Real Property Flashcards
What is Fee Simple Absolute?
The largest estate, granting complete ownership forever with no conditions.
What happens in a Fee Simple Determinable?
Ownership automatically reverts to the grantor if a condition occurs.
What characterizes a Fee Simple Subject to Condition Subsequent?
Grantor retains the right to re-enter if a condition occurs.
Define Life Estate.
Ownership lasts only for the lifetime of a designated person, then passes to a remainderman or back to the grantor.
What is a Reversion in future interests?
Future interest retained by the grantor after conveying a lesser estate.
What is a Remainder?
Future interest created in a third party that becomes possessory after a life estate.
What distinguishes a Vested Remainder from a Contingent Remainder?
Vested: Given to an ascertainable person with no conditions; Contingent: Given to an unknown person or subject to a condition precedent.
What is Tenancy in Common?
Default concurrent ownership; each co-tenant has a separate, undivided interest with no survivorship rights.
What defines Joint Tenancy?
Co-owners have equal shares with right of survivorship; requires four unities: Time, Title, Interest, and Possession.
What is Tenancy by the Entirety?
A joint tenancy between spouses that includes a right of survivorship and cannot be severed unilaterally.
What is a Tenancy for Years?
A fixed-term lease that automatically ends on a set date.
Define Periodic Tenancy.
A lease that renews automatically until proper notice is given.
What is a Tenancy at Will?
A lease with no fixed duration, terminable at any time by either party.
What occurs in a Tenancy at Sufferance?
A holdover tenant remains in possession after a lease ends.
What is the Implied Warranty of Habitability?
Residential landlords must provide safe, habitable housing (applies only to residential leases).
What is Constructive Eviction?
If a landlord’s actions make the premises uninhabitable, the tenant may terminate the lease and vacate.
What is an Easement?
A non-possessory right to use another’s land.
Differentiate between Easement Appurtenant and Easement in Gross.
Easement Appurtenant benefits a specific parcel and runs with the land; Easement in Gross benefits a person or entity, not tied to land ownership.
How can easements be created?
Express (in writing), Implied (based on prior use), Prescriptive (acquired through continuous, open, and hostile use).
What are the ways to terminate easements?
By merger, release, abandonment, prescription, or expiration.
What are Real Covenants?
Contractual land-use restrictions that run with the land.
Define Equitable Servitudes.
Restrictions enforceable by injunction if they meet the common scheme and notice requirements.
What does the Statute of Frauds require for real estate contracts?
Contracts must be in writing and signed by the party to be charged.
What is Marketable Title?
Seller must convey a title free from encumbrances, liens, and defects at closing.
What is the Doctrine of Equitable Conversion?
Risk of loss shifts to the buyer once the contract is signed, unless the contract states otherwise.
What is a General Warranty Deed?
Provides the broadest protection, including six covenants of title.
What does a Special Warranty Deed protect against?
Defects arising only during the seller’s ownership.
What is a Quitclaim Deed?
Transfers whatever interest the grantor has without warranties.
What are the Recording Acts?
Protect subsequent bona fide purchasers (BFPs) from prior unrecorded interests.
In a Race recording system, who wins?
First to record wins.
In a Notice recording system, who wins?
Last BFP (without notice) wins.
In a Race-Notice recording system, who wins?
First BFP to record wins.
What is a Mortgage?
A security interest in real property to secure a loan.
Differentiate between Lien Theory and Title Theory.
Lien Theory: Borrower holds title; Title Theory: Lender holds legal title until the loan is paid off.
What is Foreclosure?
If a borrower defaults, the lender can force the sale of the property.
What is Judicial Foreclosure?
Requires court involvement.
What is Power of Sale Foreclosure?
Conducted outside of court if allowed in the mortgage.
What is Equitable Redemption?
Borrower may pay the debt before foreclosure to reclaim property.
What is Statutory Redemption?
Some states allow redemption after foreclosure within a set period.
What are Zoning Laws?
Government land-use regulations that control property development.
What is Nonconforming Use?
A grandfathered use that was legal before zoning changes.
What is a Variance?
A special permission to deviate from zoning rules.
What does the Takings Clause (5th Amendment) state?
The government may take private property for public use but must provide just compensation.
