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My Bar study > Real Property > Flashcards

Real Property Flashcards

1
Q

Fee simple Absolute

A

Absolute ownership, potentially infinite duration.

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2
Q

Fee simple defeasible

A

Fee simple estate that can be terminated upon the occurrence of a stated condition.

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3
Q

Fee Simple Determinable

A

Automatically terminates upon the occurrence of a stated event (accompanied by a possibility of reverter).

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4
Q

Fee Simple Subject to Condition Subsequent

A

Grantor has the right to terminate upon occurrence of the event (accompanied by a right of reentry).

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5
Q

Fee Simple Subject to Executory Limitation

A

Terminates upon the occurrence of the event and passes to a third party.

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6
Q

Life Estate

A

Ownership interest lasting for the life of a specified person

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7
Q

Life Estate Pur Autre Vie

A

Duration is measured by the life of someone other than the life tenant.

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8
Q

Reversion

A

Future interest

Interest left in the grantor who transfers less than his entire interest.

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9
Q

Possibility of Reverter

A

future interest

Future interest following a fee simple determinable

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10
Q

Right of Reentry

A

future interest

Future interest following a fee simple subject to condition subsequent.

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11
Q

Remainder (generally)

A

Future interest following a life estate or term of years, which can be vested or contingent.

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12
Q

Vested Remainder

A

Remainder to an ascertainable person and not subject to a condition precedent.

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13
Q

Contingent Remainder

A

Remainder to an unascertainable person or subject to a condition precedent.

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14
Q

Executory Interest

A

Future interest in a third party that cuts short a prior estate.

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15
Q

Tenancy for Years

A

Lease for a fixed period.

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16
Q

Periodic Tenancy

A

Lease for a repeating period until notice of termination.

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17
Q

Tenancy at Will

A

Lease for no fixed period, terminable at will.

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18
Q

Tenancy at Sufferance

A

Tenant remains after lease expiration

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19
Q

Tenant’s Duties

A

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.

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20
Q

Landlords duties

A

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.

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21
Q

Assignment

A

Transfer of the entire leasehold interest.

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22
Q

Sublease

A

Transfer of less than the entire leasehold interest.

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23
Q

Privity of Estate and Contract

A

Determines the relationship and liability between landlord, tenant, assignee, and sublessee

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24
Q

Easement Appurtenant

A

Benefits a dominant tenement and runs with the land.

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25
Q

Easement in Gross

A

Benefits an individual or entity, not a parcel of land.

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26
Q

Creation of Easements

A

By express grant, implication, necessity, or prescription.

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27
Q

Termination of Easements

A

By release, merger, abandonment, prescription, or frustration of purpose

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28
Q

Real Covenants

A

Written promises to do or not do something on the land.

29
Q

what is required for a real covenant

A

Writing,
intent,
touch and concern,
notice,
privity

30
Q

Equitable Servitudes

A

Similar to real covenants but enforced in equity with injunctions

31
Q

requirements for equitable servitudes

A

writing
intent
touch and concern
notice

32
Q

profit

A

right to enter land and take resources

33
Q

license

A

permission to enter land without an interest in the land

34
Q

joint tenancy

A

Co-owners with right of survivorship; requires four unities (time, title, interest, possession) and clear expression of intent.

35
Q

tenancy by the entirety

A

Joint tenancy between married couples with right of survivorship; requires marriage.

36
Q

Tenancy in Common

A

co owners with separate but undivided interests and no right of survivorship

37
Q

Possession (co-tenants)

A

each co-tenant has the right to possess the whole property

38
Q

rents and profits (co-tenants)

A

Co-tenants must account for rents and profits from third parties

39
Q

carrying costs (co-tenants)

A

each co-tenant is responsible for their share of property taxes, mortgage payments, etc

40
Q

repairs and improvements (co-tenants)

A

co-tenants have rights and obligations regarding necessary repairs and beneficial improvements

41
Q

statute of frauds (real estate transactions) (contracts for sale)

A

requires writing

signed by the party to be charged

containing essential terms

42
Q

marketable title (real estate transactions) (contracts for sale)

A

seller must provide good or clear title at closing

43
Q

equitable conversion (real estate transactions) (contracts for sale)

A

risk of loss shifts to buyer upon signing the contract so long as there is not a contrary agreement

44
Q

general warranty deed

A

warrants against all defects in title

45
Q

special warranty deed

A

warrants only against defects arising during the grantors ownership

46
Q

quitclaim deed

A

no warranties

transfers whatever interest grantor has

47
Q

delivery

A

grantors intent to make the deed presently effective

48
Q

acceptance

A

generally presumed if beneficial to the granteer

49
Q

race statute (recording statutes)

A

first to record wins

50
Q

Notice statute (recording statutes)

A

subsequent bona fide purchaser without notice prevails

51
Q

race- notice statute (recording statutes)

A

subsequent bona fide purchaser without notice who records first prevails

52
Q

creation of a mortgage

A

must be in writing in order to satisfy the statute of frauds

53
Q

rights for the parties in mortgages

A

mortgagor (borrower) retains title and possession

mortgagee (lender) has a lien

54
Q

judicial foreclosure

A

court supervised sale of the mortgaged property

55
Q

non-judicial foreclosure

A

foreclosure without court involvement

56
Q

Priority (foreclosure)

A

determined by recording (first in time, first in right) unless otherwise provided by statute or agreement

57
Q

equitable redemption

A

borrower right to redeem before the foreclosure sale

58
Q

statutory redemption

A

the borrowers right to redeem after the foreclosure sale if its allowed by statute

59
Q

authority (zoning)

A

local governments derive power to zone from state enabling acts

60
Q

types of zoning

A

residential

commercial

industrial

agricultural

61
Q

nonconforming use

A

use that existed before the zoning change and is allowed to continue

62
Q

variance

A

permission to deviate from zoning requirements

63
Q

use variance

A

permission to use land in a manner not permitted by zoning ordinance

64
Q

area variance

A

permission to deviate from physical or dimensional zoning requirements

65
Q

conditional use permit
(special exception) (zoning)

A

allowed under zoning ordinance but subject to conditions designed to minimize impact on surrounding areas

66
Q

takings clause

A

prohibits government from taking private property for public use without just compensation

67
Q

due process

A

zoning ordinances must be rationally related to legitimate government interest

68
Q

equal protection

A

zoning laws must not discriminate against individuals or groups

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