Real Property

Question 1

Valid Deed requires

Answer 1

identify buyer and seller

describe the land

contain words denoating a present intent to convey

signed by grantor

MUST ALSO BE DELIVERED

Question 2

Delivery?

Answer 2

question of intent to pass title presently

Question 3

Contract of Sale

Answer 3

under duties of EQUITABLE CONVERSION, as soon as K is signed (before closing) buyer has interest in RP and seller’s interest is in PP ($$$$)

Question 4

Who has risk of loss after contract of sale?

Answer 4

BUYER (even if seller in possesion)

Question 5

Quitclaim Deed

Answer 5

grantor gives no covenents to grantee, take land subject to defects in title

Question 6

Warranty Deed

Answer 6

MEE tends to test PRESENT COVENANTS

RIGHT TO CONVEY & SESIN (he owns the land he is selling)

ENCUMERANCES (no existing easements, liens, or encumberances that are not stated on deeds)

Question 7

Merger

Answer 7

at closing, contract of sale merges into DEED - then buyer can ONLY sue on the DEED

Question 8

First-in-time First-in-right

Answer 8

Common law principle

Question 9

Notice Statutes

Answer 9

portect bona fide purchasers for value (new buyer) who take without notice of earlier transaction

Question 10

Race-Notice Statute

Answer 10

protect buyers for value who take WITHOUT notice and are FIRST TO RECORD

Question 11

What is notice? (AIR)

Answer 11

Actual Notice
Inquire
Record Notcie (interest is recorded in chain of title) - wild deeds = too late deeds are NOT notice

Question 12

“Subject to” Mortgage

Answer 12

not personally liable

Question 13

“Assumes Mortgage”

Answer 13

personally lable along with the original motrgager

Question 14

If transferee pays mortgage paymenets, is he impliedly assumed the motrgage?

Answer 14

in some states YES

Question 15

Novation

Answer 15

initial mortgager, new transferee, and mortgagee all agree mortgage are no loner liable and trasnferee assumes all the duties

Question 16

Terms for Years Lease

Answer 16

specifies both a beginning and end date

Question 17

Perioidic Tenancy

Answer 17

NO FIXED END DATE (month-to-month) lease

express agreement, implication (lease has no end date), or by operation of law (SOF)

valid notice is required to terminate periodic tenancy

Question 18

Assignment

Answer 18

if lease does not prohibit, can assign or sublease interest in the lease

Question 19

Constructive Eviction

Answer 19

T can sue landlord (commercial or residential) if landlord breached duty to tenant (duty to repair) and breach caused a substantial use and enjouyment of premises and tenant has vacated within reasonable time giving adequate notice

Question 20

Implied Warranty of Habitability

Answer 20

only residental lease if premises are unhabitable

can vacate, can sue for damages

Question 21

Duties of Tenant

Answer 21

must pay rent

if does not pay rent but has abandoned property can sue tennat for damages or treat it as surrender

Question 22

Duty to Mitigate

Answer 22

CL = no duty to mitigate damages

many states have abandoned this

Question 23

Fair Housing Act

Answer 23

disallovs discrimination in housing sales or rentals on the basis of race, color, religion, sex, familial status, and national origin (but not occupation)

Question 24

Easement

CREATION?

TERMINATION?

Answer 24

Creation? expressly, impliedly (necessity or prior use) or by prescription

Termination? express terms, written release, mereger of tenments, precription, estoppel, abandonment (nonuse)

Question 25

Create and Sever a Joint Tenancy

Answer 25

FOUR UNITIES TO CREATE T-TIP
Time, Title, Interest, and Possesion & survivroship language in some states

Severance? G SAM - giving it away during life, sigining a contract for sale, actual judicial sale by creditor, mortgage in title theory state

Question 26

Requirements for Adverse Possesion CHANGE

Answer 26

1. Continuous
2. Hostile and under claim of right
3. actual
4. open
5. notorious
6. goes on for statutory period
7. exclusive

may tack on time that prior adver possesor possesed

will prevail over a subsequent bfp who complies with recoridng act bc no document that the interest holder could record