Real Property Flashcards
Fee simple Absolute
Absolute ownership, potentially infinite duration.
Fee simple defeasible
Fee simple estate that can be terminated upon the occurrence of a stated condition.
Fee Simple Determinable
Automatically terminates upon the occurrence of a stated event (accompanied by a possibility of reverter).
Fee Simple Subject to Condition Subsequent
Grantor has the right to terminate upon occurrence of the event (accompanied by a right of reentry).
Fee Simple Subject to Executory Limitation
Terminates upon the occurrence of the event and passes to a third party.
Life Estate
Ownership interest lasting for the life of a specified person
Life Estate Pur Autre Vie
Duration is measured by the life of someone other than the life tenant.
Reversion
Future interest
Interest left in the grantor who transfers less than his entire interest.
Possibility of Reverter
future interest
Future interest following a fee simple determinable
Right of Reentry
future interest
Future interest following a fee simple subject to condition subsequent.
Remainder (generally)
Future interest following a life estate or term of years, which can be vested or contingent.
Vested Remainder
Remainder to an ascertainable person and not subject to a condition precedent.
Contingent Remainder
Remainder to an unascertainable person or subject to a condition precedent.
Executory Interest
Future interest in a third party that cuts short a prior estate.
Tenancy for Years
Lease for a fixed period.
Periodic Tenancy
Lease for a repeating period until notice of termination.
Tenancy at Will
Lease for no fixed period, terminable at will.
Tenancy at Sufferance
Tenant remains after lease expiration
Tenant’s Duties
Duty to Pay Rent: Obligation to pay rent as agreed.
Duty to Avoid Waste: Tenant must not commit voluntary, permissive, or ameliorative waste.
Duty to Repair: Tenant typically responsible for minor repairs and routine maintenance.
Landlords duties
Duty to Deliver Possession: Must deliver actual possession at the beginning of the lease term.
Implied Warranty of Habitability: Premises must be fit for human habitation.
Covenant of Quiet Enjoyment: Tenant has the right to quiet use and enjoyment of the premises without interference from the landlord.
Assignment
Transfer of the entire leasehold interest.
Sublease
Transfer of less than the entire leasehold interest.
Privity of Estate and Contract
Determines the relationship and liability between landlord, tenant, assignee, and sublessee
Easement Appurtenant
Benefits a dominant tenement and runs with the land.
Easement in Gross
Benefits an individual or entity, not a parcel of land.
Creation of Easements
By express grant, implication, necessity, or prescription.
Termination of Easements
By release, merger, abandonment, prescription, or frustration of purpose
Real Covenants
Written promises to do or not do something on the land.
what is required for a real covenant
Writing,
intent,
touch and concern,
notice,
privity
Equitable Servitudes
Similar to real covenants but enforced in equity with injunctions
requirements for equitable servitudes
writing
intent
touch and concern
notice
profit
right to enter land and take resources
license
permission to enter land without an interest in the land
joint tenancy
Co-owners with right of survivorship; requires four unities (time, title, interest, possession) and clear expression of intent.
tenancy by the entirety
Joint tenancy between married couples with right of survivorship; requires marriage.
Tenancy in Common
co owners with separate but undivided interests and no right of survivorship
Possession (co-tenants)
each co-tenant has the right to possess the whole property
rents and profits (co-tenants)
Co-tenants must account for rents and profits from third parties
carrying costs (co-tenants)
each co-tenant is responsible for their share of property taxes, mortgage payments, etc
repairs and improvements (co-tenants)
co-tenants have rights and obligations regarding necessary repairs and beneficial improvements
statute of frauds (real estate transactions) (contracts for sale)
requires writing
signed by the party to be charged
containing essential terms
marketable title (real estate transactions) (contracts for sale)
seller must provide good or clear title at closing
equitable conversion (real estate transactions) (contracts for sale)
risk of loss shifts to buyer upon signing the contract so long as there is not a contrary agreement
general warranty deed
warrants against all defects in title
special warranty deed
warrants only against defects arising during the grantors ownership
quitclaim deed
no warranties
transfers whatever interest grantor has
delivery
grantors intent to make the deed presently effective
acceptance
generally presumed if beneficial to the granteer
race statute (recording statutes)
first to record wins
Notice statute (recording statutes)
subsequent bona fide purchaser without notice prevails
race- notice statute (recording statutes)
subsequent bona fide purchaser without notice who records first prevails
creation of a mortgage
must be in writing in order to satisfy the statute of frauds
rights for the parties in mortgages
mortgagor (borrower) retains title and possession
mortgagee (lender) has a lien
judicial foreclosure
court supervised sale of the mortgaged property
non-judicial foreclosure
foreclosure without court involvement
Priority (foreclosure)
determined by recording (first in time, first in right) unless otherwise provided by statute or agreement
equitable redemption
borrower right to redeem before the foreclosure sale
statutory redemption
the borrowers right to redeem after the foreclosure sale if its allowed by statute
authority (zoning)
local governments derive power to zone from state enabling acts
types of zoning
residential
commercial
industrial
agricultural
nonconforming use
use that existed before the zoning change and is allowed to continue
variance
permission to deviate from zoning requirements
use variance
permission to use land in a manner not permitted by zoning ordinance
area variance
permission to deviate from physical or dimensional zoning requirements
conditional use permit
(special exception) (zoning)
allowed under zoning ordinance but subject to conditions designed to minimize impact on surrounding areas
takings clause
prohibits government from taking private property for public use without just compensation
due process
zoning ordinances must be rationally related to legitimate government interest
equal protection
zoning laws must not discriminate against individuals or groups
