Real property Flashcards
What is Tenancy in Common?
When two or more persons have equal, but not split, interest in a property.
What is Joint Tenancy?
When two or more persons have equal, but not split, interest in property WITH right to survivorship.
Regarding Joint Tenancy, what are the four unities?
Time, Title, Interest, and possession.
Regarding Joint Tenancy, what does Time, Title, Interest, and Possession mean?
Time: Must be created at the same time,
Title: Must acquire interest through same title.
Interest: Must have equal interest in all ways.
Possession: Must have equal right to possess/enjoy at the same time.
What is Tenancy by the Entirety?
Two people are considered one person for interest, thus person A can’t sell their interest without concurrence of person B. “One Flesh” doctrine.
Regarding Joint Tenancy, what is severance?
When a Joint tenant sells their interest, it changes it from joint tenancy to tenancy in common for all remaining tenants.
What is the five elements of Adverse possession?
Actual Possession, Exclusive Possession, Open and Notorious possession, Adverse and Hostile, Continuous (for the statutory period)
What is Community Property, in reference to marriage?
Property gained during a marriage in one of eight states.
What is Separate Property, in reference to marriage?
Property is owned individually by each person. Divorce is split fairly between, determined by the Judge.
What type of property can be given away, but not sold?
Bodily tissue
What is actual possession?
Physically using the property as the land dictates (farm land for farming, forrest land for resource collecting).
What is exclusive possession?
The use of the property must not be shared with either the public nor the owner.
What is open and notorious possession?
Possession must be visually obvious, so that a reasonable inspection of the owner would establish the adverse possession.
What is advese and hostile?
Possessing the property without permission.
What is continuous possession?
The possession must continuous (no breaks in tenure) as the land allows (24/7 farming, seasonal for beach house, etc.).
What is a (adverse possession) Bad Faith jurisdiction?
When the possessor knows the property they are occupying does not belong to them.
What is a (adverse possession) Good Faith jurisdiction?
When the possessor has reason to believe the property they are occupying belongs to them, though it does not legally.
What is a (adverse possession) Objective Faith jurisdiction?
When the intent/knowledge of the possessor doesn’t matter for adverse possession.
What is “tacking” in relation to adverse possession?
Two or more successive adverse possessions of a property to meet the statutory requirement. Must be privity between occupants.
What is “privity” in relation to adverse possession?
The two, or more, successive possessors must be related (person A sells title to person B, Person B dies and Person C inherits poperty)
What is fee simple absolute?
Owning the property (real estate) outright, now and forever. Default title.
What is a life estate?
Owning the property for the duration of your life, it then transfers to another.
What is a life estate pur autre vie?
Owning the property for the duration of someone else’s life, it then transfers to another.
What is quitclaim?
Giving up all rights to make a claim against something.
What is voluntary waste?
Act that actively reduces the value of a property. Can be sued to prevent by future interest holders.
What is permissive waste?
Negligence in maintaining property as one should. Can be sued to correct by future interest holders.
What is Ameliorative waste?
Acts that change the property, but enhance value. Can NOT be sued against by future interest holders.
What is a fee tail?
Owning the property (real estate) outright, now and as long as your linage exists, then reverts.
What is a fee defeasible? What three parts are there?
Owning the property (real estate) outright, now and until the land is used in a way that would upset the OG owner. Fee simple 1) Determinable, 2) subject to a condition subsequent, and 3) subject to an executory limitation.
What is a fee simple determinable?
A fee simple estate that automatically ends when something happens, then it reverts back to OG owner. Terms related: Durational–“so long as” “until” or “while.”
What is a fee simple subject to a condition subsequent?
A fee simple estate that can revert if something happens, a “Right of Entry” estate. Terms related: Conditional–“provided that” “but if.”
What is a fee simple subject to an executory limitation?
A fee simple estate that reverts to a third party if something happens. Can be automatic or right entry.
What is future interest?
Someone else may own the property in the future.
What is a “reversion” in relation to property?
The title will shift back to the OG title holder automatically, eventually.
What is “Possibility of reverter”?
Title may shift back to OG title holder, but is not guaranteed to happen.
What is “Right of Entry”?
Title may shift back to OG title holder, but not guarenteed to happen, and they have to take affirmative actions to get it back.
What is a “remainder” in relation to property?”
A third party holding the future interest that can be possessory immediately upon expiration of previous estate, and does not early terminate current possessor.
What is “indefeasibly vested remainder”?
When a reminder is created 1) to an ascertainable person and 2) is not subject to a condition precedent other than life duration. AKA “vested” remainder.
What is “vested remaider subject to divestment”?
A remainder that is created 1) to an ascertainable person and 2) requires a condition to NOT occur prior to gaining title.
What is “closing” in reference to a RP purchase?
The end of the sale of the home, where the contract is fulfilled.
What is a purchase contract, in reference to RP?
A contract to buy a home.
What are title Covenants?
Grantor promises that the deed is good. Effective from closing onward.
What types of title Covenants are there, are how many?
Future covenants and present covenants. There are six total.
What is “Covenant of seisin”?
Promise from grantor they convey what they actually convey (usually merged with ‘right to convey’). It is a Present covenant (breached upon closing).
What is “Covenant of right to convey”?
A promise from the grantor they can convey what they have (usually merged with ‘Seisin’). It is a Present covenant (breached upon closing).
What is “Covenant against encumbrances”?
A promise to the grantor that there is no encumbrances attached to title not already disclosed. It is a Present covenant (breached upon closing).
What is “Covenant of warranty”?
A promise from grantor that they will defend grantee against other claims of superior title. It is a Future covenant (breached from closing onward).
What is “Covenant of quiet enjoyment”?
A promise from the grantor that there is no one with a superior title. It is a Future covenant (breached from closing onward).
What is “Covenant of further assurances”?
A promise from grantor that they will take all steps necessary to cure defects in title at closing. It is a Future covenant (breached from closing onward).
How many types of deeds are there today? What are they?
3: General warranty, special warranty, and quitclaim deed.
What is a general warranty deed?
Grantor warrants against all defects, including those arising from before title gained.
What is a special warranty deed?
Grantor warrants against all defects, from the date they aquired title.
What is a quitclaim deed?
Grantor promises nothing but voiding their interest in the property.
What is a grantor-grantee index?
Validation of chain of title, by searching backwards in times by grantor name, then forward in time by grantee name.
What is a tract index?
Validation of chain of title by some land identifier.
In reference to title, what is a race jurisdiction?
Where a person who records their claim to the title first, wins.
In reference to title, what is a race-notice jurisdiction?
Where a person who records their claim to the title first WITHOUT knowledge of other valid claims, wins.
In reference to title, what is a notice jurisdiction?
Where a person can gain title subsequent to other valid claims because they did not have proper notice first.
By default, who has the valid title?
First-in-time claimants, who whomever gained the title first in the timeline of events.
