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Real Property Flashcards

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1
Q

Types of present estates

A

Fee simple absolute
Fee simple determinable
Fee simple subject to condition subsequent
Fee simple subject to executory interest

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2
Q

Fee simple absolute

A

Absolute ownership of potentially infinite duration, default estate

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3
Q

Fee simple determinable

A

Present estate limited by specific durational language

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4
Q

Who holds the future interest for a FSD?

A

Future interest held by grantor who has possibility of reverter

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5
Q

Language that limits only the purpose of the transfer (“for the purpose of” or “with the intent that”) creates what estate?

A

FSA

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6
Q

Fee simple subject to condition subsequent

A

Present estate limited by specific conditional language

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7
Q

Who holds the future interest for a FSSCS?

A

Future interest held by grantor who has a right of re-entry

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8
Q

Fee simple subject to executory interest

A

Present estate limited by specific conditional language

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9
Q

Who holds the future interest for a FSSEI?

A

Future interest held by 3P who has executory interest

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10
Q

Life estate

A

Present estate limited by a life

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11
Q

Who has a future interest in a life estate?

A

Grantor - Reversion

3P - Remainder

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12
Q

Defeasible life estate

A

Present estate that terminates upon the end of the measuring life OR happening of stated event

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13
Q

Doctrine of waste

A

Doctrine of waste limits the rights to a holder of an estate, meaning that the current estate holder cannot cause property value to decrease

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14
Q

What situations does doctrine of waste apply to?

A

Life estate
LL/Tenant
Concurrent estates
Lender/Borrower

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15
Q

Types of waste under the doctrine of waste

A

Affirmative
Permissive
Ameliorative

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16
Q

What is affirmative waste

A

Affirmative waste is waste caused by voluntary conduct which causes value decrease

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17
Q

What is permissive waste

A

Permissive waste is neglect which causes value decrease

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18
Q

What is ameliorative waste

A

Ameliorative waste is modification of property that increases value

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19
Q

Duties of life estate holder

A

Must pay property taxes
Must pay preexisting mortgage obligations

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20
Q

What is a remainder?

A

A future interest that follows a life estate and can be vested or contingent

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21
Q

What is a vested remainder?

A

Interest that is 1) given to an ascertained grantee, and 2) not subject to a condition precedent

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22
Q

What is a vested remainder subject to open?

A

1) vested remainder is a class gift, AND 2) full class membership is unknown; at least 1 person in class must be vested for interest to be vested subject to open, otherwise contingent

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23
Q

What is a vested remainder subject to complete divestment?

A

exists if occurrence of SUBSEQUENT condition eliminates the remainder interest

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24
Q

Contingent remainder

A

any interest not vested, RAP applies

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25
Q

What is an executory interest

A

A future interest that divests (cut short) a prior vested interest

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26
Q

What is a springing executory interest

A

Future interest that divests the grantor

27
Q

What is a shifting executory interest

A

Future interest that divests the prior grantee

28
Q

Doctrine of worthier title

A

presumption of reversion to grantor if interest to grantee for life estate then to grantor’s heirs

29
Q

Rule in Shelley’s case

A

FSA created if interest to grantee for life estate then to grantee’s heirs

30
Q

What is a concurrent estate?

A

ownership/possession by 2 or more people simultaneously

31
Q

Types of concurrent estates

A

Tenancy in Common
Joint tenancy
Tenancy by the entirety

32
Q

Tenancy in common

A

default co-tenancy where concurrent owners have separate but undivided interests in the property; no right of survivorship; interest freely devisable/transferable

33
Q

Joint tenancy

A

concurrent owners w/ right of survivorship (interest of dead tenant is absorbed by survivors) that have 1) equal right to possess, 2) equal interests, 3) received interests at same time, AND 4) received interests in same instrument of title

34
Q

Tenancy by entirety

A

joint tenancy between married couple where either cannot alienate/encumber their interest w/o other’s consent

35
Q

Severance of joint tenancy

A

if any of the four joint tenancy unities are destroyed, then it becomes TIC w/ respect to the severed share

36
Q

Lien theory of mortgages for a joint tenancy

A

mortgage treated as lien and doesn’t destroy joint tenancy

37
Q

Title theory of mortgages for a joint tenancy

A

mortgage severs title, tenancy becomes TIC between joint tenant(s) and creditor

38
Q

Rights/Duties of concurrent owners

A

all co-tenants have right to possess all property regardless of share and type of co-tenancy, unless agreement to the contrary

39
Q

Ouster

A

cotenant in possession denies other access to property

40
Q

Ousted tenant’s remedies

A

ousted tenant can get injunction or recover damages

41
Q

Rights/Duties of concurrent owners - Rent

A

rent received from 3rd party’s possession are divided based on ownership interests

42
Q

Rights/Duties of concurrent owners - Operating expenses include?

A

Operating expenses includes necessary charges like taxes/mortgage payments

43
Q

Rights/Duties of concurrent owners - Operating expenses are divided how?

A

divided based on ownership interest and right to collect contribution, unless co-tenant in sole possession then they can collect only to extent that expenses exceed rental value of property

44
Q

Rights/Duties of concurrent owners - Repairs/Improvements

A

No right to reimbursement of repairs/improvements, but credit in partition action

45
Q

Concurrent owners - what is a partition

A

equitable remedy available to TIC/joint tenancy, proceeds divided based on ownership interests

46
Q

Partition in kind

A

Physical partition

47
Q

Partition by sale

A

Only available if physical partition is not practical OR is not fair

48
Q

Fair Housing Act

A

prohibits discrimination in sale/rental/financing of dwellings and prohibits discriminatory advertising.

49
Q

Exception to Fair Housing Act

A

Single family house w/o broker
Owner-occupied building w/ 4 or less units
Religious orgs
Private clubs

50
Q

Fair Housing Act - What is disparate treatment

A

Intent to discriminate

51
Q

Fair Housing Act - What is disparate impact

A

Effect of discrimination

52
Q

Choice of law regarding property disputes

A

Controlling law is generally the jx of where the property is

53
Q

Between a LL/T, a lease creates?

A

Lease creates K interest and property interest

54
Q

Types of leases

A

Tenancy for years
Periodic
At will
At sufference

55
Q

Tenancy for years

A

Fixed and ascertainable amount of time
1+ plus requires S/F
Terminates automatically
No notice to terminate unless K requires
Terminates earlier if T surrenders lease or material breach

56
Q

Periodic tenancy

A

Repetitive and ongoing for set period of time
Express or implied intent
Auto renew UNLESS proper written notice

57
Q

At will tenancy

A

LL or T can terminate any time/any reason
Can terminate w/o notice
Court will give T right to terminate if unconscionable lease that only gives LL right to terminate

58
Q

Tenancy at sufferance

A

T holds over after lease has ended
T owes reasonable value of daily use & reasonably foreseeable special damages

59
Q

Tenant’s duties

A

Duty to pay rent
Duty to avoid waste

60
Q

Implied duties in a tenancy

A

Implied covenant of quiet enjoyment
Implied warranty of habitability

61
Q

Tenant’s right in the face of LL breach

A

Constructive eviction

62
Q

Landlord’s duties

A

Duty to mitigate damages
Duty to repair
Duty to deliver possession
Quiet enjoyment

63
Q

Bidder’s right to withdraw at an auction

A

At a reserve OR no-reserve auction, a bidder has the right to withdraw a bid UNTIL the auctioneer announces the completion of the auction sale.

However, the bidder’s retraction will not revive any prior bids.

64
Q

A conveyance of real property “to X and their heirs” conveys what?

A

FSA in just X

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