distributes assets of the property by selling the property and splitting proceeds by respective interest
Partition in Kind
ends cotenancy and distributes assets of the property by physically dividing the land amongst cotenants
Elements to Overcome Partition in Kind Presumption
(1) property cannot be conveniently physically divided
(2) interests of one or more parties will be promoted by sale
(3) interests of the other parties will not be prejudiced by sale
Separate Property - During Marriage
property is separately owned by the spouse who acquires it
Separate Property - At Divorce
equitable distribution of property acquired during the marriage
Separate Property - At Death
Surviving spouse has choice:
forced share - what will devises
elective share - defined portion of
estate (1/2 or 1/3)
Community Property - During Marriage
earnings / assets are owned by both spouses equally
Community Property - At Divorce
some equal share, some equitable share
Community Property - At Death
Deceased spouse can devise their half of community property and own individual property however they wish
Surviving spouse automatically receives the other half of community property
Protected Classes Under FHA
(a) race
(b) color
(c) sex
(d) religion
(e) national origin
(f) disability
USC § 3604(a)
unlawful to refuse to sell or rent property based on protected class status
USC §3604(b)
unlawful to discriminate in terms or conditions based on protected class status
USC §3604(c)
unlawful to advertise discriminatorily based on protect class status
USC § 3604(d)
unlawful to pretend a dwelling is not available when it is available based on protected class status
USC § 3604(e)
unlawful to use threat of protected class entry into neighborhood to induce sale of property
