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UofH Law school > Real property > Flashcards

Real property Flashcards

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1
Q

What is Tenancy in Common?

A

When two or more persons have equal, but not split, interest in a property.

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2
Q

What is Joint Tenancy?

A

When two or more persons have equal, but not split, interest in property WITH right to survivorship.

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3
Q

Regarding Joint Tenancy, what are the four unities?

A

Time, Title, Interest, and possession.

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4
Q

Regarding Joint Tenancy, what does Time, Title, Interest, and Possession mean?

A

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.

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5
Q

What is Tenancy by the Entirety?

A

Two people are considered one person for interest, thus person A can’t sell their interest without concurrence of person B. “One Flesh” doctrine.

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6
Q

Regarding Joint Tenancy, what is severance?

A

When a Joint tenant sells their interest, it changes it from joint tenancy to tenancy in common for all remaining tenants.

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7
Q

What is the five elements of Adverse possession?

A

Actual Possession, Exclusive Possession, Open and Notorious possession, Adverse and Hostile, Continuous (for the statutory period)

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8
Q

What is Community Property, in reference to marriage?

A

Property gained during a marriage in one of eight states.

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9
Q

What is Separate Property, in reference to marriage?

A

Property is owned individually by each person. Divorce is split fairly between, determined by the Judge.

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10
Q

What type of property can be given away, but not sold?

A

Bodily tissue

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11
Q

What is actual possession?

A

Physically using the property as the land dictates (farm land for farming, forrest land for resource collecting).

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12
Q

What is exclusive possession?

A

The use of the property must not be shared with either the public nor the owner.

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13
Q

What is open and notorious possession?

A

Possession must be visually obvious, so that a reasonable inspection of the owner would establish the adverse possession.

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14
Q

What is advese and hostile?

A

Possessing the property without permission.

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15
Q

What is continuous possession?

A

The possession must continuous (no breaks in tenure) as the land allows (24/7 farming, seasonal for beach house, etc.).

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16
Q

What is a (adverse possession) Bad Faith jurisdiction?

A

When the possessor knows the property they are occupying does not belong to them.

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17
Q

What is a (adverse possession) Good Faith jurisdiction?

A

When the possessor has reason to believe the property they are occupying belongs to them, though it does not legally.

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18
Q

What is a (adverse possession) Objective Faith jurisdiction?

A

When the intent/knowledge of the possessor doesn’t matter for adverse possession.

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19
Q

What is “tacking” in relation to adverse possession?

A

Two or more successive adverse possessions of a property to meet the statutory requirement. Must be privity between occupants.

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20
Q

What is “privity” in relation to adverse possession?

A

The two, or more, successive possessors must be related (person A sells title to person B, Person B dies and Person C inherits poperty)

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21
Q

What is fee simple absolute?

A

Owning the property (real estate) outright, now and forever. Default title.

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22
Q

What is a life estate?

A

Owning the property for the duration of your life, it then transfers to another.

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23
Q

What is a life estate pur autre vie?

A

Owning the property for the duration of someone else’s life, it then transfers to another.

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24
Q

What is quitclaim?

A

Giving up all rights to make a claim against something.

25
Q

What is voluntary waste?

A

Act that actively reduces the value of a property. Can be sued to prevent by future interest holders.

26
Q

What is permissive waste?

A

Negligence in maintaining property as one should. Can be sued to correct by future interest holders.

27
Q

What is Ameliorative waste?

A

Acts that change the property, but enhance value. Can NOT be sued against by future interest holders.

28
Q

What is a fee tail?

A

Owning the property (real estate) outright, now and as long as your linage exists, then reverts.

29
Q

What is a fee defeasible? What three parts are there?

A

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.

30
Q

What is a fee simple determinable?

A

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.”

31
Q

What is a fee simple subject to a condition subsequent?

A

A fee simple estate that can revert if something happens, a “Right of Entry” estate. Terms related: Conditional–“provided that” “but if.”

32
Q

What is a fee simple subject to an executory limitation?

A

A fee simple estate that reverts to a third party if something happens. Can be automatic or right entry.

33
Q

What is future interest?

A

Someone else may own the property in the future.

34
Q

What is a “reversion” in relation to property?

A

The title will shift back to the OG title holder automatically, eventually.

35
Q

What is “Possibility of reverter”?

A

Title may shift back to OG title holder, but is not guaranteed to happen.

36
Q

What is “Right of Entry”?

A

Title may shift back to OG title holder, but not guarenteed to happen, and they have to take affirmative actions to get it back.

37
Q

What is a “remainder” in relation to property?”

A

A third party holding the future interest that can be possessory immediately upon expiration of previous estate, and does not early terminate current possessor.

38
Q

What is “indefeasibly vested remainder”?

A

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.

39
Q

What is “vested remaider subject to divestment”?

A

A remainder that is created 1) to an ascertainable person and 2) requires a condition to NOT occur prior to gaining title.

40
Q

What is “closing” in reference to a RP purchase?

A

The end of the sale of the home, where the contract is fulfilled.

41
Q

What is a purchase contract, in reference to RP?

A

A contract to buy a home.

42
Q

What are title Covenants?

A

Grantor promises that the deed is good. Effective from closing onward.

43
Q

What types of title Covenants are there, are how many?

A

Future covenants and present covenants. There are six total.

44
Q

What is “Covenant of seisin”?

A

Promise from grantor they convey what they actually convey (usually merged with ‘right to convey’). It is a Present covenant (breached upon closing).

45
Q

What is “Covenant of right to convey”?

A

A promise from the grantor they can convey what they have (usually merged with ‘Seisin’). It is a Present covenant (breached upon closing).

46
Q

What is “Covenant against encumbrances”?

A

A promise to the grantor that there is no encumbrances attached to title not already disclosed. It is a Present covenant (breached upon closing).

47
Q

What is “Covenant of warranty”?

A

A promise from grantor that they will defend grantee against other claims of superior title. It is a Future covenant (breached from closing onward).

48
Q

What is “Covenant of quiet enjoyment”?

A

A promise from the grantor that there is no one with a superior title. It is a Future covenant (breached from closing onward).

49
Q

What is “Covenant of further assurances”?

A

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).

50
Q

How many types of deeds are there today? What are they?

A

3: General warranty, special warranty, and quitclaim deed.

51
Q

What is a general warranty deed?

A

Grantor warrants against all defects, including those arising from before title gained.

52
Q

What is a special warranty deed?

A

Grantor warrants against all defects, from the date they aquired title.

53
Q

What is a quitclaim deed?

A

Grantor promises nothing but voiding their interest in the property.

54
Q

What is a grantor-grantee index?

A

Validation of chain of title, by searching backwards in times by grantor name, then forward in time by grantee name.

55
Q

What is a tract index?

A

Validation of chain of title by some land identifier.

56
Q

In reference to title, what is a race jurisdiction?

A

Where a person who records their claim to the title first, wins.

57
Q

In reference to title, what is a race-notice jurisdiction?

A

Where a person who records their claim to the title first WITHOUT knowledge of other valid claims, wins.

58
Q

In reference to title, what is a notice jurisdiction?

A

Where a person can gain title subsequent to other valid claims because they did not have proper notice first.

59
Q

By default, who has the valid title?

A

First-in-time claimants, who whomever gained the title first in the timeline of events.

UofH Law school (4 decks)

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