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Themis: Property > Title > Flashcards

Title Flashcards

1
Q

Elements of Adverse Possession

A

Continuous for statutory period
open & Notorious
hostile
exclusive

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2
Q

Continuous

A

not literal, can be seasonal or infrequent like a vacation home or farm land

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3
Q

Tackingg

A

if the adverse possessor cant satisify the continuity requirement on their own they can tack a previous time on the property must be in privity with the persoon

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4
Q

Disabilities & Limitations on A.P

A

Statute of limitations will not run against a true owner who has a disability at the time the adverse possession begins

(infancy, insanity, imprisionment)

must exist when they enter the property

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5
Q

Interruptions by True Ower

A

the own may interupt the possessor by ejecting & stop the Adverse possession clock

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6
Q

open & notorious

A

use that would reasonably put the true owner on notice of the adverse use

cant be hidden

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7
Q

Hostile

A

possession is adverse to the owners interest

MajorityL ignore the adverse possessors state of mind

Minority : inquiries into the adverse possessors state of mind

Good faith: based on mistake
Bad Faith: knows the land is not theres and acquires title regardless

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8
Q

Exclusive

A

adverse possessor cant share with true owner

if two people possess prooerty together they can take together and have a tenancy in common

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9
Q

What are the requirements for deed?

A

intent to transfer and acceptance?

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10
Q

What does intent requre?

A

the GOR intent to make a present transfer. If can be for a future interest.

If GOR retains deeds intent is not presumed. If he gives to a 3rd party then that is okay

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11
Q

Acceptance requirement

A

acceptance is presumed unless rejects deed

if accepts then change mind need a new deed

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12
Q

What must be included in a deed

A

Id of grantor
Id of grantee
words of transfer
description of property
interest being transferred
GOR siggnatuer

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13
Q

Words of Transfer

A

granting clause or any evidence a presnet intent to transfer

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14
Q

Description of property

A

reasonably definite but extrinsic evidnece will be allowed to clarify

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15
Q

How to execute the deed?

A

siggnature required but no notary

if forged then the deed is void

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16
Q

Can an agent execute a deed on behalf of Grantor?

A

yes

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17
Q

Equal Dignities Rule

A

when an act performed by an agent on behalf of the principal is required to be in writing & agents authority must also be in writing.

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18
Q

What does Notice Statue Require

A

Purchaser must purchase without notice of prioor interest

Contain words like “good faith” or “without notice”

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19
Q

What Does Race Statue Require?

A

Purchaser who records first prevails regardless of any knowledge before.

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20
Q

What does Race Notice Statute Require?

A

subsequent purchaser t take interest without notice and be the first to record.

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21
Q

Who is protected under a race statute?

A

a grantee has to pay value for an interest in real property

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22
Q

What is the shelter rule?

A

If GOR is protected by recording act then their GEE’s will also be protected. Their interest are sheltered where they would otherwise be unprotected.

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23
Q

Types of Notice

A

Actual (personal knowledge)
Constructive (should know)
Inquiry (reasonable investigation would reveal)

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24
Q

What is a wild deed?

A

Chain of title issue where deed is recorded & indexed but not recorded in a way to give notice to sub. purchasers

a recorded deed that is not within the chain of title is a wild deed

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25
Q

Estoppel by Deed

A

if conveys warranty deed before actually owning, GOR is estopped from later denyingg the effectiveness of the deed

26
Q

Does a recording act protect against interest affected adversely?

A

No, if acquired by Adverse possession or prescriptive easement will not be protected under recording act

27
Q

General Warranty Deed

A

GOR guarentees six covenants (Present & Future)

28
Q

Present Covenants

A

Seisin
Right to Convey
Covenant against encumbrances

29
Q

Future Covenants

A

Quiet Enjoyment
Warrant
Further Assurances

30
Q

When does breach of covenant occur?

A

time of conveyance

31
Q

Requirements for Breach of Covenant (Seisin & right to convey)

A

the GOR is not owner of estate

32
Q

Requirements for Breach of Covenant Against Encumbrances

A

when property is encumbered by mortgage, lease, easement

33
Q

Requirements for breach of future covenant

A

GEE has been sued or evicted by someone with valid superior interest

34
Q

What is Special Warranty Deed?

A

same covenants of title as general warrant but only warrants against defects during the time GOR has title

35
Q

Quitclaim Deed

A

promises no covenants of tile

36
Q

What is a restrains on alienation

A

restriction on transfering property

37
Q

Types of Restraint

A

Disabling (prohibition of transfer of property)
Forfeiture (forfeiture restraint)
Promissory (promise by property interest holder not to transfer property)

38
Q

Prohibited Restraints

A

Absolute on fee simple is void

or based on persons race, ethnicity or religion is not enforceable

39
Q

Permissible Restraints

A

restraint that is limited in time or purpose may be valid

a right of first refusal which gives the holder of the right the opportunity to purchase the property interest if sold is upheld

restraint on equitable property interest

40
Q

What is a mortgage

A

interest in real property that serves as security for an obligation

41
Q

Lien Theory

A

MOR is treated as owner of real property and MEE is treated as holder of the lien on that interest

42
Q

Title Theory

A

Minority of JD

MEE is treated as the owner and the MOR possess right to regain ownership upon satisfaction of obligation

43
Q

Deed of Trust

A

used in place of mortgage deliver title to real property to a 3rd party trustee

the trustee will reconvey title to the borrower upon payment of mortgage note

same req. as mortgage

44
Q

Absolute Deed

A

free of all liens & encumbrances transfers unrestricted title to property

45
Q

What is Mortgagor liability when the mortgage is transferred?

A

MOR remains personally liable on the lona obligation after the transfer unless MEE agrees to release their liability

46
Q

What happens if Lenders modifys the terms of the loan after transfer?

A

original MOR is relieved of liability

Also released from liability if lender releases or impairs poperrty “subject to”

47
Q

What is Due on Sale Clause?

A

upon transfer the Lender has option to demand immediate payment of the full amount of outstanding obligation + interest

48
Q

What is exception to due on sale clause?

A

Resident property (fewer than five dwellings) not subject to clause

49
Q

What is a due on sale encumbrance clause?

A

give lender the right to accelerate mortgage obligation upon a second mortgage

50
Q

What does it mean to assume a mortgageg?

A

transferee & borrower are personally liable ro lender to pay obligation

51
Q

What does it mean to be subject to mortgage?

A

the transferee buyer takes title subject to an existing mortgage obligation

52
Q

equity of redemption

A

after default but prior to foreclosure sale the mortgagor may retain property by paying the amount of the loan obligation

53
Q

Deed in Lieu of foreclosure

A

convey all interest in the property to the mortggagee

allows MEE to take immediate possession of property

54
Q

Clogging Equity of Redemption

A

waive right too redeem after mortgage is executed in exchange for consideration

55
Q

What is acceleration clause?

A

MEE entitled to collect only the amount of the obligation that is currently due unless there is acceleration clause that provides full obligation owed on default

56
Q

What is acceleration clause?

A

MEE entitled to collect only the amount of the obligation that is currently due unless there is acceleration clause that provides full obligation owed on default

57
Q

Priority of Interest

A

valid foreclosure terminates any interest that is junior to interest being forclosed

58
Q

Does a forged deed and defective document

A

forged deed and defective document do not give notice, so BFP who receive these are not protected by receding acts

59
Q

what is future advance mortgage?

A

interest in real property given by borrowers in exchange for the right to receive $ in the future

60
Q

priority for future advance mortgage

A

subsequent mortgage will have priority if advances are optional

Jd are split whether there is requirement for actual or constructive notice

Themis: Property (5 decks)

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