Real Property Flashcards
cumulative zoning
creates hierarchy; then land can be used for named use or any higher-ranking use
variance
departure from zoning restriction
amortization
gradual elimination of nonconforming use within land zoning
is the right to airspace above a parcel exclusive?
no, but owner is entitled to freedom from excess noise
doctrines of watercourse rights
riparian (water belongs to those whose land borders the water course; only to be used on riparian parcel)
prior appropriation (rights acquired by actual use, determined by priority of beneficial use)
liability for an owner of land in its natural state if excavation causes subsiding (slipping or caving in?)
strict liability
liability for an owner of land ADJACENT to buildings if his excavation causes trouble?
strict liability if est. that land would’ve collapsed in natural state
otherwise only liable if excavation was conducted negligently
can redemption in equity be waived in a mortgage?
no
redemption in equity
prior to foreclosure sale, mortgagor may redeem property by paying the amount due.
if the note/mortgage contains an acceleration clause, mortgagor must pay full balance (including any interest)
which interest does foreclosure destroy?
the interest being foreclosed and any junior interests
if a junior interest holder is inadvertently excluded from a foreclosure matter, that holder’s interest remains
purchase money mortgage
takes priority over prior claims
maybe given to the seller as part of the purchase price, or to a third party
priority of foreclosure proceeds
expenses/attorneys’ fees/court costs
foreclosed loan
junior loans
what if foreclosure proceeds are insufficient to satisfy the mortgage debt?
mortgagee retains a personal cause of action against the mortgagor (deficiency judgment)
lien theory
Mortgagee holds a security interest only; mortgagor is landowner until foreclosure.
Mortgagee can’t take possession of land before foreclosure!
When, prior to foreclosure, may mortgagee take possession?
when mortgagor consents or abandons
When property is damaged or destroyed before the testator’s death buy the casualty insurance proceeds are not paid until after the death, does ademption apply?
No. The beneficiary of the specific bequest takes the insurance proceeds.
Do anti-lapse statutes pass gifts to a predeceasing beneficiary’s spouse?
Never. The predeceasing beneficiary’s descendants are substituted.
What is an installment land contract and what is its common forfeiture clause?
Dictates installment purchaser obtains legal title only when the full contract price is paid.
Common forfeiture clause: on default, vendor cancels the contract, retakes possession, and retains all money paid.
How are recording acts protective?
They protect bona fide purchasers from the detriment of prior secret interests.
Is recordgin essential to the validity of a deed between grantor and grantee?
Not in itself; but can be essential to protecting the deed from subsequent BFPs.
notice statute
Land conveyances/mortgages, if not recorded, not valid against subsequent BFPs
(“notice is everything”)
subsequent BFP
paid value
no actual or constructive notice of prior sale
race-notice statute
subsequent BFP must take without notice and record before the prior grantee
lack of notice means first in time doesn’t take priority, but the race to record still trumps all
race statute
notice is irrelevant; whomever records first wins
rare statute