Real property

Question 1

interest in Greenacre(G)

refer to those who do not have any interest

Cathy does not have any interest in the land because she failed to record her interest.

Answer 1

To determine who has what interest in Greenacre(G), the validity and effect of each transfer/agreement must be determined. Generally property may be transferred by sale gift will or intestate succession Lease may also create intrest in possession of the property. First it must be determined what interest O had in the property

Question 2

The life estate ows duty not to…

Answer 2

The life estate holder owes duty not to commit permissive waste.

the life estate holder is to pay interest on a mortgage and taxes on the property.

the remainderman is to pay the principal due on the mortgage

Question 3

Reminder

Answer 3

The future interest in a third party following the natural end of a life estate

Question 4

Vested reminder

Answer 4

Vested reminder is a future interest in

existing and ascertained persons

not subject to any condition precedent

other than the expiration of the preceding estate(s).

Question 5

vested reminder subject to ope

Answer 5

vested reminder subject to open is a future interest held by a class of people that is guaranteed to become possessory but is subject to deminution. (ascertained person and others could be added to that class) To A for life, then to B and her heirs, but .if B does not survive A, then to C and his heirs.

Question 6

Fee simple ( )

Fee simple ( )

Fee Simple ( )

Fee Simple ( )

Answer 6

Fee simple absolute

A has the estate forever

Fee Simple determinablerevert back!

A fee simple that ends automatically by a subsequent event

The GRANTOR has possibility of reverter.

Fee simple subject to condition subsequent consub@

A fee simple that ends when the frantor enters.

The GRANTOR has a right of entry

Fee simple subject to executory right shif

the interest of which shifts to the a person by a subsequent event

Question 7

Rule against pepetuities

Answer 7

Any interest in property is void if it may

vest more than 21 years after

a life in being at the time the right of

the creation of the interest.

1) contingent remainders To A for life then to the heirs of B if….

(If the specified conditions are not met the remainder never takes effect)

2)executory interests To such of my grand children who shall reach the age of 21

(at his death,the class of testator’s children closes and thoes children would be measnring lives #238)

3) class gifts To A for life then to A’s children
4) Options and rights of first refusal To S for life, then B has right to purchase
5) Powers of appointment T To A to be distributed as he sees fit

To be valid under the RAP all intrestes must vest within a life in being plus 21 years.

using the A’s life as measuring life, the interest will vest within 21 years of the death of the measuring life .

**if the case involves a will the interests ar ecreated and vest at time of the grantor’s death.

https://lawshelf.com/coursewarecontentview/rule-against-perpetuities/

Question 8

Joint tenancy

Answer 8

Joint tenancy with rights of survivorship

entitles each joint tenant to posses the whole

and take the other joint tenant’s share in the event of death.

A joint tenancy is created with a right of survivorship when the four unities are met: time, title, instrument and possession.

In other words, the parties must acquire their joint tenancy at the same time, with the same amount of title, the same share of interest and each have the right to possess the whole land. The right of survivorship allows that when one of the joint tenants die, the entire estate goes to the surviving joint party. However, if the joint tenancy is severed, the parties become tenants in common and the right of survivorship no longer exists. The joint tenancy can be severed by a unilateral conveyance of one of the joint tenants to another party

The facts do not give details as to if the four unities of time, title, instrument and possession were met. However, the facts assume that these elements were met.

Question 9

what happens if the one joint tenant executes a mortgage

(jurisdiction is a title theory state)

Answer 9

because the facts indicate that this is a title theory state

as soona as the man executed the mortgage to the lender

the joint tenancy was severed to the extent of the mortgage

and the property was held by the man and the woman as tenancy in common, withthe man’s interest being subject to the mortgage.

Question 10

A joint tenancy is created through

Answer 10

Unless there is a clear intent to create a joint tenancy the grantee will own the property as tenant in common.

In this case there is no language in the mother’s conveyance indicating an intent to crreate a jt, thus the A and B bothe hold an equal interest in the property as tenants in common.

A joint tenancy is created through

1) unitiy of Time here it’s met since it was given at the same time 2)unity of Title here it’s met since it was conveyed in the same deed’
3) unity of Interest her it’s met since they were supporsed to have undivided on half intrest
4) unity of Possession here it’s met since they were going to have the same equal right to posses

Question 11

A joint tenancy can be terminated

by

or

by

Answer 11

a joint tenancy can be terminated

by partition or

by severance

severance occurs where on joint tenant makes an intervivos convyance of the entire interest in the property

Whether a mortgage causes a severance depends upon whether the jurisdiction is a title theory state (severance occurs) or a lien theory state (no severance occurs).

a joint tenant’s interest is alienable without the consent of the other joint tenants.

*a joint tenant’s interest cannot be devised in a will

Question 12

When any of the unities for a joint tenancy are broken, …

Answer 12

When any of the unities for a joint tenancy are broken, the tenancy reverts to a tenancy in common.

Here, because the unities of time and title were broken when M conveyed her interest in G to P, the tenancy reverted to a tenancy in common

Tenancy in common is created through unity of possession.

tenancy common is created when the possessor dies.

Question 13

Tenancy in the entirety

Answer 13

a joint tenancy that is reserved solely for married couples. A tenancy by the entirety is unable to be alienated by only one party without the others consent.

Question 14

In order for An equitable servitude to be binding on successors,

equity will enforce against the assignees of the burdend land who have notice of the covenant ex not to construct gas station on adjoining land

The usual remedy is an injunction against violation of the covenants

Answer 14

An equitable servitude is enforceable

where

1) intent for the restriction to be enforceble by subsequent grantees.
2) the subsequent grantee had notice of the promise

(by deed or common scheme of the development(implied ))

3) the restriction touches and concerns the land no privity required
* In this case*
* the express language of the deeds clearly indicate that the restriction is intended to bind subsequent grantees.*
* The duly recorded subdivision plan and the deed language*
* provided subsequesnt grantees with record notice of the restriction.*
* And a restriction on what can and cannot be build on the land*
* meets the requirement that the restriction touch and concern that the land , so the equitable servitude is enforceable.*

Question 15

For an equitable servitude to bind entire subdivision

Answer 15

For an equitable servitude to bind entire subdivision

The following must be found in the common building plan for that subdivision(then anyone who owns land within the subdivision is bound by the restrictions and my file suit to enforce those restrictions against other owners)

1) intent for the restriction to be enforceble by subsequent grantees.
2) the subsequent grantee had notice of the promise

(by common scheme of the development(implied ))

3) the restriction touches and concerns the land no privity required
* In this case*
* the express language of the deeds clearly indicate that the restriction is intended to bind subsequent grantees.*
* The duly recorded subdivision plan and the deed language*
* provided subsequesnt grantees with record notice of the restriction.*
* And a restriction on what can and cannot be build on the land*
* meets the requirement that the restriction touch and concern that the land , so the equitable servitude is enforceable.*

Question 16

For a covenant to run with the land … I T N P

Answer 16

For a covenant to run with the land 1)Intent of bothe parties it to run with the land 2)Touch and concern the land(it must affect the value of land) 3)Notice(it must be noticed to the party who get burden) 4)vertical privity (in order this element to be met the exact same intrest must be conveyed to B from L 4)horizontal privity (relation ship between parties)

Question 17

1 For Intent to be present. the parties must have intended that …

Answer 17

1 For Intent to be present. the parties must have intended that successors in Interest be bound by the terms of the covenant. This intent can be inferred from ciecumstances surrounding the creation of the covenant And actual language in the conveyance itself If inherited the land ,notice is not required for the covenant to run.The inheritance also establishes priity between the parties.

Question 18

In recording statute jurisdiction, if the covenant is not recorded

Answer 18

n recording statute jurisdiction, if the covenant is not recorded, a bona fide purchaser who has no notice of the covenant and record their own deed will take possession of the land free of the covenant

Question 19

2 To touch and concern the land …

Answer 19

2 To touch and concern the land the covenant must have an effect that makes the land itself more useful or valuable to the benefitted party.

Question 20

Horizontal privity exists when Vertical privity exists when…

Answer 20

3 Finally horizontal and vertical privity must be present for the covenant to run Horizontal privity exists when at the time the promisor entered into the covenant with the promiseee the two shared some interest in the land independent of the covenant Vertical privity exists when the successor in interest to the covenanting party holds the entire durational interest held by the convenantor at the time They made the covenant .

Question 21

is the agreement to forbid to sell valid?

( ) may be allowed if the ( ) is

1 only

or

2

Answer 21

Restraint on alienation(condition or restraint?)

An unreasonable restraint on alienation is void against public policy B (absolute restraint is void)

Restraint on alie nation may be allowed if the restraint is

only conditional or

for a moderate time period.

Question 22

COVENANT VS Equitable servitude

Answer 22

Coveneant is promise to do or not to do something related to the land

and its accompanying remedy is legal remedy

Equitable servitude is promise or contract that equity will enforce against successor

ana its accompaniing remedy is injunctive relief(equitable remedy)

In order for an equitable servitude tobe binding on successors,

there must be…

Question 23

contingent reminder is (what is different from vested reminder subject to open)

Answer 23

contingent reminder is a future interest dependent on the happening of a later event or the satisfaction of some condition. To A for life, then to B and her heirs if B survives A; and if B does not survive A, to C and his heirs.

Question 24

What happnenned when the lender modified the loan where there is the junior interest holder

Answer 24

If a property’s title has mutipke mortgage liens and the loan secured by a first mortgage is paid off the second mortgage lien will move up in priority and become the new first mortgage lien on the title. the modifications to the senior mortgage that are detrimental to the juior motgage , such as raising the interest rate or hte principa amount, thus making it more burdensome will give the junior mortgage priority,

Question 25

LEASE AGREEMENT is

Answer 25

LEASE AGREEMENT lease agreement is agreement that a landlord, owner of the property grant tenant the right to posses h usually exchange for payment.

Question 26

TENANCY FOR YEARS

Answer 26

TENANCY FOR YEARS is A lease for a fixed period. If it is longer than 1 years it must be in writing and signed under the statute of fraud

Question 27

PERIODIC TENANCY is

Answer 27

A lease which continues for successive intervals until the landlords or tenant gives notice of termination.

To terminate a periodic tenant must notice in writing at least equal to the length of a lease period itself unless otherwise agreed

Question 28

IMPLIED PERIODIC TENANCY IS CREATED BY

Answer 28

A periodic tenancy is created by implication if a tenant pays rent and the landlord accepts it each period.

In commercial lease if the original terms was for one year or more

result in year to year periodic tenancy

Question 29

tenancy at sufferance 黙認

Answer 29

tenancy at sufferance is a tenancy caused by the holdover(残留者） of property by the tenant after a lease has ended.

(WITHOUT PAYMENT)

A periodic tenancy is created by implication if a tenant pays rent and the landlord accepts it each period.

Question 30

TENANCY AT WILL

Answer 30

A tenancy with no fixed period of time,

unless the party expressly agree to a tenancy will

payment of regular rent will cause a implied periodic tenancy

Question 31

A landowner has a right to ### support of his land in its

Answer 31

A landowner has a right to lateral support of his land in its natural state from adjoning landowners. land collapse in its natural state the adjoining landowner is strictly liable

In order for strict liability to apply, the injured party whose property has subsided must show tha_t the actions of the adjoining landowner_ caused the subsidence, and that the subsidence would have occurred even if no structures were built on the injured party’s land. I

Question 32

Assignment of lease tenant can …. …remains in privity of … with landlord … is now in privity of … with landlord

Assgnment of lease occurs where

the tenant transfere all his rights and duties under a lease to another party.

By contrast a sublease is a transfer for a time period shorter than the time remaining on the lease/

Answer 32

Tenant can transfer her entire interest to assignee.

The assignment is valid without landlord’s permission

unless otherwise the agreement .(assign or sublease in violation of this prohibition is not void. LL may terminate the lease and sue for damages.and If the landlord accept the payment from the sublessee h waive the non assignment clause)

Assignor remains the liability to pay and assignee is also liable to L (Assignor remains in privity of contract with landlord and the assignee is now in privity of estate with the landlord thus assigner can enforce obligation under the lease and the assignee can enforce any obligation that run with the land

An assignment is where a party gives the remaining interest under the lease to a subsequent party. Alternatively, a sublease is where a party gives less than the full interest left on the lease.

Question 33

Sublease … remains in both privity of .. and …

Answer 33

By a contrast , a sub lease is a transfer by tenant to another party(sublessee)for atime period shorter than the time remaining on the lease. Lesser remains in both privity of contract and privity of estate

Question 34

Fixture

Answer 34

is a once removable chattel that, by virtue of its annexation to realty, objectively shows the intent to permanently improve the reality.(accession) This is a commercial lease and they are trade fixtures, which may be removed by the tenant before the end of the lease term unless very substantial damage would be done by the removal

Question 35

the holder of the unrestricted lot are subject to implied equitable servitude and any member can sue any other member of the subdivision if

Answer 35

if

1) the subdivider had a general scheme of certain development which requires restriction covenants
2) the holder had notice of the promises

Question 36

Premise must be fit for

when this warranty is breached…

Answer 36

A residential lease includes the covenant of implied warranty of habitability which means

the premises must fit for basic human habitation.

Although a tenant is generally required to make ordinary repairs to a premises the landlord is required for major defects in the residence.

When this warranty is breached,tenant will entitled to MR.RR or

1) Move out and terminate the lease
2) repair and deduct
3) reduce rent (must place withhold rent into an escrow account)
4) remain in possession and seek money damages

(does not require

Question 37

A tenant has a right to use …

the tenant may terminate the lease…

Answer 37

covenant- quiet -enjoyment -eviction

1) A tenant has a right to quiet use and enjoyment of the premises, which means tenant should be able to enjoy the premises reasonably without substantial interferance.
2) the tenant may terminate the lease based on

Constructive eviction

in the event of SInNoV

(a) substantial interference with the use and enjoyment of the premises (to the point inhabitable)
(b) give notice landload noticeof the problem
(c) vacate within reasonable time

Question 38

prohibition of taking () measures

Answer 38

retalia tory measures

if tenant lawfully reports landlord for housing code violation, landlord is barred from penalizing teanant by retaliatory measures.

Question 39

Landlord’ s duties

1

2

3

4

If landlord breaches his duty ,,,

Answer 39

1 Duty to deliver possession

2 Implied Covenants of Wuiet Enjoyment

3 Implied Warranty of Habitability

4 Prohibition of taking Retalia tory measures

At common law a tenant’s duty to pay rent is not relieved by the landlords’ matrial breach of her lease.

Modernly MRRR

Answer 40

the tenant may terminate the lease

in the event of SInNoV

(a) substantial interference with the use and enjoyment of the premises (to the point inhabitable)
(b) give notice landload noticeof the problem
(c) vacate within reasonable time

Question 41

Termination of a periodic tenancy requires

Answer 41

Termination of a periodic tenancy requires

a period of notice at least equal to the lengthe of one period

unless otherwised agreed upon/

Question 42

Unless the contract provides to the contrary,

the law willl imply that the seller will provide the buyer with///

Title must be free from DEVA

Answer 42

Unless the contract provides to the contrary,

the law willl imply that the seller will provide the buyer with a marketable title (((on the date of closing )))

The title must be free from

Defect in chain of title

Encumbrance(mortgatege or easement not mentioned)

Violation of a zoning ordinance

Title acquired by adverse possession

in a contrast,a violation of a housing code mere existence of a zoning code

Question 43

DEED is ///

for a conveyance of land to be valid

there must be valid C D D and E

grantee’s acceptance of the deed will be presumed unless

Answer 43

A document that represents ownership of property

the deed passes legal title of real property from seller to buyer by lawful execution and delivery.

For a valid conveyance of land there must be

execution and delivery of the deed.

The execution requirement is satisfied as long as hte deed is signed by the party to be charged.

Delivery of a deed requires intent to pass title, even if the title document was never physically given to the grantee.

The grantee’s acceptance of the deed will be presumed

unless the grantee explicity rejects it.

delivery is presumed by recording

Question 44

Quitclaim deeds

warranty deed

The typical coevenants include 3 present covenants and 3 future covenants

Answer 44

quitclaim deeds gives no warranties, meaning transfer whatever title the grantor has to the grantee even if that the title is unmarketable

warrany deed contain covenants from the grantor assuring there are no title defects .

PRES ENT FEW

The typical coevenants include 3 present covenants and 3 future covenants

1 These present covenants include

1) the covenant of the right to convey
2) the covenant of seisin that the grantor owns the estate or interest in land in both title and possession
3) the covenant against encumbrances

2 Future covenant include

future assurances,meaning that if the grantee’s title turns outto be imperfect in some way the granterwill take any reasonably necessary action to perfect it

quiet enjoiment,meaning the grantee’s possession or enjoyment of his property will not be disturbed by any third party with a lawful assertion of supecial title

warranty,meaning if there are any lawful claims of superior title that exist at the time of conveyance, the grantor will defend on the grantee’s behalf and compensate if loss results from that claim of title

Question 45

Doctrine of merger

Answer 45

Most obligations imposed by the contract of sale are discharged unless they are repeated in the deed.Once the delivery occurs the buyer can only sue on the deed. Real estate contracts are only relevant during the gap between its signing and the delivery of the deed

Question 46

At closing the contract with…the deed

Answer 46

at closing the contract will merge with the deed. (c_ontractual requirement to convey marketable title ends w_ith the delivery of the deed. the deed itself generally conveys a warranty ) IF contract is deed, then no consideration is required.

Question 47

contract of land

Under th****.if the contract ,,,,

that risk goes to the party with the equitable title.

Answer 47

Under the doctrine of equitable conversion,

if the contract is silent regarding the risk of loss,

that risk goes to the buyer when the equitable title passed to the buyer by executing the contract.

MBE MBE likes to make question if the A will win why?

because it can ommit the consideration of application of minor Act.

Question 48

if a buyer dies after a contract has been formed….

Answer 48

the doctrine of equitable conversion dictates that if a buyer dies after a contract has been formed but before it has been completed, the taker of the buyer’s real property can demand a conveyance of the real property

Question 49

* In general, a seller is required to provide ….on the closing date. To be considered marketable the title must be …However, where the sale contract does not indicate that time is of the essence, the seller’s performance need only occur within…

Answer 49

* In general, a seller is required to provide marketable title on the closing date.

To be considered marketable the title must be …

free of encumbrances.

However, where the sale contract does not indicate that time is of the essence, the seller’s performance need only occur within a reasonable time after the scheduled closing date

Question 50

Provides that even if the grantor has no title to the land at the time the deed is delivered …

Answer 50

Under The doctrine of estoppel by deed n if the grantor has no title to the land at the time the deed is delivered The title automatically passes to the grantee when title was so acquired.

Question 51

Recording statutes 1) A race statute 2)A notis statute 3)A race notice statute

問題文に書いてないときは場合分けする

Answer 51

1) A race statute states whoever records first wins.
2) A notice statute states that subsequent bonafide purchasers(BFP) are protected in their interest as long as they have no notice(Actual, inquiry or constructive)of a prior deed.
3) A race notice statue states that BFP who record first wins.

*Ther recordding act of the jurisdiction provides

no unrecorded conveyance…shall be good against subsequent purchasers for value without notice, sho whall first record

Question 52

Bonafide purchasers is

Answer 52

someone who pays value and has no notice of prior deeds.

Notice inculde Actual , Inquiry, Constructive notice(AICO)

There is no facts to indicate that he had actual knowledge of the conveyance to C It doesn’t appear that C lived on the land

Question 53

3types of notice

Answer 53

1) Actual notice is when someone has actual knowledge that there is a prior deed to their own
2) Inquiry notice is when someone would have known about prior deed had they inquired about it
3) Constructive notice is when a search of the county records or possession would have revealed the prior encumbrance

Constructive notice can occur in either of two ways: (i) possession of the property; or (ii) recording of the deed.

Question 54

Even P may have actual knowledge and not a subsequent bonda fide purchaser

P may argue that ….

Answer 54

A person who takes from a subsequent bona fide purchaser will prevail against any interest

that the transferor bona fide purchaser would have prevailed againt

the issue is whether C is SBP

Question 55

an easement is there are …. easement and easement…

Answer 55

is a grant of a non possessory interest for another”s land

there are appurtenant easement and easement in gross, and affirmative and negative easement. an easement appurtenant is given when there are 2parcels of land adjacent eachother in that case the burdened land is called the servient estate and benefitted land is called the dominant estate.

Question 56

Creation of easement An easement is created either by

Answer 56

An easement is created either by Prescription, Implied, Necessity or Grant.

Question 57

an easement appurtenant is given when …. in that case the …land is called the… and…land is called the ….estate.

Answer 57

an easement appurtenant is given when there are 2parcels of land adjacent eachother in that case the burdened land is called the servient estate and benefitted land is called the dominant estate.

Question 58

An easement is acquired by … the requirement for acquiring title are 1) 2) 3) 4)

Answer 58

short version A possessor of land may take title to land

by adverse possession

if the possession is

1) Continuous for the statutory period
2) Open and notorious
3) Adverse(claim that he is the sole owner)
4) Hostile (without the true owner’s authority)

(the fact do not state that there is a statutory period in the state where blackacre is located but the common law period is 10 years and period has been met since he has been in exclusive possession since ) #exclusive possession requires not sharing with the true owner or the public.

Question 59

an easement appurtenant is given when …. in that case the …land is called the… and…land is called the ….estate.

Answer 59

an easement appurtenant is given when there are 2parcels of land adjacent eachother in that case the burdened land is called the servient estate and benefitted land is called the dominant estate. Affirmative easement is permitting some kind of act and negative easement prevents owner of land from use o lawful purpose.

Question 60

Creation of easement

Answer 60

An easement is created either by Prescription, Implied, Necessity or Grant.

Question 61

the requirement for acquiring title by adverse possesions are

Answer 61

1)Continuous exclusive use for statutory period (the fact do not state that there is a statutory period in the state where blackacre is located but the common law period is 10 years and period has been met since he has been in exclusive possession since ) 2)Open and notorious 3)Adverse(claim that he is the sole owner) 4)Hostility (without the true owner’s authority) #exclusive possession requires not sharing with the true owner or the public. #An easement acquired by prescriptionn need not be exclusive. #short A possessor of land may take title to land by adverse possession if the possession is Continuous for the statutory period Open and notorious Adverse Hostile #

Question 62

Prescription

An easement is acquired by … the requirement for acquiring title are 1) 2) 3) 4)

A possessor of land may take title to land

by adverse possession if honeaco

Answer 62

exclusive possession requires not sharing with the true owner or the public.

short version

A possessor of land may take title to land

by adverse possession

if the possession is

• *1)Hostile** knowing he is trespassing on someoneelse’s land or no idea who owns the land(it does not matter whether he believes he is on his own land or not…boundary)
  2) Open and Notorious(sufficiently apparent to put the true owner on notice that a trespass is occuring)
• The two man used the land as ..and …,which would give sufficient notice tothe owner that a trespass was occurring.*
  3) Exclusive
  4) Actual
  5) Continuous for the statutory period
• The buyer has not maitained possession openly or continuously because he has failed to exclude others from the property*4)Hostile (Adverse))without the true owner’s authority)
• (the fact do not state that there is a statutory period in the state where blackacre is located but the common law period is 10 years and period has been met since he has been in exclusive possession since* )
• in this case , the a had actual physical possession of the land beneathe the waste piles.*
• maintain that possession(even though it was unaware of the boundary line) continuously for 12 years, and did s oopenly(as the piles were large and were not concealed)*

Question 63

Implication

Answer 63

1) the previous use was apparent
2) necessary use
3) easily notified by present owner

Question 64

Necessity

Answer 64

if granter conveys a portion of his land with noway out except over some part of grantor.s remaining land

Question 65

Grant

Answer 65

must be in writing when the duration is longer than a year presumed to be perpetual

Question 66

B does not have any obligation of easement since the easement was not recorded. The next issue is whether

Answer 66

there was implied creation of easement/ In order for the easement to run with land there must be 1)intent of both parties 2)touch and concern land 3)notice 4)vertical privity 5)horizontal privity horizontal privity is relationship between party, L has interest as lessor and T has interest as leasee in the same property

Question 67

Termination of easement

Answer 67

An easement may be terminated in multiple ways such as the estoppel,necessity,destruction, condemnation,release,abandonment,merger doctrine, prescription. # there are no facts to suggest that the easement was terminated.

Question 68

Easement

If the easement holder makes excessive use of the easement that is beyond the scope

what may the landowner do ?

Answer 68

The landownere may sue for and injunction preventing such use

but is not entitled to terminate the original grant.

Question 69

Intestate Succession

Answer 69

A person that dies intestate will have all theier personal property and interest transferred to their closest relative.

Question 70

MORTGAGE

Answer 70

A motgage is a security interest in realproperty hend by lender as security for a debt.

Question 71

Mortgagor is generally free to transfer title to that property.

the mortgagor always remains…. subsequent grantees do not become personally liable unless..

Answer 71

1) the mortgagor always remains personally liable on the mortgage unless she didnot receive a novation from the bank.

and

2) all subsequent grantees take the property subject to the mortgage(lose property through foreclosure if the mortgage is not paid).

and become personally liable on the mortgage if he assume the mortgage.

Question 72

Foreclosure the forclosing party must

Answer 72

When someone defaults on a mortgage, the lender can bring foreclosure proceedings. The foreclosing party must notified all interested parties.

Question 73

After foreclosure sale the priority of the lien holders and mortgagees

Answer 73

After foreclosure sale the priority of the lien holders and mortgagees are determined as followed

1)The morgagee that bring the foreclosure proceeding is paid of first (however if there is pmm(purchase money mortgate)has super priority under the record statute

Then remains goes The junior mortgagee who joined in the proceedings (then terminate interest junior mortgagee) in order of priority

In order to receive property the mortgagee must record their lien remaining goes to debtor( if there ts record statute be careful)

all junior morgages are extinguished.

Interest of senior mortgagee and junior mortgagee who werenot noticed in the procedures remain in the property

When a foreclosure is executed, the priority of payment is that (1) all fees are paid for the foreclosure, (2) Senior creditor interests are paid first and in order to the junior interests, and (3) anything left over is given the debtor, or owner of the property.

Question 74

if the proceeds from foreclosure sale is less…

Answer 74

if the proceeds from foreclosure sale is less that the debt motgagee can seek a deficiency judgment against the debtor.

Question 75

Purchase mony mortgage

Answer 75

Purchanse money mortgage is

a morgage issued to borrower by a seller, a third party or both as part of the purchase transaction.

A mortgage is a purchase money mortgage where

1)the proceeds are applied to the purchase price

2)the deed and mortgage are executed as part of the same transaction.

Here, the man’s mortgage with the bank was a PMM because it was excuted at the same time that the man purchased the land.

A PMM take_s precedence over all other claims or liens ,_

including previously filed judgment liens(senior ).

senior> mortgage>junior

PMM>senior>junior

Here, the B’s judgment lien could not attach to the land before the man’s mortgage attached, as a result,the B’s judgment lien became junior to the newer pmm.

Question 76

REDEMPTION

Answer 76

the debtor has right to redeem the land by paying full balance plus accrued interest plus costs

Question 77

Statutory redemption

Answer 77

After the foreclosure the sale the statutory redemption gives the debtor the right to redeem the land for some statutory period by payinf fore closure sale price

Question 78

Zoning

Answer 78

Under the 10th amendment, the State and local government has police power to regulate some field of health safety property environmental benefit unless it is preempted by federal government or violate constitution. Pursuant to its police power the government enact statutes to reasonably control land use

Question 79

Nonconforming use occurs when

Answer 79

non conforming use occurs when m a building was used in a manner that does not conforto zoning laws prior to enactment of the law

Under the principal of amortization government cannot require the non conforming use to stop at once However once the building is destroyed, non conforming use ceases

Question 80

VALI ANCE

Answer 80

valiance is the principal means to achieve flexibility in zoning variance is admitted if it there is undue hardship and variance will not work to _detriment toward surrounding property valu_e .

Question 81

Marketable or not

A property being in violation of the building code is …

In constrast .

where a property is in violation of zoning laws the violation is considered ….

Answer 81

If the contract is silent onthe issue of what kind of title that is to be conveyed the obligation to convey a marketable title will be implied in the contract

Marketable title is title free from reasonable doubt as to both matters of the law and fact

A property being in violation of the building code is

not considered to an encumbrance and title is maeketable

In constrast .

Title acquired by adverse possession is historically considered unmarketable

where a property is in violation of zoning laws the violation is considered an encumbrance and the title it unmarketable.

*setback is considered an zoning restriction

(because it may expose the buyer to litigation related to the violation)

zoning codes regulate how a given section of land can be used and what type of businesses can utilize the land and its structures; on the other hand, building codes regulate the details of the structures themselves.

lack of access will be unmarketable

Question 82

A judgement lien is ..

Answer 82

a court ruling that gives a creditor the right to take possession of a debtor’s real property if the debtor fails to fulfill his or her contractual obligations

The death of the debter extinguishes the interst(To enforce the judgement , he can foreclose on the lien ,the foreclosure sale would cause a severance of the joint tenancy).

A judgment creditor is not a bonafide purchaser as he did not pay value for the judgment

and not protected by any recording acts from a prior unrecorded conveyance made by the defendant.

Question 83

to the A and her heir

means?

if A predeseased?

Answer 83

To A and her heirs

means

that neighbor had a vested reminder in the land in fee simple,without any other parties holding future interests.

If A predeseased,

The vested remainders are alienable.

the A’s vested remainder belongs to who will have present possessory rights when the A’s life estate ends.

Question 84

suretyship is

Answer 84

Suretyship is an express promise by a thirdparty(the surety) to a creditor to be primarily responsible for the debtor’s obligation to the creditor

Question 85

Contract for the sales of land requires

1) The writing must state
2) …. requires

However under ….

Answer 85

The writing must state

1) the name of each party
2) the land to conveyed
3) the essential terms and conditions of the deal
4) the signiture of the party to be charged.

The statute of frauds requires any contract for the sale of land tobe in writing.

However under doctine of partial performance a buyer may seek to enforce oral land sale contract.

Partial performance requires at least two of the following 3 requirements 1) payment in whole or part 2)possession 3) valueble improvements.

Under this doctrine may only enforce an oral contract in equity ,meaning he may only sue for specific performance , not damages.

Question 86

If the court conclude that the deed was given for security purpose,

the treat it as an “”

Answer 86

Equitable mortgage

When the lender’s interest is a mortgage on the property rather than the ownership of it

his remedy following the owner’s default is forclusure of the property.

THe court will see the following facters

1) the existence of a debt
2) the grantee’s promise to return the land if the debt is paid
3) the fact that the amount advanced to the debter was much lawer than the value of the property
4) the degree of the grantor’s financial distress
5) prior negotiations

Question 87

A landlord is barred from ..

Answer 87

A landlord is barred from exercising retaliatory eviction against tenants for their lawful exercise of rights as tenants.

Question 88

subrogation of mortgage is

Answer 88

to purchase the mortgage.

if the subrogagor’s mortgage was originally senior to the subrogagee’s mortgage, the surogagee is entitled to have the subrogagor’s original position as senior mortgage.

Question 89

promissory note

Answer 89

A promiss to repay a loan

A borrowed $ from a bank and executed a promissory note to the bank in that amount

As security for repayment of the loan.

B gave the bank a mortgage on a tract of land.

Question 90

Foreclosure is …

Answer 90

Foreclosure is a process to sell the property

to satisfy the debt .

Generally the priority of the mortgage is determined by the time it was placed on the property.

Foreclosure will terminate interests junior tothe mortgage beikng foreclosed, but will not affect senior interests.

Question 91

estoppel by deed

Answer 91

applies to validate a deed

that was executed and delivered by a grantor who had no title to the a land at that time, but who thereafter acquired such title.