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Bar Exam > REAL PROPERTY > Flashcards

REAL PROPERTY Flashcards

1
Q

What is the common law principle regarding property rights?

A

First in time, first in right.

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2
Q

Do you need to record your interest to have title in property?

A

No, one does not need to record one’s interest to have title.

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3
Q

What can change the common law result regarding property title?

A

Recording acts.

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4
Q

What is the effect of a notice act?

A

A subsequent bona fide purchaser (BFP) for value without notice can obtain superior title.

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5
Q

What distinguishes a race-notice act?

A

A subsequent BFP for value without notice who records first can obtain superior title.

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6
Q

What key phrases indicate a race-notice act?

A
  • Without notice
  • First records
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7
Q

What types of notice can be recognized in property transactions?

A

Actual, inquiry, or record notice (AIR).

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8
Q

Who are considered purchasers in property law?

A
  • Mortgagees
  • Those who pay consideration
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9
Q

Who are not considered purchasers?

A
  • Donees
  • Heirs
  • Judgment lien creditors
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10
Q

What is the shelter rule exception?

A

It allows traditional grantees who are not protected by the recording act to prevail by sheltering under the rights of those who conveyed the land to them.

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11
Q

What is the consequence of forged deeds or defective documents?

A

They do not give notice, so BFPs who receive these are not protected by recording acts.

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12
Q

What is estoppel by deed?

A

If a grantor transfers property when he does not have title and later acquires title, the title goes to the grantee unless the grantor gave the land to a BFP.

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13
Q

What does title insurance protect against?

A

Unknown defects of record in the chain of title.

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14
Q

What are the three essential requirements for a contract of sale?

A
  • Be in writing
  • Be signed by the party to be charged
  • Contain essential terms (identity of the parties, price, description of land)
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15
Q

What is the part performance exception in contract law?

A

It exists if the claimant takes possession, makes payment in full of a substantial part of the price, or substantially improves the land.

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16
Q

Who can negotiate contracts in real estate?

A

Brokers, real-estate agents, or attorneys in an agency relationship.

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17
Q

Under what conditions does a broker obtain a commission?

A

Only if his agent is the procuring cause of the sale in an exclusive agency agreement.

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18
Q

In an exclusive right to sell agreement, when does the broker get paid?

A

No matter who finds the buyer, even if it is the seller herself.

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19
Q

When is a seller required to disclose defects?

A

Unless they are obvious, the seller knows or should know of them, and the defect is serious.

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20
Q

What is the implied warranty for new homes sold by a builder-seller?

A

Implied warranty of fitness.

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21
Q

What is marketable title?

A

One reasonably free from defects.

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22
Q

What are the factors that make title unmarketable? (DEVA)

A
  • Defect in the chain of title
  • Encumbrance (not mentioned in the contract)
  • Violation of a zoning ordinance
  • Title acquired by adverse possession
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23
Q

What happens to equitable title once a contract is signed?

A

It passes to the buyer.

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24
Q

Who retains legal title after a contract is signed?

A

The seller.

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25
Q

What must occur for a deed to be valid in closing?

A

It must be executed and delivered.

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26
Q

What does execution of a deed mean?

A

The deed identifies the parties, has words of grant, is signed by the seller, and describes the land.

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27
Q

What is presumed delivery of a deed?

A

If the deed is in the grantee’s possession or if it is recorded.

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28
Q

What happens after delivery of the deed?

A

The buyer can only sue on the deed.

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29
Q

What are the six covenants included in a warranty deed?

A
  • Right to convey
  • Seisin
  • No encumbrances
  • Further assurances
  • Quiet enjoyment
  • Warranty
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30
Q

What is the difference between a quitclaim deed and a warranty deed?

A

A quitclaim deed gives no warranties; a warranty deed provides six covenants.

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31
Q

What is the role of the mortgagor?

A

The debtor in a mortgage agreement.

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32
Q

Who is typically the mortgagee?

A

Usually a bank that lends money.

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33
Q

What does ‘subject to’ mean in the context of transferring interest in a mortgage?

A

The original mortgagor is liable on the mortgage.

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34
Q

What happens if the new transferee assumes the mortgage?

A

Both the original mortgagor and the new transferee are liable.

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35
Q

What is a novation in mortgage context?

A

Only the new transferee is liable.

36
Q

What theory do most states follow regarding mortgages?

A

Lien theory.

37
Q

What is foreclosure?

A

A bank can begin foreclosure proceedings upon default.

38
Q

What is the equity right of redemption?

A

Allows a debtor to redeem the property by paying everything due under the mortgage prior to foreclosure.

39
Q

What is an acceleration clause?

A

States the entire balance is due if a payment is missed.

40
Q

What is a purchase money mortgage (PMM)?

A

When the money loaned is used to purchase the property.

41
Q

What happens to junior parties in a foreclosure proceeding?

A

They must be part of the proceeding to get paid in order of priority.

42
Q

What is the statutory right of redemption?

A

Allows the debtor to get property back after foreclosure by paying the full purchase price within a specified time.

43
Q

What are the requirements for adverse possession? (CHANGE)

A
  • Continuous
  • Hostile
  • Actual
  • Open and notorious
  • Exclusive
  • Statutory period (20 years)
44
Q

What happens if property is specifically devised but the testator does not own it at death?

A

The gift adeems (fails).

45
Q

What occurs if the beneficiary dies before the testator?

A

The gift will lapse unless the jurisdiction provides otherwise.

46
Q

What happens if property is specifically devised but the testator does not own it when he dies?

A

The gift adeems (fails)

Exceptions exist, such as if insurance proceeds are paid after death.

47
Q

What occurs if the beneficiary dies before the testator?

A

The gift will lapse

Unless there is an antilapse statute in the jurisdiction that saves the gift.

48
Q

What is exoneration in the context of real estate?

A

The devisee can have the lien exonerated and paid off by the testator’s residuary estate

Most states have abolished this doctrine.

49
Q

What does JT stand for in property law?

A

Joint Tenancy

Joint tenants have a right of survivorship.

50
Q

What are the four requirements for the creation of Joint Tenancy?

A
  • Time
  • Title
  • Interest
  • Possession

Express language is also needed, e.g., ‘as joint tenants with a right of survivorship.’

51
Q

How can Joint Tenancy be severed?

A
  • Giving it away
  • Signing a contract of sale
  • Actual judicial sale by a creditor
  • Granting a mortgage in a title theory state

One cannot give a JT interest away by will.

52
Q

What is meant by Tenancy in Common?

A

Only the right to possess the whole is needed; there is no survivorship right.

53
Q

What is the characteristic of Tenancy by the Entirety?

A

It is similar to Joint Tenancy but the parties must be married

It can only terminate by death, divorce, mutual agreement, or a mutual creditor executing on its interest.

54
Q

In relations among cotenants, what rights do they have regarding profits?

A

A cotenant does not have to share profits made through their own efforts from the land

Exceptions include ouster, depletion of natural resources, or leasing to a third party.

55
Q

What is a Fee Simple Absolute?

A

An estate that lasts forever, e.g., ‘To A’ or ‘To A and her heirs.’

56
Q

What are the obligations of a life tenant?

A
  • Pay taxes
  • Pay interest on the mortgage
  • Make repairs
  • Cannot commit waste
57
Q

What is a Fee Simple Determinable (FSD)?

A

An estate that ends automatically when a specified condition is no longer met

Example: ‘To A for so long as A is in college.’

58
Q

What is the significance of ‘magic words’ in creating a Fee Simple Subject to Condition Subsequent (FSSCS)?

A

A right of entry must be reserved for the owner (O)

Example: ‘To A but if A smokes, O reserves a right of entry.’

59
Q

What are Class Gifts in estate planning?

A

Gifts to unnamed persons that close when any member can call for a distribution.

60
Q

What is the Cy Pres doctrine?

A

When a gift to a charity fails, the court may reform it to match the donor’s intention

Three considerations must be met.

61
Q

What is the Rule Against Perpetuities?

A

No interest is valid unless it must vest no later than 21 years after a life in being at the creation of the interest.

62
Q

What does the Fair Housing Act prohibit?

A

Discrimination based on race, ethnicity, religion, national origin, gender, and disability in the sale or rental of a dwelling.

63
Q

What is the general rule regarding Conflict of Laws?

A

The law of the situs controls.

64
Q

What is a fixture in property law?

A

An item that passes with real property

Determined by intent and factors like damage removal, adaptation, manner of attachment, and nature of the item.

65
Q

What is a variance in zoning regulations?

A

A variance may be granted if the property owner shows a unique hardship.

66
Q

What are the types of tenancies?

A
  • Term for years
  • Periodic tenancy
  • Tenancy at will
  • Holdover tenancy
67
Q

What is the implied warranty of habitability?

A

The landlord must keep the property in habitable condition for residential property.

68
Q

What must a landlord do to mitigate damages?

A

The landlord must try to re-rent the land after a tenant abandons it.

69
Q

What is the difference between assignment and subletting?

A

Assignment transfers the entire interest; subletting retains some interest.

70
Q

What is needed to enforce a real covenant?

A

PINT: * Privity (horizontal and vertical) * Intent * Notice * Touch and concern the land.

71
Q

What is the remedy for equitable servitudes?

A

An injunction

Equitable defenses like laches and unclean hands are available.

72
Q

What are the four methods of creating an easement?

A
  • Express
  • Implied by prior use
  • Implied by necessity
  • Prescription
73
Q

What happens to the dominant estate in an easement?

A

It passes automatically.

74
Q

What happens to the servient estate in an easement?

A

It passes only if the new owner has notice of the easement.

75
Q

What is the statutory period during which an easement can be used without permission from the owner?

A

The statutory period of time

This period varies by jurisdiction.

76
Q

How does the dominant estate pass in relation to an easement?

A

Automatically

The servient estate requires notice of the easement for transfer.

77
Q

What type of development is permitted under the use of an easement?

A

Reasonable development

The easement must be used for its original purpose.

78
Q

Name one way an easement can terminate.

A

Merger, Release, Abandonment, Estoppel, Prescription, End of necessity

Each method has specific conditions for termination.

79
Q

What is required for abandonment of an easement?

A

Act + intent to abandon

Mere nonuse is not sufficient for abandonment.

80
Q

What is a license in property law?

A

A revocable permission to use land

It can be created orally unless coupled with an interest or reliance.

81
Q

What is a profit in property law?

A

The right to go onto land and take a resource away

Examples include taking wood or coal.

82
Q

What are present interests held by the grantor?

A

Right of entry, possibility of reverter, reversion

These interests relate to future ownership or control of the property.

83
Q

What is a remainder in property law?

A

An interest that usually follows a life estate

It is vested when the remainderman is ascertained and certain to become possessory.

84
Q

What is the difference between a vested remainder and a contingent remainder?

A

Vested: ascertained and certain; Contingent: unborn, unascertained, or uncertain to vest

Conditions affect the classification of the remainder.

85
Q

What is an executory interest?

A

An interest that divests another party’s interest

Can be shifting (divesting a third party) or springing (divesting the original grantor).

86
Q

What is a concurrent estate?

A

An estate owned by multiple parties

Includes forms like joint tenancy and tenancy in common.

87
Q

What rules affect gifts related to landlord and tenant relationships?

A

Fixtures, zoning, and associations

These rules govern the rights and responsibilities of landlords and tenants.

Bar Exam (14 decks)

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