Real Property Flashcards
If a second mortgage is given by the mortgagee without notice as to the first mortgage in a notice statute jx ______
the second mortgage has priority over the first mortgage.
What doctrine provides that title to property automatically vests in the transferee when a person who attempts to transfer real property that he does not own later becomes owner of that property?
After-acquired title
If a lease term requires landlord approval for assignment, does that restrict the tenant’s right to sublet?
No, the tenant is still free to sublet.
What power does the doctrine of part performance give the parties after the buyer pays a portion of the purchase price and substantially improves the land?
The power to compel specific performance of the land sale contract.
What affect does incapacity have on adverse possession after the initial AP trespass?
Incapacity after trespass will not toll the statutory period for AP.
Seller financed security interest takes what priority on a foreclosure sale?
First priority to the net proceeds from a foreclosure sale.
Race-notice statutes protect subsequent purchasers from what?
Unrecorded installment contracts without notice.
Are holders of unrecorded judgment liens protected under a recording act?
No, all other recorded interests will take priority.
What happens when a corporation assumes a mortgage?
It becomes personally liable for the mortgage loan payments.
What happens when a lender obtains title to property by means of an arrangement that seeks to prevent the buyer-mortgagor from exercising the equitable right of redemption?
The court will strike down the transfer because it circumvents the buyer-mortgagor’s equitable right to redeem mortgaged property.
What is “clogging” a buyer’s equity of redepmption?
When a lender creates an escrow or some other scheme to immediately sell property without a chance for equitable redemption.
What is the order of the application of the money from a foreclosure sale?
Attorney, Bank, Contractor
Is a co-tenant generally required to pay rent to the other co-tenants for the value of her own use of the property?
No.
What can a co-tenant collect from other co-tenants?
Contribution from other co-tenants for paying more than his portion of necessary or beneficially spent operating expenses (taxes or mortgage interest) - but not repairs.
How do you determine whether co-tenants must pay contribution to other co-tenants who beneficially pay for a portion of the land’s necessary or beneficially spent operating expenses?
Determine whether the amount spent is less than the fair rental value of the property.
If less than fair rental value of the property, no contribution entitlement.
