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T&D.Edits.MBE.Mix > Mixed Property > Flashcards

Mixed Property Flashcards

1
Q

What is a purchaser’s liability under a mortgage if they:

  1. Assume the mortgage?
  2. Take subject to the mortgage?
  3. Default Rule?
A

Assume: personally liable

Subject to: not personally liable

Default: subject to

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2
Q

What does a quitclaim deed guarantee?

A

The right to whatever property interest the grantor has.

More Info: Quitclaim Deed

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3
Q

What does a special warranty deed guarantee?

A

A title free of defects from the grantor.

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4
Q

What does a general warranty deed guarantee?

A

Title free of defects created by grantor and all prior title-holders.

More Info: General Warranty Deed

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5
Q

What are the covenants of title?

A

Present (apply only at time of sale):

  1. Seisin
  2. Right to convey
  3. Against encumbrances.

Future (apply after the time of sale):

  1. Quiet enjoyment
  2. General warranty
  3. Further assurances
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6
Q

When are liquidated damages clauses valid?

A
  1. Damages are difficult to determine at the time of contract formation

And

  1. Damages are reasonable
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7
Q

Differentiate:

Equitable right of redemption v. Statutory right of redemption

A

Equitable Right of Redemption: right to redeem before foreclosure

Statutory Right of Redemption: right to redeem after foreclosure

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8
Q

What is clogging the right of redemption?

A

When a clause is put in a contract waiving right of redemption; however, the equitable right to redeem can never be waived.

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9
Q

What is a deed absolute considered?

A

A mortgage, not an outright conveyance.

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10
Q

What can a seller of property take from the property?

A
  1. Items that are not permanently attached to the property
  2. Items that are not prohibitively heavy

And

  1. Items that are not custom-designed specifically for the property
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11
Q

If a life tenant leases their property to a person and then the life tenant dies, what happens to the tenant’s lease?

A

The lease terminates and the remainder becomes presently possessed automatically.

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12
Q

Differentiate:

Trespass v. Nuisance

A

Trespass: a one time entry and interference with landowner’s exclusive possession (damage not required)

Nuisance: repeated entry and interference with landowner’s use of enjoyment of his possessed land

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13
Q

What are the elements of a valid boundary agreement?

A
  1. The parties uncertain/unaware of the true boundary
  2. There is an express or implied agreement as to the location
  3. Possession conforms to the agreement

The Result: possession is awarded based upon the agreed to line.

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14
Q

When is a mortgagor’s interest in the mortgaged real estate satisfied?

A
  1. The debt is satisfied

Or

  1. Foreclosure has occurred
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15
Q

When is the statute of frauds satisfied in an oral land sale contract?

A

The purchaser has 2 of the following:

  1. Possession of the property
  2. Paid the purchase price of the property
  3. Made improvements to the property
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16
Q

Who wins in the recording statutes:

  1. Race
  2. Notice
  3. Race-Notice
A

Race: 1st to record wins

Notice: last BFP wins

Race-Notice: 1st BFP to record wins

17
Q

Differentiate:

Notice statute v. Race-notice statute

A

The word “first” will be in the race-notice statute.

18
Q

When does the shelter rule apply and what is its effect?

A

It applies when a grantee receives an interest in property from a bona fide purchaser (BFP): there are three transactions (Owner to BFP to Grantee).

The sheltered grantee is protected the same way as a BFP.

19
Q

Differentiate:

Riparian Rights v. Surface Water Rights

A

Riparian: Cannot exclude water from flowing downstream

Surface Water: Can exclude all surface water flow

More Info: Riparian Rights v. Surface Water Rights

20
Q

What duties of care are owed to:

  1. Unknown trespassers
  2. Known/Anticipated trespassers
  3. Licensees
  4. Invitees
A

Unknown Trespassers: no duty

Known Trespassers: possessor must warn of known dangers

Licensees: possessor must warn of known dangers

Invitees: possessor must inspect the premises and make it safe

21
Q

What happens to joint tenancy in a title theory jurisdiction when a mortgage is taken out on property?

A

The joint tenancy is severed because title passes to the mortgagee.

22
Q

If an adverse possessor asserts his right out of color of title, what is his property interest?

A

The entire interest found in the deed.

23
Q

In order for adverse possession to be tolled by disability, what must happen?

A

The adverse possession must begin during the disability. If the adverse possession occurs before the disability begins, there is no tolling.

24
Q

What is the open mines doctrine?

A

A life tenant has the right to continue operations of existing mines on the premises; however, the life tenant cannot open new mines.

25
Q

When can a forced sale be imposed on tenants in common?

A

When a fair and equitable division of the property is not possible.

26
Q

List the property interests the rule against perpetuities applies to?

A
  1. Contingent remainders
  2. Class gifts
  3. Option to purchase connected with a fee
  4. Powers of appointment
  5. Executory interests
  6. Rights of first refusal
    * More Info:* Property Rights - RAP
27
Q

When can a judgment creditor be a bona fide purchaser?

A
  1. The creditor gets lien on the property

And

  1. The creditor forecloses on the property and purchases the property at the foreclosure sale
28
Q

When can a purchase money mortgage take priority?

A

If a purchase money mortgage is recorded it takes priority over an earlier recorded mortgage.

29
Q

When a senior mortgage is modified, what happens to junior interest?

A

If the modification does not materially prejudice the junior interest, the senior stays in position. If modification is prejudicial to the junior interest, the junior mortgage takes priority over the increase in debt.

More Info: Mortgage Interests

T&D.Edits.MBE.Mix (8 decks)

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