Everything Included

Question 1

What is an Equitable Servitude?

Answer 1

A non-possessory interest in land that allows the owner of the benefitted property to use or restrict the use of the burdened property.

Question 2

Equitable Servitude v. Real Covenant

Answer 2

Equitable servitudes differ from covenants in that: They are enforceable by injunction, while a real covenant is remedied by money damages. No horizontal or vertical privity is required for a servitude to run with the land.

Servitudes are ownership interests in land, while real covenants are promises.

Question 3

What is an Appurtenance?

Answer 3

A right, benefit, privilege, or improvement that allows for the full use and enjoyment of land that belongs to the owner of a dominant estate and may burden a servient estate. In a real estate context, this usually is seen in the form of an easement appurtenant.

Question 4

What is the Land & Real Estate & Bundle of Rights (Ownership Rights)?

Answer 4

Comes with five basic property rights:

Right of Possession,
Right of Control,
Right of Exclusion,
Right of Enjoyment and,
Right of Disposition

Question 5

A Title to Real Property is?

Answer 5

Right to Ownership of the Land, evidenced of ownership by a deed-the actual document by which a Title is transfered.

Question 6

What are the Economic Characteristics of Real Estate?

Answer 6

Scarcity,
Improvements,
Performance of Investment,
Location,
Uniqueness,
Immobility and,
Indestructibility

Question 7

What are the physical charcteristics of Real Estate?

Answer 7

Immobility
Indestructibility
Uniquenes - Hetero/non-homogeneity

Question 8

What is Zoning & from where is the power derived?

Answer 8

Zoning is Governmental Regulation & Control of Land use.

It is derived from City Police Powers

Question 9

What type of Zoning Regulations are Invalid (Void)?

Answer 9

Discriminatory against suspected Class (must show discriminatory purpose, not just effect),

Too Restrictive

Unauthorized of in excess of authority

Not rationally released to the general public’s welfare

Question 10

Who has Standing to sue for waste?

Answer 10

The holder of a Remainder Interest (Vested or Contingent) as well as a Reversion Interest.

Question 11

What are the 2 types of Security Interests?

Answer 11

1- Deed of Trust
2- Mortgages

Question 12

Is a Deed of Trust an Alternative to a Mortgage?

Answer 12

Yes, Debtors borrows money from a lender & then deeds the property to a 3rd party as collateral - once debt paid, 3rd party releases the deed back to debtor.

Question 13

What is a Mortgage?

Answer 13

A Security Interest in Real Property B/T a Borrower & lender that secures the performance of an obligation (typically payment of a Loan.

In a mortgage, 2 parties are involved - Borrower/Debtor & Lender

Question 14

What is a Deed of Trust?

Answer 14

In a deed of trust, 3 parties are involved:
the borrower,
the lender, and
the trustee.

The borrower is the Trustor, the lender is the Beneficiary, and the Trustee holds the title until the debt is paid off.

Question 15

What is an Equitable Mortgage?

Answer 15

The Lender secures the Mortgage by Taking Possession of all the original title documents.

The Lender has the right to sell the property, foreclose on it & appoint a Receiver if the Borrower does not pay.

Question 16

Mortgagor

Answer 16

Borrower/Debtor

Question 17

Mortgagee

Answer 17

Lendor/Creditor

Question 18

Mortgage vs. Note

Answer 18

Mortgage represents interest in the land;

A note represents the Debt of the Mortgagor

Question 19

Who has the title & Right to the Property Interest?

Answer 19

Lien Theory Jurisdiction (Majority View) - Mortgagor Borrower

In a LIen Theory Jurisdiction such as New York, a mortgagor has the right to retain possession of its property until conveyance, and the lender therefore has no right to possession of the mortgaged property and the incidents thereof until foreclosure. However, after a default, the mortgagor may relinquish its possession to the lender.

Title Theory Jurisdiction (Minority View) - Mortgagee

A Title Theory states the lender holds title to the property, as security only, until all loan payments have been made. During that time the borrower has the right to possession of the property, and the lender delivers the deed back to the borrower only after the loan obligation has been satisfied.

Question 20

Negative Easements are created only by?

Answer 20

Openly expression & must be signed.

Question 21

An Easement Appurtenant benefits?

Answer 21

A Specific Parcel of Land (the Dominant Estate) while burdening another parcel of land (the Servient Estate). It attaches to the land & not to a person.

Question 22

When does a Zoning Regulation Constitute a Regulatory Taking?

Answer 22

A regulatory taking occurs when a government regulation limits the use of private property to such a degree that it effectively deprives the property of any value.

Question 23

Is the right to housing a Fundamental Right?

Answer 23

No. No Federal laws do not guarantee a right to housing; rather, Americans are provided a bundle of protections, including freedom from housing discrimination through the Fair Housing Act.

Question 24

What are the Zoning Variances?

Answer 24

A zoning permit or variance may be needed in a number of situations that may change the zoning classification of the property.

Exemptions
Zoning Restrictions
An Exception to these law are granted on a case by case basis by a local government

Question 25

What must the owner prove to receive a Zoning Variance?

Answer 25

When seeking a variance, a property owner must show a variance is necessary to: -Prevent an undue hardship that is unique to the property & not the fault of the owner. -Allow the enjoyment of a reasonable financial return on the property. -The owner must also show that the proposed use of the property will not change the spirit of the neighborhood, nor infringe on a neighboring property owner’s rights, use, or enjoyment of his own land. -Variance must not go against the general purpose -Variance does not harm the general welfare of the public

Question 26

What is a Nuisance?

Answer 26

An unreasonable interference with an owner's use of his property.

Question 27

What is the Doctrine of Waste?

Answer 27

Waste is a term used in property law to describe a cause of action that can be brought in court to address a change in condition of real property brought about by a current tenant that damages or destroys the value of that property.

Question 28

What is the Doctrine of Waste?

Answer 28

The tenant must keep property in the same condition as it was when they took ownership.

Question 29

What are the 3 Types of Doctrine of Waste?

Answer 29

Affirmative (Voluntary) waste; Intentional & Willful damage to the property that the value of the land decreases. Permissive Waste - Failure to protect the property from damage, such as land falling, disrepair, etc. Ameliorative Waste - When the life tenants makes improvements of the property that changes the land value.

Question 30

Do most jurisdictions allow the life tenants to make improvements?

Answer 30

Yes: If the change in the neighborhood conditions makes the improvement necessary and, If there is no demolition in the property value.

Question 31

What is an Easement in Gross?

Answer 31

One that benefits a person or entity instead of a parcel of land. No Dominant Estate involved, only Servient Estate Ex.: Billboard of power lines on Serviant Estate.

Question 32

Can you transfer an Easement Appurtenant?

Answer 32

Yes, it transfers automatically B/C it is attached to the Dominant Estate and does not need to be explicitly stated in the transfer.

Question 33

Can you transfer an Easement in Gross?

Answer 33

No! It is not transferrable unless for Commercial purpose.

Question 34

What is Profit a Prendre?

Answer 34

A profit a prendre is clearly distinguishable from an easement. In an easement there is a nonpossessory interest in land generally giving a person only a right of way on the property of another. However, in profit a prendre, there is a right to take something off the land of another person. Ex. Lumbar, Coal, Soil

Question 35

What are Covenants?

Answer 35

A covenant (in the context of residential neighborhoods) is a set of rules governing how real property is used. However, it may also refer to a promise or other governing clause in a deed involving conditions on the use of the land. In this promise, the new homeowner "covenants" or agrees to follow certain restrictions on how the land is used.

Question 36

What are Real Covenants?

Answer 36

Conditions are tied to the ownership or use of the land. They are promises that the Landowners make regarding the use of their land. Can be affirmative promises to do something,Ex.: A Covenant Running w/the land.

Question 37

What are Real Covenants?

Answer 37

Conditions are tied to the ownership or use of the land. They are promises that the Landowners make regarding the use of their land. Can be affirmative promises to do something w/the land. Ex.: -A Covenant Running w/the land. -Maintaining an English Garden on the Land in Perpetuity or, a Negative promise not to do something (e. g, not to erect a cell phone tower on the property.

Question 38

Affirmative v. Negative Covenants

Answer 38

Affirmative Covenants are Positive Covenants that are legal promises to engage in certain activities or meet certain Benchmarks added to a financial k that an issue must follow. Negative Covenants instead are Restrictive Covenants that restrict a company or issuer from engaging in certain actions.

Question 39

What is required for the Burden of Covenant to run with the land?

Answer 39

For a real Covenant to Bind Successors, one needs WPINT: Writing Privity Intent Notice Touch & Concerns

Question 40

What is required for an Equitable Servitude to Bind Successors?

Answer 40

For an Equitable Servitude to Bind Successors, one needs everything a Real Covenant needs except Privity, TIN . Touch & Concerns Intent Notice