random stuff (mostly PROP)

Question 1

whats a way to get around the preexisting duty rule

Answer 1

change the consideration somehow like alternative method of payment

Question 2

does the preexisting duty rule apply to third persons

Answer 2

no

Question 3

must a mortgage contract be in writing

Answer 3

yes SoF

Question 4

what type of land deals dont need to be in writing

Answer 4

leases under a yr
kx to build
kx to buy and sell real estate and divide the profits

Question 5

what does indeafisible mean

Answer 5

not subject to early termination. defeasible interests are, however, subject to early termination

Question 6

tenancy for yrs

Answer 6

tenancy for fixed period of time (10 days, 10 yrs)

Question 7

periodic tenancy

Answer 7

for fixed period that continues for succeeding periods (e.g., month to month)

Question 8

general landlord tenant duties

Answer 8

b. Tenant must pay rent and may not commit waste
c. Landlord generally must repair, must deliver habitable premises, and may not interfere with tenant’s possession

Question 9

easement appurtenant

Answer 9

involves two tracts of land. dominant one is the one benefitting from the easement running thru servient parcel

Question 10

ways to create an easement

Answer 10

-express grant or reservation (SoF applies) [oral grant creates a license which isnt an interest in land]
-implication by operation of law
—-by use existing b4 tract divided
—-by necessity for landlocked parcel
-prescription - acquired thru adverse, open and notorious, and continuous use for statutory period

Question 11

real covenant

Answer 11

written promises to do or refrain from doing something on land with a usual remedy of money damages (run w the land at law)

Question 12

equitable servitude

Answer 12

covenant w equitable remedies (injunction, speciifc performance)

Question 13

marketable title

Answer 13

contracts contaqin implied covenant that seller will deliver title free from unreaosnable risk of lit at closing

Question 14

AP requirements

Answer 14

Possessor must show: (1) actual entry giving rise to exclusive possession that is (2)
open and notorious, (3) adverse/hostile (i.e., lacking the owner’s permission), and (4)
continuous throughout the statutory period for an ejectment action (e.g., 20 years)

Question 15

Types of notice statutes

Answer 15

a. Notice statutes—later BFP wins if earlier grant was not recorded
b. Race-notice statutes—later BFP wins only if she records before the earlier grantee records
c. Race statutes—first to record wins; actual notice is irrelevant

Question 16

mortgage title theories

Answer 16

a. Lien theory—mortgagee holds a security interest only
b. Title theory—mortgagee holds title until mortgage is satisfied
c. Intermediate theory—mortgagee holds title only after default

Question 17

general info on foreclosure

Answer 17

after default, can sell property to satisfy debt

does not affect sr interests
terminates jr interests (jr interests are entitled to any surplus remaining after foreclosing mortgage is satisfied)

If there is a deficiency—mortgagee can sue mortgagor if foreclosure sale proceeds do not satisfy mortgage debt

Question 18

deed of trust

Answer 18

A deed of trust is a legal agreement that’s similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults

Question 19

installment land kx

Answer 19

seller retains deed until buyer pays in full

Question 20

fixture

Answer 20

ITEM SO AFFIXED TO THE LAND THAT THEY BECOME PART OF THE REALTY.

constructive annexation - items not physically attached to land are fixtures if they are so uniquely adapted to the real estate that it makes no sense to separate them (e.g., keys to doors)