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Life Estates Flashcards

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1
Q

Walker v. Ireton

A

A court notwithstanding the SOFs, may enforce an oral contract for the sale of Real Property if the one seeking its enforcement has partially or fully performed & has relied on the oral agreement such that the application of the SOFs would be unjust

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2
Q

What is the NY General Obligations Law?

A

AN ACT to reconsolidate laws relating to the creation, definition, enforcement, transfer, modification, discharge and revival

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3
Q

What is the California Civil Code (2015)?

A

As estate in Real Property, other than an estate & will or for a term not exceeding one year, can be transf only by operation of law or by operation in writing, subscribed by the party disposing of the same or by his agent thereunto authorized by writing.

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4
Q

What is the Uniformed Land Transaction Act (ULTRA)?

A

ULTRA was designed to simply clarify modernize & make uniform nationwide the real estate sales & sales financing. A law like the UCC has done in the transaction in goods.

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5
Q

Requirements to satisfy a Mortgage are:

A

1st, you must have a contract
2nd, the contract must be signed
unless your are dead or the K ceases to exist

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6
Q

What is the Strong Arm Clause?

A

A Bonafide purchaser is one who purchases property for the Value, Consideration & is without notice of prior claims.

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7
Q

Under the Bankruptcy Law:

A

The Bankruptsy Trustee has the status of a Bona Fide Purchaser of the debtors real property, therefore having Priority Rights over any Creditor who has interest in the same Real Property

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8
Q

Bowling v. Kleifer (1969):

A

A Contract for the sale of the property must contain a description of the property such that the Property can be ID. The property must be Identifiable & locatable for the transf to be valid.

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9
Q

What satisfies the SOFs?

A

A written instrument satisfies the SOFs as long as the substance of the Instrument makes clear the grantor’s intent to convey to the grantee the title to a sufficiently describe the property & is signed by the grantor.

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10
Q

What is Subject to Specific Performance in ALA?

A

In order for an oral K to be valid it is subject to Specific Performance in ALA.

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11
Q

What is a Latent Defect A?

A

A defect not visible to the Naked-eye. Anything that the
Homeowner knows is a defect in the house:

Mold, Previous Fires, issues with a foundation or any knowledge of leaks. These are prime examples of latent defects.

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12
Q

Who must disclose all material latent defects?

A

Seller,
Estate Professionals, &
Real Estate Professional

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13
Q

In Gulden v. Sloan

A

Part performance of an oral agreement for the sale of real property may exempt the agreement from the statute of frauds if the part performance clearly and unequivocally demonstrates the existence and terms of the agreement.

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14
Q

Non-delivery of a Deed:

A

A deed does not have to be physically delivered to the grantee to be effective. But there is a Rebuttable Presumption of Non-delivery if it is unrecorded & in the grantor’s possession.

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15
Q

In Williams (Clemons) v. Cole

A

Clemons died leaving his estate to be admin by the Probate Court. The Rebuttable Presumption of the Non-delivery was that the Deed was unrecorded & in Clemon’s possession. It is known that Clemons told Cole on several occasions where the Deed was kept & to get it recorded now is not enough to overcome the presumption.

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16
Q

In Lenhart v. Desmond

A

If there is no actual delivery of the Deed, the grantor’s intent may Constitute delivery.

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17
Q

Rosengrant v. Rosengrant

A

A property transfer is only Valid if the transferor intends for the transfer to take effect, immed upon delviery of the Deed.

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18
Q

A Present Estate is also known as?:

A

A Present Possessory Estate, an interest in land that affords its holder the present right to possess

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19
Q

What are Freehold Estates?

A

The present estates that confer possession of the property for an Indefinite Period of Time.

-Fee Simple Estate
-Life Estate
-FeeTail Estate

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20
Q

An estate that is perpetual, transferable, and inheritable. The most common kind of estate. The highest & most complete form of ownership?

A

Fee-Simple Estate

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21
Q

An estate that is property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person, called the life tenant, shares ownership of the property with another person. This person is called the remainderman, and automatically receives the title to the property upon the life tenant’s death.

A

Life Estate

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22
Q

A form of trust, established by deed or settlement, that restricts the sale or inheritance of an estate in real property and prevents that property from being sold, devised by will, or otherwise alienated by the tenant-in-possession, and instead causes it to pass automatically, by operation of law, to an heir determined by the settlement deed.

A

Fee Tail Estate (Contrast to Fee-Simple Estate)
This type of Estate is a Common Law Interest in Land

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23
Q

Are Fee Tail Estates Abolished in Most States? If so, why?

A

Yes, most states have abolished Fee Tail Estates.

This is due to the modern belief that fee tails are overly burdensome and inefficient, most jurisdictions in the United States abolished the fee tail and this language in a deed instead creates a fee simple.

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24
Q

What are Non-Freehold Estates?

A

Nonfreehold estates are a type of real property that you have a limited right to use or occupy but don’t own. In effect, you lease the property without holding any ownership over it for a definite Amount of time. For example, a nonfreehold estate may include a condo you rent

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25
Examples of Non-Freehold Estates:
Estate for Years (limited in its duration to a period which is fixed or which may be made fixed and certain), Tenancy @ Will (w/o a predetermined duration), Periodic Tenancy (can be terminated by owner or tenant at any time) and, Tenancy @ Sufferance (as long as the Leesor allows the possession to continue)
26
To Convey a Fee-Simple Absolute:
A Fee simple absolute is the most straightforward type of fee simple ownership; and the term is usually used interchangeably with fee simple. It is a form of freehold, meaning that the grantee holds ownership over the land with no restrictions (thus being absolute) and may use the land as they desire. A Fee-Simple Absolute has no specificed end date, it is potentially indefinite.
27
A Fee-Simple Absolute is:
Of course subject to any Encumberance in favor of anyone other than the holder.
28
What is a Merger Doctrine?
When one entity obtains both a greater and a lesser interest in land to the same piece of real property, the lesser interest merges into the greater interest and the lesser interest is thereby extinguished.
29
What are the General Remedies provided if a Life Tenant Commits waste of the property?
Money Damages, An Injunction against the waste A Forfeiture of the Life Estate
30
What happens to the Life Estate if the Forfeiture is the remedy?
The Life estate will terminate immediately & the corresponding future interest will reopen into possession.
31
What is Permissive Waste?
The duty to take all reasonable steps to maintain the property - so that it does not fall into disrepair.
32
Under the Supremacy Clause, Fed Law will _____ state law on these matters. For example, the governing of real property : eminent domain, Fed tax matters, etc.
Supersede
33
what are the Covenants of a Warranty?
Covenant for Seisin Covenant for the Right to Convey Covenant Against Encumberances Covenant for Quiet Enjoyment Covenant of General Warraty
34
What is the Covenant for Seissin:
The grantor covenants to the grantee that the grantor has title and possession of the property. Presents Majority Rule. Does not run w/the land.
35
What is the Coveant for the Right to Convey?
The promise that the seller has the right to convey the property. Does not run w/the land.
36
What is the Covenant against Encumbranes?
The promise that the property is free of any liens or Encumbrances. Does not run w/the land.
37
What is the Covenant for Quite Enjoyment?
The right to live in a house that meets all the state's basic health, safety, and building codes, as outlined in the Landlord-Tenant Laws. This is Future-based so it Runs w/the land. Grantee wil not be evicted (actively or constructively) by someone w/Paramount Title.
38
What is the Covenant of General Warranty?
A promise to perform any actions in the future that may be necessary to perfect the buyer's title to the extent that the buyer reasonably requires these actions. This is Future-based so it Runs w/the land. The grantor promises to compensate the grantee in the event he is evicted (actively or constructively) by someone w/Paramount Title.
39
What is the Covenant for Future Assurance? This Covenant can be specifically enforced, whereas the other Covenants are enforced only by an Award of Damages.
The related promise that the grantor will do whatever is necessary to remove a defect associated with title, such as an encumbrance, if it arises, and if the problem is not fixed, damages will be awarded. The express promise of doing whatever is necessary is a huge promise. This Covenant can be specifically enforced, whereas the other Covenants are enforced only by an Award of Damages.
40
What are the Future Covenants? Run w/the Land & Enforced by Award of Damages.
Covenants of Quiet Enjoyment Covenants of Warranty & Covenants of Future Assurances
41
What are the Present Covenants? Do not Run w/the Land & are Enforceable only by the Immediate grantee.
Covenant of Seisin Covenants of Right to Enjoy & Covenants Against Encumbrances
42
Which Covenant's Remedy can be Specifically Enforced?
Covenant of Future Assurances
43
What is a Quit Claim Deed?
A quit-claim deed is writen on the assumption that the grantor may not have Title or that the title is subject to Encumbrances. The Grantor conveys whatever interest is to be paid, but does not promise to pay anything. A quitclaim deed is not legally considered an inheritance. Instead, the property transfer is viewed as a gift in terms of the law because the transferor has not died.
44
Emcumberances are ______ on how an owner can use the Real Estate. The claim is brought up by a Party who is not the owner & restricts what an owner can do with the prperty.
LIMITS A claim is brought up by a Party who is not the owner & restricts what an owner can do with the prperty. Ex: -Liens against the property, -Property structure sitting on 2 properties with seperately owned lots.
45
What is a Statutory Warranty Deed in ALA?
The person transfering the property guarantees that he or she has done nothing that would cause title problems, but makes no guarantes about what might hapen before she acauired the property. It is a Limited Warranty of the Title.
46
What is Foreclosure?
A Legal process in which a lender atempts to Recover the Balance of a loan from a borower who has stopped maing payments to the lender by forcing the sale of the asset used as the collateral for the Loan.
47
Once a house goes into Foreclosure, why does the owner have to get a Deed?
B/C of Contamination in the Mortgage K. A K is overruled by the Deed so anything in the K to settle the Deed becomes Void & anything that is not in the DEED becomes a Private Covenant.
48
What is a Private Covenant?
A Private covenant means any uniform or nonuniform covenant, restriction or condition regarding real property that is contained in any deed, contract, agreement or other recorded instrument affecting real property.
49
In a Foreclosure, the banks will _____ your interest rates to ______ you.
Lower, Work with you.
50
What is a Deed in Lieu of Foreclosure?
A deed given by the mortgagor to the mortgagee when the mortgagor is in default under the terms of the mortgage. This avoids foreclosure but does not remove liens from the property; "friendly foreclosure."
51
When does Foreclosure Begin?
A Homeowner must miss a payment, but under Fed Law, lenders must wait for a Homewoner to be delinguent for Atleast 120 days before begin the Foreclosure Process
52
When is a Liquidated Damages Clause Enforceable?
If it appears the Contract was executed, such damages would be Indeterminable or dificult to calculate, and the amt represents a reasonable proportion of the contemplat Injury (discussed before). In order to have Liquidating Valid; you must know how much the Item cost before the damages. Earnest money can help in return.
53
A Liquidated Damage Clause is Unenforceable if it is ______ & _______ _______
Unreasonable, Grossly Disproportionate.
54
Liquidating Damages can never be ________
Accessory
55
In ALA Breech of a Contract has lead to __________ _______
Punative Damages
56
If a Liquidated Damage Clause Enforceable in the absence of a showing of actual damages?
Liquidated damages may be recovered even if actual damages are not proved.
57
A buyer of Real Property is entitle to a specific performance of a Valid K for the sale of Real Property as a matter of right?
Yes, absent Oppression or Fraud
58
What is the Doctrine of Equitable Conversion?
Equitable Conversion transfs ownership to the purchases upon the Execution of the Purchase Agreement.
59
Purchasing Real Estate bears the risk of loss or injury, occurring during the period:
B/T Execution of the Purchase Agrement Post closing. Ex. A zoning change that ocurs during this time may restrict the uses to which the property may be put, thereby decreasing its value or frustrating the buyers purpose. Unfortunately, the Purchaser is not entitled to recession based on such a change, unless the parties agreed otherwise.
60
What is Horizontal Privity? (A and B)
The relationship between the original parties to a covenant or equitable servitude (A and B): Landlord - Tenant Mortgagor - Mortgagee Grantor - Grantee
61
What is Vertical Privity? (B/T A and C, & B and D)
Exists if the original party transferred the entire estate to the Subsequent Owner.
62
Equitable Servitudes are?
Equitable Servitudes are Real Covenants, except they are enforced in Equity (Injunctions) & they can be enforced with no writing if: There is Partial Performance & proof of DR with w/respect to the interest of issue. Real Covenants are agreements or promises that Run w/the Land & can be Affirmative (requires a party to adhere to terms), or they can be Negative (a party promises not to do something). They are enforced by actions of Law - resulting in monetary damages, a form of Judicial Remedy for injury/loss.
63
What is a Prescriptive Easement?
A Prescriptive Easement allows someone other than the property owner to gain the rights to use a property. Prescriptive Easements often arise on rural land when landowners fail to realize part of their land is being used, perhaps by a neighbor.
64
An Example of a Prescriptive Easement:
A classic example of a Prescriptive Easement occurs in a rural area when somebody installs a fence that encroaches onto another person’s property if that fence stays in place for a long period of time and meets the required period for the State laws.
65
What is the Ministerial Act?
“Ministerial acts” means those acts that a licensee may perform for a person that are informative in nature. Examples of these acts include but are not limited to
66
What is a Ministerial Act in Real Property?
"Ministerial acts" means those acts that a licensee may perform for a person that are informative in nature. Examples of these acts include but are not limited to: (a) Responding to phone inquiries by persons as to the availability and pricing of brokerage services.
67
What is the Segregation of Uses Zoning?
Separation-of-Uses Zoning divides a city or other local governmental unit into Zones and permits only certain land uses in each Zone, so that there are separate Zones for high-rise apartment houses, for single family homes, for businesses, for factories, and so on.
68
A Regulaotry Zoning Ordinance which would be clearly valid as applied to the great cities, might be clearly invalid as applied to _____ ______
Rural Communities
69
State has Police Powers asserted for the Public Welfare & this is because?
Zoning
70
What is Trade Zoning?
Often called Eucledean, Trading Zoning enforces the separation of Industrial Land use from Residential Land Uses and can protest against Pollution Risk.
71
What is Inverse Condemnation?
Inverse condemnation is a legal concept that entitles property owners to just compensation if their property is damaged by a public use.
72
Inverse condemnation has its roots in the ________ ________ of the Fifth Amendment of the US. Constitution, and California; as the flip side of ____ ____.
Taking Clauses, Eminent Domain
73
Eminent Domain is initiated by the ________, Inverse Condemnation is initiated by the _____ _____.
Government, Property Owner
74
What is the most difficult part of Zoning?
Dealing with the Taking Clause of the 5th Amendment.
75
What are some Affirmative Defenses to Zoning Regulations?
Self-defense, Entrapment, Insanity, Necessity, and Respondeat Superior are some examples of Affirmative Defenses to Zoning.
76
Is the Regulating of the Intensity of Land Use a Valid Purpose of Zoning?
Yes
77
What is the Rule of Capture?
The Rule of Capture is ripe for abolishment; Texas is the only state that follows this rule.
78
What is the Public Trust Doctrine and how is it used?
The Public Trust Doctrine requires the sovereign, or state, to hold in trust designated resources for the benefit of the people. Traditionally, the Public Trust applied to commerce and fishing in navigable waters, but its uses were expanded in California in 1971 to include fish, wildlife, habitat and recreation. This Doctrine preserves the states sovereign authority to protect Public Trust Uses, thereby preventing owners from acquiring a Vester Right that would allow them the land.
79
What are Aquifers and why are they important?
Aquifers are bodies of saturated rock and sediment through which water can move, and they provide 99% of our groundwater. Humans rely on aquifers for most of our drinking water.
80
What is called a transfer of land without written instruments, acquiring land without payment of money and without the consent of a legal owner?
Adverse Possession
81
What are the 3 Main Types of Takings?
Physical Takings Regulatory Takings Pro Tanto Takings - Pro tanto is a latin phrase meaning “to that extent” or “for so much,”
82
Does the Zoning Clause specify the process of Zoning of the Agiculture Areas?
Yes
83
What are the 2 Restraints to Zoning?
-Arbitrary or Unresasonable -Destroy the Propery Economic Value, & Restict uses in certain ways.
84
What is a Blighted Area?
Blight encompasses vacant lots, abandoned buildings, and houses in derelict or dangerous shape, as well as environmental contamination. Blight can also refer to smaller property nuisances that creep up on cities and suburbs: overgrown lawns, uncollected litter, inadequate street lighting, and other signs of neglect
85
What does Fair Market Value Mean?
The Fairness is determined by the Reasonable Basis Test.
86
Define Eminent Domain:
Eminent domain refers to the power of the government to take private property and convert it into public use, referred to as a taking
87
The power of eminent domain is often used by cities in connection with ______ and to _________ for urban renewal projects.
-Blighted areas -Accomplish their plans
88
What are the Common Law Legal Prescriptions for an Adverse Possession? (6 Elements).
-Actual Possession -Hostile Possession -Open & Notorious -Exclusive Possession -Continous Possession -Possession Under a Claim of Right
89
What is the Restatement Test in terms of a conveyance?
The Restatement notes that easements are “capable of creation by conveyance.” (Indeed, it seems to say they must be).
90
What is a Prescription Easement?
An Absolute move; one acquired; arising from a Servient estate.
91
What is a Gross Easement?
Merely a person's use of the land x 20 years. (Does not attach to Benefit)
92
What is an Appurtenant Easement?
Dominant Estate, attaches to benefit a particular parcel of land.
93
Subjective Hostility is:
A possession under a claim of right. Hostility can be approached objectively or subjectively. The Subjective tests rely on: -Good Faith -Allows an adverse possessor who believes they have a bonafide right to the land to gain rights. -Intent to Claim - Allows an adverse possessor to acquire title if he had intent to claim land beyond his own.
94
An easement appurtenant is a specific type of easement where two properties are linked together as ________tenement and _______ tenement estates. (A partial/parcel of land)
Servient Estate Dominant Estate
95
Negatve Easements are considered __________ Covenants.
Restrictive
96
The adverse possessor will prevail so long as she ________ the requisite hostile intent toward the record owner.
Manifests
97
What is Tacking?
A legal concept arising under the common law relating to competing priorities between two or more security interests arising over the same asset
98
What is Tacking of Successive Possessions?
An inchoate (not totally developed) prescriptive title may be transferred by a person in possession to his successor so that successive possessions may be tacked to make out the prescription.
99
Does using property as a summer home constitute uninterrupted use for purposes of adverse possession?
Yes. For adverse possession purposes, possession is sufficient when the property is used in a manner that is ordinary and natural given the nature of the property. Here, the property is a summer home, so living on the property year-round was not required to establish adverse possession.
100
May a previous owner’s time occupying a property count toward the statutory period so as to constitute adverse possession?
Yes. In meeting the time period requirement for adverse possession, successive owners of a property may add their occupancy times together where they share privity in the ownership interest.
101
What is a Latent Defect?
Hidden
102
What is a Patent Defect?
Obvious
103
Why is there no easement through accessory?
B/C it does not need a Fee Simple to claim an Easement.
104
What happens if the measurements of your property are wrong?
You can sue the title company & have them pay back the Easement by Accessory.
105
Liquidation Damages can never be accessory but in every contract there are ___________.
Exceptions
106
In Alabama a Breach of Contract has led to __________.
Punative Damages
107
Remedies for Breach of Marketing Contract comes from?
Banks
108
What is a Deed in Lieu of Foreclosure?
A "Friendly Foreclosure". You give them the house before they take it from you.

REAL PROPERTY (3 decks)

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