Real Property

Question 1

Joint tenancy

Answer 1

each party owns half with right of survivorship

Question 2

If you convey your interest it will sever the joint tenancy into a ___

Answer 2

tenancy in common

Question 3

Tenancy in common

Answer 3

each party owns half with NO right of survivorship

Question 4

Tenancy by the entirety

Answer 4

married couple have right of survivorship. One spouse cant convey their interest without the other spouses consent

Question 5

Key elements of a real estate K:

Answer 5

a. Must be in Writing – Statute of Frauds
b. Must Include Parties, Price, terms, etc, K principles
c. Execution transfers EQUITABLE TITLE via EQUITABLE CONVERSION- Risk of loss on buyer
d. Marketable Title implied in K

Question 6

Key elements of a Deed:

Answer 6

1. Must be DELIVERY of Deed-by SELLER shows Intent to convey
2. ACCEPTANCE is PRESUMED by BUYER unless FACTS say Otherwise
3. Must include legal description of property
4. Identifiable Grantees
5. Merger of Real estate k
6. Execution conveys LEGAL TITLE (Ownership)

Question 7

General warranty deed

Answer 7

Conveys clean title, promising all is ok forever

Question 8

Special warranty deed

Answer 8

Conveys clean title promises all is ok while current owner lived there

Question 9

Quitclaim deed

Answer 9

Conveys only what title seller has, no promises

Question 10

Mortgage

Answer 10

loan that uses the land as collateral

Question 11

Purchase money

Answer 11

money that is borrowed to buy a house. it always has priority

Question 12

Two types of mortgages

Answer 12

assumable and subject to

Question 13

Assumable

Answer 13

New owner becomes personally liable on the note (takes over original house mortgage). Bank can come after new payer first and then original owner secondarily unless you execute a novation

Question 14

Subject to

Answer 14

Original owner remains liable on the note, buyer takes no financial responsibility for original mortgage

Question 15

Lien theory

Answer 15

Bank has a lien on property, resident has LEGAL title

Question 16

Title theory

Answer 16

Bank has LEGAL title, resident has an equitable interest. hen resident pays off mortgage they receive title

Question 17

Equitable redemption

Answer 17

Period of time from Notice of Foreclosure until sale that resident can pay off debt and keep property.

Question 18

Statutory redemption

Answer 18

Period of time from Sale until whatever Statute provides that resident can still keep property.

Question 19

For adverse possession, you need the following factors to get title:

Answer 19

1) Exclusive
2) Continuous
3) Open
4) Notorious
5) Hostile

Question 20

Three types of recording statutes

Answer 20

race, pure notice, race notice

Question 21

Race

Answer 21

First person to courthouse who records deed, wins!

Question 22

Pure notice

Answer 22

LAST BFP with NO NOTICE, wins!

Question 23

Bona Fide Purchaser

Answer 23

Someone paid value and had NO Notice

Question 24

Once a deed is recorded, you are put on ___

Answer 24

notice

Question 25

Race notice

Answer 25

First BFP who records, wins!

Question 26

Easements

Answer 26

One owner lets another do something on their land

Question 27

Easements are created by ___

Answer 27

necessity, implication, prescription

Question 28

Necessity

Answer 28

its necessary to cross land of another to access public road (landlocked)

Question 29

Implication

Answer 29

implied from prior use that you get to keep using the property

Question 30

Prescription

Answer 30

using property of another for statutory period of time without their permission and have acquired the right to keep using it (similar to adverse possession but here you only have the right to keep using the easement)

Question 31

Easements can be terminated by

Answer 31

Abandonment – non use/express an intent not to return

Merger – acquire the land upon which you have the right to exercise

Question 32

Covenants are

Answer 32

a promise between 2 owners to do or NOT to do something

Question 33

Covenants need to be __

Answer 33

in writing

Question 34

A restrictive covenant is a

Answer 34

promise not to do something

Question 35

Look for intent and these factors:

Answer 35

Touch and Concern the Land
Notice
Writing
Privity

Question 36

An equitable servitude is

Answer 36

A restriction on use of land that looks like Restrictive Covenant, but is found in Subdivision (Common plan or scheme). As long as ALL lots have same restriction, it is enforceable.

Question 37

License

Answer 37

permission to enter the land of another, but REVOCABLE at will

Question 38

Profit

Answer 38

The right to TAKE something off the land of another

Question 39

Fee simple absolute

Answer 39

own 100% for all time

Question 40

Life estate

Answer 40

owns 100% for your life, Future interest= Remainder (Contingent – vested)

Question 41

Fee simple determinable

Answer 41

“so long as”.. Future Interest= Possibility of Reverter, interest automatically reverts back

Question 42

Fee simple subject to condition consequent

Answer 42

“But If = Right of Re-Entry

Question 43

Rule against Perpetuity

Answer 43

If it is either Determinable or Subject to Condition Subseq. and there is a subsequent grantee, then RAP applies and that conveyance is VOID! Only the conveyance that violates the rule is void, the others are still OK.

Question 44

Types of tenancies

Answer 44

years, month to month, at will, sufferance

Question 45

Landlord duties

Answer 45

Habitability, Make Repairs

Question 46

Tenant duties

Answer 46

To pay Rent, No Waste

Question 47

Who remains liable with a sublease?

Answer 47

Original tenant remains primarily liable

Question 48

Who remains liable with an assignment?

Answer 48

New tenant becomes primarily liable

Question 49

Fixtures are

Answer 49

Chattel that by removing them would lead to damage of the property