Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Bar Prep Flashcards > Real Property > Flashcards

Real Property Flashcards

1
Q

Novation

A

Substitution of a new contract for an old one where the original contract agrees to release the other party and substitute a new one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Lapse

A

causes devises to fail if beneficiary predecease testator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Ademption

A

Causes to fail if either:
1) extinction - specifically devised property not owned by testator or destroyed/fundamentally changed at death
2) Satisfaction - beneficiary received denied property during testator’s life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Exoneration

A

Allows beneficiary of specifically devised real property to use estate estate to pay off any encumbrances
1) Execution of lien doctrine - available at common law for mortgages and liens

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Abatement

A

reduces devises that cannot be satisfied by assets remaining after testators debts are paid

Residuary devised abated first, followed by general and then specific devises

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Lien Theory

A

Lender receives security interest in property. Mortgagor retains title and possession unless lthey forecloses

Majority rule compared to title theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Title Theory

A

Lender receives legal title and mortgage retains rights of possession. Title reverts to mortgagee once the debt is paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Absolute Deed

A

Debtor gives deed to creditor with intent to secure a loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Deed of Trust

A

Debtor gives deed of trust to 3rd party trustee as collateral for debt, and creditor can instruct trustee to foreclose upon default

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Installment Land Contract

A

Debtor agrees to buy land through installment payments and gets immediate possession, but seller keeps legal title until paid in full

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Sale-Leaseback

A

Seller leases property from buyer immediately after sale and sellers rental payments function as repayment on loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Equitable Vendor’s Loan

A

seller finances buyer’s purchase with equitable vendors lien when seller transferers title to buyer but purchase price not fully paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Presumptive Delivery of a Deed

A

Presumed to be delivered when recorded; subject to a rebuttable redemption
1) recorded
2) physical delivery of deed
3) unconditioned delivery to agent
4) grantees possession of property/deed

Can be implied by conduct

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Real Covenants

A

Enforceable by money damages

Two types:
Burden:
1) writing
2) intend to run
3) touch and concern
4) horizontal and vertical privity
5) notice

Benefit:
1) writing
2) intent to run
3) touch and concern
4) Limited to vertical privity
5) no notice required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Equitable Servitude

A

Enforceable by equitable relief
Express:
1) writing
2) intent to run
3) touch and concern
4) notice

Implied:
1) intent common scheme
2) restrictive servitude
3) notice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Horizontal Privity

A

promising parties simultaneously transfer the land and create the covenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Vertical Privity

A

successors have an unbroken chain of ownership from the original parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Termination of a Covenant

A

1) abandonment - affirmative act, more than neglect or no use, that clear intent to relinquish covenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Common Scheme Restrictions

A

a private negative restriction can imply notice if the owner intend to impose a servitude on all lots
- does not arise to lots sold prior to implementation of a common scheme

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Assumption of Mortgage

A

Grantee expressly agrees to pay and became primary liable for debt

original debtor becomes secondarily liable for debt

upon default lender can collect unpaid original debt from original or grantee

Original debtor can recover any amount paid from grantee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Subject to Mortgage

A

grantee does not agree to pay and is not personally liable for debt

original debtor remains personally liable for debt

upon default, the lender can collect from original debtor only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Unmarketable Title

A

(1) future interst if furte-interest holder does not agree to transfer
2) private encumbrances
3) significant physical defect
4) title acquired by adverse possession and not quieted by judicial decree
5) zoning violations

Unmarketable means not free from reasonable risk of litigation that a

Free from unreasonable risks of litigation at time of closing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Due-on-Sale Clause

A

Mortgage document can contain federally enforceable provision that allow full recovery of debtor debt when transfers w/o lenders consent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Due-on-Sale Clause Exceptions

A

1) devise, descent, or transfer upon death
2) transfer to spoke or child
3) transfer to ex-spouse on divorce
4) transfer to borrower’s living trust
5) creation of subordinate lien without
6) granting leasehold interest of less than 3 years w/o options to purchase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Mortgage
an interest in real property that serves as security for repayment of a debt or other obligation. Loan goes into default, mortgage holder may foreclose on property and use proceeds to satisfy outstanding debt
26
"Wild" Deed
Deed that is not found within the chain of title - fails constructive notice to subsequent purchasers
27
Seller's Duty to Disclose
Majority: must disclose known material defect the buyer could not reasonably discover (Commercial) Residencial - Exception - "as is" clause Minority - no duty to disclose unless otherwise provided
28
Defeasance Clause
requires creditor to give debtor legal title to property and release mortgage lien once all payments are made
28
Due-On-Encumbrance Clause
allows creditors to accelerate mortgage if debtor obtains a second mortgage or otherwise encumbers property
29
Acceleration Clause
allows creditor to demand entire loan due and payable if debtor defaults
30
Joint Tenancy with Right of Survivorship
Right of survivorship joint tenants interest disappear upon death and remaining joint tenants automatically expand proportionally to absorb it if unities destroyed then the tenancy in common is created Possession - equal right to possesses entire Interest - equal interest for each Time - right created at the same time Title - property intent record in same instrument
31
Doctrine of Equitable Conversion
Buyer receives equitable title to real property upon entering a land-sale contract - judgment obtained after land-sale contract is not enforceable against the real property
32
Deed
to be valid required 1) written and signed by grantor 2) identifies grantor and grantee by name or description 3) identifies land by a reasonable certainty 4) includes words of transfer ("convey", "transfer", "grant", or "Sell")
33
Right to Subjacent Support
Arise when owner of land grants right to mine mineral rights to 3rd party under surface of land Owner may be: 1) strictliy liable to surface owner for any failure to support the land and any buildings that exists prior to grant OR liable for negligent for any damages to improvement built after mineral rights were converyed
34
Nonexistent Grantee
a deed with a nonexistent grantee is void as to rights to that grantee grantor retains the nonexistent cotenants interest in tenancy in common with other cotenants
35
Severance of Joint Tenancy
Title Theory - mortgage constitutes transfer Lease Theory - split, some state hold leases sever and transfers title
36
Adverse Possession
1) Open and Notorious - apparent or visible to a reasonable owner 2) Continuous - uninterrupted for statutory period 3) exclusive - not shared with the owner 4) actual - physical presence on the land 5) Nonpermissive - hostile and adverse to the owner Doctrines Tacking - allowed when parties have privity between two successive possessor; take by non-hostile means - descent devise, contract, deed
37
Risk of Loss
Majority - equitable conversion - risk buyer during executory period (period between real estate contract and closing_ Minority - Uniform Vendor and Purchaser Risk Act - remains with seller until buyer takes possession of or receives legal title
38
Rules Against Perpetuities
1) Does grantee have a contingent future interest - includes contingent remainder, vested remainder, executory interest, option, power of appointment, right of first refusal 2) must vested event occur within 21 years after creation of interest 3) could interest vest - 21 years after validating life ends
39
Lien Priority on Real Property
1) purchase-money mortgage 2) first recorded lien 3) all other recorded liens 4) unrecorded liens
40
Fair Housing Act
Prohibits discriminatory actions based on race, color, religion, sex, handicap, national origin, or familicidal status Exceptions: 1) religious organizations 2) private class incidental provide lodging 3) familial status for senior housing 4) owner of less than 3 single-family dwellings
41
Seller to Refuses to Perform
Buyer can: 1) rescind the contract and seek restitution 2) seek specific performance OR 3) sue for damages
42
Condemnation
Government take land for public use Tenant rights depend on type 1) Partial - only part property taken - must continue pay rent but entitle to compensation for taken portion OR 2) Complete - entire lease taken - dissolves the tenant of rent and entitled to compensation for taking
43
Fee Simple Determinable
Ownership that lasts forever but can be cut short 1) possible of reverted - return to grantor 2) executory interest - automatically passes to third party Uses durational language - so long as, durational, until; not subject to rules against perpetuities
44
Express Easements
Arises when it is affirmatively created by the parties in a writing that satisfies requirements for a deed 1) By grant - owner of the servient estate grants another person an easement in the servient estate 2) By reservation - give property but keeps an easement for himself
45
Easement by Necessity
Generally created only when property is virtually useless without the benefit of an easement across neighboring 1) both dominant and servient estate must have been under common ownership in the past
46
Easement by Prior Use
if owner of two parcels of land previously used on parcel to benefit the other, then the court may find that, upon the transfer of one parcel, the parties intended the use to continue if that use was continuous, apparent or known and reasonably necessary to the dominant land's use and enjoyment
47
Easement by Prescription
an requires that the use be continuous, actual, open, and hostile for a specific period; Hostile typically met when nonpermissive
48
Easement by Estoppel
good faith, reasonable, detrimental reliance on permission by a servient estate holder to make a limited use of her property can create an easement by estoppel if necessary to prevent injustice
49
Covenant of Marketable Title
Implied in every land sales contract - not required until delivery ; any undisclosed private encumbrance renters the title unmarketable - buyer may rescind the contract and recover payments, sue for breach of contract, or bring action for specific performance with an abatement of the purchase price (price adjustment to compensate buyer for the defect) If encumbrance is less than the purchase price, at closing the seller can apply the proceeds from the sale of the property to pay off the balance of the mortgage and remove the encumbrance
50
Rule of Convenience
Rule of interpretation - does not apply when the grantor specifies that the class should remain open even though a member of the class is entitled to immediate possession of a share of class of gift; "language includes "regardless of when born";
51
License
A non-possessory right to enter another's land for some delineated purpose; licenses are freely revocable by the owner
52
Easement Appurtenant
Non-possessory right to enter another's land for the benefit of the holder as owner of real property
53
Easement in Gross
non-possessory right to enter another's land for the holder personally; not linked to the holder's possession of land - not freely revocable
54
Profit
a non-possessory right to enter another's land and remove specific natural resources
55
Merge of Easements
Easements are terminated when the servient estate mergers with the easement; cannot be revived when the owner subsequently splits up the property and must be expressed
56
Anti-Lapse Statute
can operate to prevent the devise that lapses due to predecease from lapsing
57
Powers of Common-Interest Community
1) levy assessments and charge fees 2) manage, acquire, and improve common property 3) adopt rules governing use of property 4) litigate in its own name 5) enforce governing documents and rules 6) amend declaration creating community
58
Sport Zoning
a rezoning that affects a small number of parcels of land, most typically a single parcel, in a manner that is inconsistent with the zoning of the neighboring land (and the comprehensive plan where one exists) and that usually benefits the owner of the parcel to the detriment of the neighboring land is impermissible
59
Conflict-of-Laws Rule Real Property
General Rule: cases involving real property, law applies by forum court should be determined by conflict-of-laws rule that would be applied by state where property is located Exceptions: 1) document specifies application of specific jurisdiction's law 2) Issues regarding effect of marriage on interest in land 3) Collateral issues (such as fraud in transfer) 4) Issues regarding mortgage note 5) Foreclosure-related issues that do not affect interest in land
60

Bar Prep Flashcards (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions