Real Property

Question 1

Homestead oil lease

Answer 1

both husband and wife must sign lease, even if it is considered separate property

Question 2

Rural Homestead

Answer 2

uncontiguous; not in city limits; doesn’t use city services; no paid police or fire department

Single: 100 acres
Family: 200 acres

Question 3

Casualty loss provisions

Answer 3

if residence is totally unusable, lease may be terminated by written notice any time before repairs are done. Tenant entitled to security deposit and pro rata rent refund as of date moved out.

Landlord not entitled to repair until insurance proceeds received

Question 4

Warranty of habitability

Answer 4

requires repairs be completed within reasonable time (but after landlord receives insurance proceeds)

Question 5

Homestead exemption

Answer 5

protected from unsecured creditors; not protected from liens created prior to the homestead designation

Question 6

General Warranty Deed covenants

Answer 6

Present: (1) right to covney; (2) seisin; (3) covenant against encumbrances

Future: (1) quiet enjoyment; (2) covenant of warranty; (3) covenant of further assurances

Question 7

General Warranty Deed

Answer 7

seller warrants that no title defects have occurred during his ownership of the property and that there are no defects in the chain of title from which he derived title

Question 8

Special Warranty Deed

Answer 8

seller warrants that no title defects have occurred during his ownership of the property, but the seller does not warrant that there are no defects in the chain of title from which he derived title

Question 9

Quitclaim deed

Answer 9

seller does not make any warranties. May still contain warranties, but conveys no more than the interest of the grantor, rather than the property itself

Question 10

urban homestead

Answer 10

(1) located within the limits of a municipality or its extraterritorial jurisdiction; (2) served by police protection, paid or volunteer fire protection; (3) three of the following services provided by the municipality: electricity, natural gas, sewer, storm sewer, and water

Unlike rural homestead, an urban homestead must be contiguous land.

Can claim up to 10 acres

Question 11

valid conveyance requirements

Answer 11

(1) donative intent; (2) delivery; AND (3) acceptance

Question 12

when is a deed recordable?

Answer 12

when it has been acknowledged or sworn to by a person authorized by law to do so
OR
signed and acknowledged or sworn to by a person authorized by law to do so

Question 13

homestead exempted debts

Answer 13

a homestead is protected from forced sale for the payment of all debts except for:
(1) purchase money; (2) taxes due on property; (3) owelty of partition by court order; (4) refinance of a valid lien against the homestead; (5) home equity loan; and (6) reverse mortgage

Question 14

home equity loan

Answer 14

extension of credit that is secured by a voluntary lien on the homestead, which when added to other liens on the property is not for more than 80% of home value

Question 15

Covenant

Answer 15

runs with the land if (1) original parties intend AND (2) touches and concerns the land

touches and concerns if it benefits the tenant and burdens the landlord with respect to their interests in the property

Question 16

fee simple determinable

Answer 16

duration words “for so long as” . . . “until” . . . “while”

automatically terminates on the happening of the stated event and reverts back to the grantor (possibility of reverter)

Question 17

fee simple subject to condition subsequent

Answer 17

COMMA + condition

grantor retains the power to terminate the estate of the grantee upon the happening of an event, but grantor MUST expressly reserve the right to terminate (right of re-entry)

Question 18

constructive notice of prior deed

Answer 18

purchaser is charged with constructive notice of every duly recorded instrument in the purchaser’s chain of title as well as to those facts that would be obtained by a reasonably diligent inquiry

Question 19

Co-tenant conveyances

Answer 19

one co-tenant cannot convey or encumber any portion of, or interest in, the common property owned without express authority or subsequent ratification of other co-tenants

Question 20

co-tenant reimbursement

Answer 20

co-tenant who incurs necessary expenses to preserve the property is entitled to reimbursement from other co-tenants, and repairs to the common property are generally considered necessary or proper expenses

Question 21

co-tenant accounting

Answer 21

rent received from third parties is in the nature of profit to which each co-tenant is entitled in her proportionate interest, and a co-tenant that receives more rent than entitled must account the other co-tenant

Question 22

implied warranties of title

Answer 22

when a deed uses the term “grant” or “convey” in a conveyance

(1) warranty of title: assures grantee that no third party has superior claim of title to the interest
(2) warranty of no encumbrances: assures grantee that at the time of conveyance, the interest by grantor is free from all encumbrances

Question 23

Express warranty clause

Answer 23

creates two additional sets of warranty
(1) general warranty clause: obligates grantor to indemnify grantee for loss caused by any claim against the title

(2) special warranty clause: restricts the scope of grantor’s warranties by protecting grantee against only claims of persons deriving their interest in the property through the grantor

Question 24

deed requirements

Answer 24

(1) writing signed by grantor; (2) designate a grantee; (3) contain words of grant; (4) adequate legal description; (5) delivered and accepted by the grantee

Delivery is controlled by the grantor’s intent, and grantor does not need to manually transfer the deed to grantee

Question 25

Bona Fide Purchaser

Answer 25

subsequent purchaser for a valuable consideration without notice

Question 26

landlord-tenant relationship

Answer 26

arises from an agreement in which a property owner gives another person exclusive possession of certain property during an agreed term

leases longer than a year need to be in writing and signed by the person to be sued

Question 27

L/T Deposit

Answer 27

landlord must refund a security deposit to tenant or give him a written description of damages and charges within 30 days after tenant surrenders the premises

Question 28

Conditions on leased premises

Answer 28

Landlord must make diligent effort to repair any condition that materially affects the physical health or safety, as long as tenant gives notice, is not delinquent in rent payments, and the damage was not caused by the tenant

Question 29

non-judicial foreclosure

Answer 29

(1) Default: deed of trust will expressly state what constitutes a default, including non-payment of the principal
(2) Notice to cure: for residence, code requires lender provide notice of default in writing to debtor and give at least 20 days to cure the default
(3) Notice of foreclosure: if default not cured, foreclosure should be sent. must give time to cure defect; must send through certified mail at least 21 days before sale date; must state date, time, and place of sale; must file with county clerk; must be posted at county courthouse

Question 30

Place of Sale after foreclosure

Answer 30

at the courthouse in the county where the property is located. The first Tuesday of the month between 10AM and 4PM

Question 31

Warranties at foreclosure sale

Answer 31

purchaser at foreclosure sale takes title to property “as is” without any express or implied warranties, except as to warranties of title and at the purchaser’s own risk