REG - Property Flashcards
Must a residential real estate lease be in writing?
No.
A lease may be oral if the lease term is less than 1 year.
For a mortgage to be effective between the mortgagor and mortgagee, who must sign?
Only the mortgagor (borrower).
Purpose of recording a mortgage.
Give constructive notice to third parties acquiring an interest in the property that the property is subject to an existing mortgage.
protects the rights of the mortgagee against 3rd parties who do not have actual knowledge of a prior mortgage
tenancy in common
a concurrent interest with no right of survivorship (interest passes to heirs, donee, or purchaser)
may convey individual interest in the whole; cannot convey a specific portion of property
Mislaid property
When the owner voluntarily puts the property somewhere but forgets to take it.
Finder does NOT obtain title to mislaid property (becomes caretaker)
Lost property
When owner involuntarily leaves the property somewhere.
Finder has title to lost property which is valid against ll parties except the true owner
notice-type recordation statute
if a subsequent mortgagee acquires a mortgage in a parcel of property, without the knowledge of a prior mortgage, then the subsequent mortgagee obtains a superior security interest over the prior mortgagee’s interest, whether the second mortgagee records the mortgage or not
race-notice-type statute
a subsequent mortgagee who acquires the security interest in good faith only defeats a prior mortgagee if the second mortgagee records his mortgage first
fair use doctrine
allows fair use of a copyrighted work for comment, scholarship, or teaching purposes
loss of trademark rights
actual abandonment: when not used in ordinary course of business
constructive abandonment: company allows trademark to lose its distinctiveness by frequent and common usage
elements of adverse possession
- open and notorious possession
- hostile possession satisfied by taking possession under a good-faith belief that the land in question was valid
- actual possession
- continuous possession
- exclusive possession for 30 years
a valid deed must contain
- names of the buyer (grantee) and seller (grantor)
- words evidencing an intent to convey
- a legally sufficient description of the land
- the grantor’s and usually the spouse’s signature
- delivery of the deed
general warranty deed
warrants that
- the grantor owns the property being conveyed
- the grantee will not be disturbed in her possession of the property by the grantor or some third party’s lawful claim of ownership
- the grantor has the right to convey the property
notice-race statute
states that priority among mortgagees claiming an interest in a specific piece of property will be determined based upon the order in which the mortgages were recorded. The party to record first will have the highest priority.
joint tenancy
each joint tenant has an equal and undivided interest in the property.
joint tenancy may only be severed by an inter vivid conveyance. each joint tenant can sell his/her interest in the property without the prior consent of the other joint tenants.
When this occurs, the conveyance destroys the joint tenancy and creates a tenancy in common between the remaining joint tenants and the third party.
Tenants in common have a nonexclusive right to use and possess the property (i.e. undivided interests)
