MBE Rules from Missed Questions Flashcards
A life tenant has the obligation to pay ordinary taxes on the property, but only to the extent that
RULE: A life tenant has the obligation to pay ordinary taxes on a real property, but only to the extent that the life tenant receives a financial benefit from the property. When the life tenant occupies the land, the financial benefit is measured by its fair rental value.
A fee simple subject to an executory interest is a
RULE: a fee simple subject to an executory interest is a present estate limited by durational or conditional language. Upon the occurrence of the specified event or condition, title automatically passes to a third party who holds a future, executory interest.
Due to the right of survivorship, a joint tenant’s interest ceases to exist upon
RULE: due to the right of survivorship, a joint tenant’s interest ceases to exist upon his/her death and is automatically absorbed into the surviving joint tenant’s interests
Unless required by statute, a landlord is not required to give a tenant at ____ notice…
RULE: unless required by statute, a landlord is not required to give a tenant at sufferance notice to vacate the premises before taking steps to recover possession of the property.
Assignment is a transfer of a tenant’s…
RULE: Assignment is a transfer of a tenant’s entire interest to a third party (assignee) for the remainder of the lease term. The tenant (through privity of contract) and the assignee (through privity of estate) are jointly and severally liable for the landlord’s entire harm arising from the breach of the lease.
Under the doctrine of merger, the seller’s duties in a contract for the sale of real property–including the duty to deliver marketable title…
RULE: Under the doctrine of merger, the seller’s duties in a contract for the sale of real property, including the duty to deliver marketable title, merge into the deed at closing. As a result, these duties are enforceable thereafter only if they are contained in the deed.
Unless the land-sale contract states otherwise, the doctrine of equitable conversion places the risk of loss on the…
RULE: unless the land-sale contract states otherwise, the doctrine of equitable conversion places the risk of loss on the buyer once the contract is formed and can be specifically enforced.
Under the doctrine of estoppel by deed, a grantor who conveys an interest in land by warranty deed before owning it is estopped from later
RULE: Under the doctrine of estoppel by deed, a grantor who conveys an interest in land by warranty deed before owning it is estopped from later denying the effectiveness of that deed. And the grantor’s after-acquired title automatically transfers to the prior grantee.
A right of first refusal is a partial restraint on alienation that, if reasonable, is
A right of first refusal is a partial restraint on alienation that, if reasonable, is valid and enforceable by an injunction. This right is generally reasonable if the holder of the right can purchase the property under the same terms offered to another party.
A grantee who takes real property subject to a mortgage does not agree to pay and is not
RULE: A grantee who takes real property subject to a mortgage does not agree to pay and is not personally liable for the debt. As a result, only the debtor is liable for any failure to make payments on the mortgage loan.
The equitable right of redemption allows a debtor to avoid foreclosure and regain clear title to the mortgaged property by
RULE: The equitable right of redemption allows a debtor to avoid foreclosure and regain clear title to the mortgaged property by paying the amount currently owed on the loan plus any accrued interest before the foreclosure sale.
A deed conveying a mortgagor’s interest in the mortgaged property to a mortgagee in lieu of foreclosure allows the mortgagee to
RULE: A deed conveying a mortgagor’s interest in the mortgaged property to a mortgagee in lieu of foreclosure allows the mortgagee to take immediate possession of the property without the formalities of a foreclosure sale. Any junior interests remain attached to the property, and the mortgagee’s interest is extinguished unless it was reserved.
The benefit of enforcing an equitable servitude is held only by the
RULE: The benefit of enforcing an equitable servitude is held only by the original parties and their successors in interest.
