Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Property MBE > Studicata handout > Flashcards

Studicata handout Flashcards

You may prefer our related Brainscape-certified flashcards:
MBE flashcards
1
Q

Four unities of joint tenancy

A

Possession
Interest
Title
Time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Fee Simple Determinable Language

A

While
During
Until
SO long as

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Severance of Joint tenancy

A

When a joint tenant conveys her interest to a third party, that party takes the property as a tenant in common (clearly destroys the time and title unities).

When a joint tenant grants a mortgage interest in the joint tenancy to a creditor, the effect will depend on the jurisdiction:

(a)
In a lien theory jurisdiction (majority view), the mortgage is treated as a lien and does NOT terminate the joint tenancy.

(b) In a title theory jurisdiction (minority view), the mortgage will terminate the joint tenancy, and the tenants will then hold the property as tenants in common.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

When a joint tenant grants a mortgage interest in the joint tenancy to a creditor, the effect will depend on the jurisdiction:

A

(a)
In a lien theory jurisdiction (majority view), the mortgage is treated as a lien and does NOT terminate the joint tenancy.

(b) In a title theory jurisdiction (minority view), the mortgage will terminate the joint tenancy, and the tenants will then hold the property as tenants in common.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Concurrent Estates:
Obligations of co-tenants

A

Operating expenses (divided upon ownership interests)

Rent Payments (divided upon ownership interests) (can subtract operating expenses)

Repair Costs are NOT divided between covenants; however, can get credit in a partition action

Improvement costs are NOT divided b/w co-tenants, however, can get credit in a partition action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are operating expenses divided upon?

A

ownership interests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are operating expenses

A

Taxes, mortgage payment, necessary charges

DOES NOT INCLUDE REPAIRS EVEN IF NECESSARY NO RIGHT OF REIMBURSEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are operating expenses

A

Taxes, mortgage payment, necessary charges

DOES NOT INCLUDE REPAIRS EVEN IF NECESSARY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a partition?

A

an equitable remedy action to divide property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the two types of partition actions:

A
  1. Partition in kind
  2. Partition by sale
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a partition in kind

A

It physically divides the property into distinct portions, court PREFER this

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a partition by sale

A

you sell the property and divide proceeds based on ownership interests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A partition by sale will only be ordered by the courts IF

A

Partition in kind is not practicable

or it is unfair to all parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A partition by sale will only be ordered by the courts IF

A

Partition is kind is not practicable

or it is unfair to all parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

An ______ occurs if a co-tenant denies another co-tenant access to property

A

ouster

can seek injunctive relief or damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Four kinds of leasehold interest

A

Tenancy for Years

Periodic Tenancy

Tenancy at Will

Tenancy at Sufferance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is a tenancy for years?

A

one that lasts for a fixed and ascertainable amount of time, it AUTOMATICALLLY TERMINATES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is a periodic tenancy

A

a repetitive and ongoing tenancy that continues for a set period of time UNTIL is terminated by proper notice from either party

can be express or implied, but must intend to create

Proper notice = before start of last term

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Tenancy at will?

A

Can be terminated for any reason at any time without notice

Parties must INTEND to create this.

Can be express or implied

Express:
If K gives LL right to terminate; tenant also gets power

If K gives Tenant right to terminate only; LL does not get that power

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is tenancy at sufferance?

A

AKA Holdover tenancy

If a tenant refuses to vacate the premises once the term has ended; this creates a temporary tenancy where the terms of the prior lease control until:

  1. LL evicts T
  2. LL re-leases property to T
  3. T voluntarily vacates
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Three main situations where the duty to pay rent is suspended:

A
  1. premises are destroyed (as long as the tenant did not cause damages)
  2. The LL partially evicts the tenant OR
  3. The LL materially breaches on the lease (violates implied warranty of habitability)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A ________ is implied in every residential lease

A

warranty of habitability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the warranty of habitability

A

reasonably suitable for basic human needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

If the LL breaches the implied warranty of habitability the tenant may:

A
  1. Vacate the premises and terminate the lease
  2. Withhold or reduce rent (must first notify LL and give LL reasonable opportunity to correct)
  3. Remedy the defect and offset the costs against the rent

OR

  1. Defend against eviction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is the implied covenant of quiet enjoyment?

A

prevents LL from taking action that makes the premises wholly or substantially unsuitable for their intended purposes resulting in constructive eviction of the tenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

If the implied covenant of quiet enjoyment is breached the tenant may _________ if _________

A

withhold rent or seek damages

if

the tenant is constructively evicted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A constructive Eviction occurs if :

A
  1. LL caused the premises to be unsuitable for their intended purposes
  2. Tenant notified LL of problem
  3. LL did not correct problem

AND

  1. Tenant vacates the premises after a reasonable amount of time has passed
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

An assignment is ______

A

a complete transfer of the tenant’s entire remaining term under the lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

In an assignment, the LL can collect rent from the:

1.
2.

A

Assignee (b/c there is privity of estate)

Original tenant (b/c there is privity of contract)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What is a sublease?

A

A sublease is a transfer of less than the tenant’s entire remaining term under the lease.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

In a sublease, the landlord may only collect rent from _______.

The ______ ONLY has rent obligations to the original tenant.

A

the original tenant

subleasee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

A _______ terminates the lease agreement and end the landlord-tenant relationship between both parties

A

surrender

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

A surrender occurs when:

A
  1. A tenant returns possession of the leased premises to the landlord before the expiration of the lease
    AND
  2. The landlord consents
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

An _______ occurs when the tenant unilaterally returns possession of the lease premises before the lease expires WITHOUT the landlord’s consent

A

abandonment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

In an abandonment, will the tenant have to keep paying rent?

A

Yes, until the landlord finds a new tenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Duty to mitigate

Majority:

Minority:

A

Majority: the LL has a duty to mitigate damages if the tenant abandons the property early or is evicted by making reasonable efforts to re-rent the property to another tenant.

Minority: LL does not have to mitigate damages (more common in commercial leases)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Is the LL entitled to damages for the difference b/w the original tenant’s rent and the replacement tenant’s rent under the duty to mitigate?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

what is a real covenant?

A

a promise concerning the use of land that runs to successors

typically requires the holder to do or refrain from doing something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

benefit of the covenant is ____

A

the ability to enforce the covenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

burden of the covenant is ___

A

being subject to or bound by covenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

for a benefit to run to successors there must be:

(hint: 4 elements)

A

writing

intent for the covenant to run with the land

touch and concern the land

relaxed vertical privity – successor may take less than the original parties entire interest in the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

for the burden to run to successors there must be:

(hint: 6 elements)

A

writing

intent for the covenant to run with the land

touch and concern the land

strict vertical privity – successor must take original parties entire interest

horizontal privity – instrument used in the conveyance of the property between original parties must contain the estate and the covenant

notice – may be actual or constructive (record);
or inquiry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

remedy for breach of equitable servitude?

A

injunctive relief

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

remedy for breach of a covenant?

A

money damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

To bind a successor to an equitable servitude:

(hint: 4 elements)

A

writing

intent

touch and concern

notice: actual, constructive (record), or inquiry

NO PRIVITY REQUIREMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

How to tell if its a covenant or equitable servitude?

A

Look to relief sought:

if money damages, then covenant

if injunctive relief, equitable servitude

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

What is an implied reciprocal servitude?

A

Arises in planned subdivisions

Implied by the common scheme, a writing is not required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

What is needed to enforce an implied reciprocal servitude:

(3 requirements) (INN)

A
  1. intent to create servitude on ALL plots
  2. must be NEGATIVE (refrain from doing something)
  3. the party against whom the servitude is sought must have NOTICE (can be actual, inquiry, or constructive)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

What is an easement?

A

right held by one person to use another’s land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Two ways to establish an express easement

A

by grant – in a writing that satisfies SOF

by reservation – when grantor conveys land but reserves an easement right in land for their own use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

what are all the types of easements

PINE

A

express easements

easement by implication

easement by necessity

easement by prescription

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

How is an easement by implication created

A
  1. single tract of land divided by common owner
  2. before division the owner used the single tract of land as if there was an easement
  3. after division, the common owner’s use of the conveyed land must be continuous and apparent
  4. use must be reasonably necessary for use and enjoyment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

easement by necessity is created when _____ and ______

A

there is a single tract of land divided by a common owner

necessity arose when the land was divided where one is virtually useless without the easement

(often arises with respect to road access)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

easement by prescription are established

A
  1. hostile
  2. open and notorious
  3. continuous for statutory period
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

How can you terminate an easement:

A

Release
Merger
Abandonment
Prescription
Sale to a bona fide purchaser
Estoppel
End of necessity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

How do you terminate an easement by release

A

an element is terminated if the holder expressly release it. Must be in writing and satisfy SOF

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

How do you terminate an easement by merger?

A

An easement is terminated if the holder acquires fee title to the underlying estate - the easement merges into the title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

How do you terminate an easement by abandonment?

A

An easement is terminated If the holder demonstrates an intent to never use the easement again through physical action (requires more then non-use statements)

59
Q

How do you terminate an easement by prescription?

A

an easement is terminated if it is blocked for the statutory period

60
Q

How do you terminate an easement by estoppel

A

An easement is terminated if the landowner reasonably relies to his detriment on the easement holder’s assurance that the easement will no longer be used

61
Q

How do you terminate an easement by end of necessity

A

AN easement by necessity lasts as long as the easement is necessary - if no longer necessary, the easement terminates

62
Q

The following two interests are NOT easements:

A

Profit: a profit is a right to enter another’s land to remove a specific natural resource

License: a revocable permission to use another’s land (ticket to a concert)

63
Q

What are fixtures?

A

tangible personal property that is attached to real property in such a manner that it is treated as part of the real property when determining its ownership.

64
Q

when are chattels considered a fixture?

A

if the owner of real property intends for the chattel to become a fixture by attaching it to the real property. Uses objective reasonable person standard that examines:

  1. Importance of chattel to real property
  2. Whether the chattel was specially designed for use on the real property; AND
  3. The amount of damages that removal of the chattel would cause two the real property
65
Q

Land Sale contract requirements

A
  1. Must satisfy SOF
    OR
  2. Partial performance 2/3
    Possession
    Payment
    Improvements to land
    OR
    Exception: Promissory Estoppel
66
Q

Covenants under the land sale contract are _______ into the deed and ___________ be enforced unless the covenant is also in the deed.

A

merged

CANNOT

67
Q

Merger breaks the land sale contract down into two stages:

A
  1. Contract stage: prior to closing any liability must be based on a provision in the land sale contract
  2. Deed Stage. After closing any liability must be based on a deed warranty
68
Q

What is marketable title?

A

title that is free from an unreasonable risk of litigation

69
Q

Defects that render the title unmarketable:

A
  1. Title acquire by adverse possession that has not yet been quieted (i.e supported by judicial decree)
  2. Future interest holders that have not agreed to the transfer
  3. Private encumbrances (mortgage, covenant, option, or easement)
  4. Violation of a zoning ordinance

OR

  1. Significant physical defect (encroachment on the land that is incurable)
70
Q

In every land sale, the seller has a duty to convey _________ at ________

A

marketable title to the buyer

closing

71
Q

If there is a defect in title rendering title unmarketable, it must be _________ before _______

If seller cannot deliver marketable title at closing, the buyer can _____

A

fixed or cured

closing

rescind

72
Q

If the buyer waives marketable title, a seller ___________

A

cannot cancel for failure to deliver marketable titile

73
Q

What is the implied warranty of fitness or suitability?

A

Applies to defects in new construction; it protects against latent defects (latent; not discoverable from reasonable inspection) and warrants that the new construction is safe and fit for humans.

74
Q

Implied warranty of fitness or suitability: in most jurisdictions both the _________ and ______ may recover damages. In other jurisdictions, only the _____ can enforce this warranty.

A

initial purchaser and subsequent purchaser

initial purchaser

75
Q

Most jurisdiction impose a duty on the seller to disclose material defects to the buyer.

Material defects substantially impact the:
1.
2.
3.

A
  1. Value of the property
  2. Desirability of the property
  3. Health and safety of its occupants
76
Q

Do general disclaimers (as is) satisfy the seller’s duty to disclose defects?

A

NO

77
Q

In majority of jurisdictions the purchaser holds ____ title during the period between the execution of the contract and the closing and delivery of the deed.

During this period:
1.
2.

A

equitable

  1. The purchaser is responsible for any damages to the property
    AND
  2. The seller, as holder of legal title, has the right to possess the property
78
Q

A minority of jurisdictions follow the ___________. This places the risk of loss on the seller until closing and the delivery of the deed.

A

Uniform Vendor and Purchaser risk act.

79
Q

What is a mortgage?

A

a security device used to secure repayment of a debt.

80
Q

There are two components to a mortgage:

A
  1. The note. The not is the borrower’s promise to repay the debt or loan
  2. the mortgage. The mortgage is the device that provides security to the note by allowing the lender to force a foreclosure sale to recover the outstanding debt if the borrower defaults on the loan
81
Q

Two main types of mortgages

A
  1. Purchase money mortgage. A purchase-money mortgage is mortgage where the borrower takes out a loan for the purpose of purchasing property
  2. Future- advance mortgage: a line of credit used for home equity, construction, business, and commercial loans (aka second mortgage)
82
Q

There are 3 main alternatives used instead of mortgages as security devices:

A
  1. Deed of trust:
  2. Installment Land Contract
  3. Absolute Deed
83
Q

Who does the deed of trust involve?

A

operates like a mortgage, but involves three parties:
a. the borrower
b. the lender
AND
c. a 3rd party trustee who holds title of property unit l the loan is paid off

84
Q

What is an installment land contract?

A

The seller finances the purchase in an installment land contract retaining title unit l the buyer makes the final payment on the installment plan

85
Q

What is an absolute deed

A

an instrument used by the borrower to transfer the deed to the property instead of conveying a security interest in exchange for a loan

86
Q

The borrower remain personally liable after the transfer unless:

A
  1. the lender relates the borrower form his obligation OR
  2. The lender modifies the transferees obloigations
87
Q

The borrower may transfer the property by :

A

Deed; Will; intestate succession

88
Q

If transferee ASSUMES the mortgage, the ___ is primarily liable ____ and the ______ is ___________

A

transferee
default
original borrower
secondarily liable

89
Q

If the transferee takes the title SUBJECT to the mortgage, the _____is ______ upon default while _____________

A

transferee
NOT personally liable
the original borrower remains liable

[this is the default]

90
Q

Acceleration Clauses

A

Due on Sale
Due on Encumbrance

91
Q

Due on Sale Clauses

A

Allow the lender to demand immediate payment upon transfer

92
Q

Due on Encumbrance

A

Allows the lender to demand accelerated payments from the borrower if the borrower obtains a 2nd mortgage or otherwise encumbers property

93
Q

Foreclosure

A

Forced sale of an asset where the proceeds of the sale are used to pay off the debt

94
Q

What happens to excess proceeds in a foreclosure sale?

A

Satisfies other creditors in order of priority,
then to owner

95
Q

What happens when the proceeds are insufficient to cover the foreclosing parties debt

A

the lender may seek a deficiency judgement

96
Q

Which interests survive a foreclosure action?

A

Senior interests (interests acquired before the interest being foreclosed)

97
Q

Junior interest are _____ by a foreclosure

A

extinguished

98
Q

First in Time Rule

A

all surviving debts must be satisfied in chronological order starting with the oldest and moving down

UNLESS:
Purchase Money Mortgage
Unrecorded Senior Mortgage
Subordination Agreements
Mortgage Modifications

99
Q

Purchase Money Mortgages

A

have priority over all other mortgages, even those arising prior to the borrower’s acquisition of the property

100
Q

Unrecorded Senior Mortgages

A

A junior mortgage that is properly recoded may take priority over an unrecorded senior mortgage

101
Q

Subordination Agreements

A

A senior lender can agree to subordinate its interest to a junior lender

102
Q

Mortgage Modifications

A

A senior lender and a borrower can agree to modify the mortgage.

If the modification is burdensome on the borrower, the senior lender subordinates its interest.

Only the modification subordinates

103
Q

Adverse Possession requires

A

CHANGE

Continuous for the statutory period
Hostile
Actual
Open and [N]otorious
Exclusive

104
Q

Adverse Possession: Continuous

A

Seasonal or Infrequent use may suffice if its consistent with the type of property being possessed

105
Q

Tacking (Adverse Possession)

A

An adverse possessor can tack on the time of possession of a prior adverse possessor to meet the statutorily period requirement if the adverse possessors are in privity with one another

106
Q

What is the effect of a disability with respect to adverse possession?

A

Disability = insanity, imprisonment, minor

A statutory period will not run against a true owner who has a disability at the time the adverse possession will run.

Time tolls until disability is cured.

107
Q

Deed Requirements

A

Satisfy the statute of frauds
Identify the parties
Describe the property sufficiently
Delivered and accepted

108
Q

Deed: Acceptance

A

Generally presumed provided that the transfer is for value

109
Q

A deed is delivered when __________

A

the grantor demonstrates a present intent to transfer the property

110
Q

A deed is NOT delivered if ______

A

the delivery is revokable

(ex. I will transfer you this property in three weeks, unless I change my mind before then)

111
Q

General Warranty Deed

A

warrants title against all defects, even if the grantor did not cause them

112
Q

Special Warranty Deed

A

warrants title against all defects caused by the grantor

113
Q

Quitclaim Deed

A

makes no warranties as to the health of title

114
Q

Six implied covenants to deeds

A

Seisin
Right to convey
Against Encumbrances

Quiet Enjoyment
Warranty
Further Assurances

115
Q

What are the pReSeNt implied covenants of a deed?

A

Right to Covey
Seisin
No (Against) Encumbrances

116
Q

What are the FEWture implied covenants of a deed?

A

Further assurances
quiet Enjoyment
Warranty

117
Q

Covenant of Seisin

A

Warrants that the deed describes the land in question and that the grantor is the rightful owner

118
Q

Covenant of the Right to Convey

A

Warrants that the grantor has the right to convey the property

119
Q

Covenant Against Encumbrances

A

Warrants that there are no undisclosed encumbrances on the property that could limit its value

120
Q

Covenant of Quiet Enjoyment

A

Grantor promises to defend against future challenges to the grantee’s title to the property

121
Q

Covenant of Warranty

A

Grantor promises to defend against future developments that extend into the grantee’s property boundary

122
Q

Covenant of Further Assurances

A

Grantor promises to do what is reasonably necessary to cure future problems with title

123
Q

A purchaser has Actual Notice when:

A

they have personal knowledge of a prior interest

124
Q

A purchaser is on Constructive Notice when

A

the prior interest is recorded properly

wild deeds do not put subsequent purchasers on constructive notices

125
Q

Race Statutes

A

The first to record acquires title, regardless of notice

126
Q

Notice Statutes

A

Subsequent purchases acquires title if the purchase is made WITHOUT notice of prior conveyance

127
Q

Notice can be ___, ____, ____

A

Actual
Constructive (record)
Inquiry

128
Q

Race-Notice Statutes

A

A subsequent purchaser acquires title if:

  • conveyance is made without notice of prior conveyance AND
  • subsequent purchaser records first
129
Q

Under the common law, if a grantor transfers the same piece of property to multiple grantees, __________________________________

A

the first grantee to receive the deed acquires rightful title

130
Q

What is a wild deed

A

One that is not in the chain of title / not recorded properly

131
Q

Shelter Rule

A

A person who is transferred by a BFP has the same recording statute protections as the BFP

takes shelter in the status of BFP transferor

132
Q

A person who is transferred by a ____ has the same _____ as the _____

A

bona fide purchaser
recording statute protections
bona fide purchaser

133
Q

who is a bona fide purchases

A

a person who pays valuable consideration for property without notice of a prior interest

NOT heirs, devisees, or donees

134
Q

is it a fixture? look at the following factors

A

Damage that removal would cause
Adaptation of item to realty
Manner in which its attached
Nature of the item

[DAMN]

135
Q

Law of the ___ controls

A

situs (place where the property is located)

136
Q

Cy Pres Doctrine:

When a gift to a charity fails, ______

A

the court may reform it to match the donors intention.

there must be:

property or money given for a charitable purpose;

it must be impossible, impracticable, or illegal to carry out the purpose; AND

the settlor must have manifested a general intent to devote the property to a charitable purpose

137
Q

Most jurisdictions prohibit a landlord from terminating a lease when:

A
  1. the LL is in the business of renting residential property
  2. The tenant has complied with their lease obligations
    AND
  3. The landlord is retaliating against the tenant for exercising a legal right in good faith with reasonable cause
138
Q

A covenant of warranty is

A

the seller’s promise to protect the buyer against claims of superior title brought by another party

139
Q

Recording acts are used to determine:

A

priority among competing property interests

140
Q

In a notice jurisdiction: a bona fide purchaser has ____ over an earlier property interest if the BFP took ______ notice

A

priority

without

141
Q

3 types of notice

A

Actual: a buyer has direct knowledge of prior interests in land

Record: a document showing a prior interest is properly recorded in the land record and appear in the buyer’s chain of title

Inquiry: a buyer knows, or should know, of circumstances that would prompt a reasonable person to investigate (visible use of property, reference to unrecorded transaction in recorded instrument)

142
Q

What is seisin

A

a present covenant that promises that the grantor owns interest being conveyed

143
Q

What are the present covenants of title

A

Seisin
Right to convey
Against encumbrances

144
Q

Notice acts protect only

A

subsequent purchasers for value who lack notice of prior interests in land

Property MBE (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions