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1
Q

FEE SIMPLE ABSOLUTE

A

100% OF OWNERSHIP FOREVER

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2
Q

LIFE ESTATE

A

RIGHTS AND CONTROL FOR LIFE

CANNOT COMMIT WASTE

O TO A FOR LIFE

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2
Q

REVERSION

A

INTEREST GOES BACK TO GRANTOR

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3
Q

LIFE TENANT MUST PAY

A

INTEREST AND TAXES

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4
Q

REMAINDER

A

INTEREST AFTER A LIFE ESTATE

“THEN TO”

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5
Q

VESTED REMAINDER

A

AUTOMATIC TRANSFER

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6
Q

CONTINGENT REMAINDER

A

SUBJECT TO AN EVENT

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7
Q

VESTED REMAINDER SUBJECT TO OPEN/PARTIAL DIVESTMENT

A

REFERS TO A CLASS OF PEOPLE

ONE MUST BE ALIVE

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7
Q

VESTED REMAINDER SUBJECT TO TOTAL DIVESTMENT

A

IF A PERSONS INTEREST CAN BE WIPED OUT

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8
Q

FEE SIMPLE DETERMINABLE

A

“SO LONG AS” OR “AS LONG AS”

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9
Q

POSSIBILITY OF REVERTER

A

AUTOMATICALLY REVERTS TO GRANTOR IF CONDITION IS NOT MET

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10
Q

FEE SIMPLE SUBJ TO CONDITION SUBSEQUENT

A

IF A FUTURE EVENT OCCURS, THEN GRANTOR HAS RIGHT OF REENTRY

“BUT IF”

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11
Q

RIGHT OF REENTRY

A

GRANTOR MUST ACT TO GET THE LAND BACK

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12
Q

RULE AGAINST PERPETUITIES

A

INTEREST MUST VEST W/IN 21 YEARS OF THE LIFE IN BEING

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13
Q

JOINT TENANCY

A

RIGHT OF SURVIVORSHIP

TRUMPS A WILL

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14
Q

CONVEYANCE SEVERS A JOINT TENANCY TO A

A

TENANCY IN COMMON

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15
Q

TENANCY IN COMMON

A

NO RIGHT OF SURVIVORSHIP

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16
Q

TENANCY BY THE ENTIRETY

A

JOINT TENANCY B/W MARRIED PPL

RIGHT OF SURVIVORSHIP

NO CONVEYANCE W/O CONSENT

SEVERED BY DIVORCE

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17
Q

PARTITION

A

CT DIVIDES PROPERTY IN 2

GRANTED UNLESS NOT PRACTICAL

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18
Q

CONTRIBUTION- TAXES AND MORTGAGE

A

COTENANT MAY SEEK CONTRIBUTION

SOLE POSSESSION- ONLY RECOVER AMT THT EXCEEDS MKT VALUE

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19
Q

CONTRIBUTION - RENT

A

OUT OF POSSESSION COTENANT MAY SHARE IN RENT AND PROFITS

BUT NOT FROM A TENANT IN POSSESSION

UNLESS THEY ARE DAMAGING THE PROPERTY

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20
Q

CONTRIBUTION- REPAIRS AND IMPROVEMENTS

A

NO CONTRIBUTION FOR REPAIRS, UNLESS NECESSARY AND REQUESTED

NO CONTRIBUTION FOR IMPROVEMENTS, UNLESS INCREASE RENTS/PROFITS

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21
Q

PERIODIC TENANCY

A

START DATE- AN END DATE

RENEWS UNLESS A TERMINATION DATE

NOTICE REQD TO TERMINATE

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22
Q

TENANCY FOR YEARS

A

START DATE- AN END DATE

NO NOTICE REQD

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23
TENANCY AT WILL
TERMINABLE AT WILL REASONABLE AMT OF TIME TO TERMINATE
24
TENANCY AT SUFFERANCE
HOLDOVER TENANT TERMINATES BY LEAVING OR EVICTION
25
LANDLORD DUTIES
ACTUAL POSSESSION DUTY FOR BASIC REPAIRS WARRANTY OF HABITABILITY WARRANTY OF QUIET ENJOYMENT
26
TENANT DUTIES
DUTY TO PAY RENT CANNOT COMMIT WASTE
27
ASSIGNMENT
ASSIGN THE REST OF THE LEASE TERM NEW TENANT PRIMARILY LIABLE ORIGINAL TENANT SECONDARILY LIABLE UNLESS NOVATION
28
SUBLEASE
GIVE AWAY A PORTION OF LEASE ORIGINAL TENANT LIABLE UNLESS NOVATION
29
COVENANT AGAINST ASSIGNMENT OR SUBLEASE
STRICTLY CONSTRUED
30
FAIR HOUSING ACT
FEDERAL LAW PROHIBITS DISCRIMINATION IN SALE/RENTAL RACE COLOR RELIGION SEX DISABILITY FAMILY STATUS PREGNANCY
31
FIXTURES
CHATTELS AFFIXED TO PROPERTY REMOVAL WOULD CAUSE DAMAGE
32
CONFLICT OF LAWS
LAW OF STATE WHERE PROP IS LOCATED WILL APPLY
33
CONFLICT OF LAWS EXCEPTIONS
CHOICE OF LAW CLAUSE COLLATERAL ISSUES USE LOCAL LAW
34
EASEMENT
THE RIGHT TO USE SOMEBODY ELSES LAND
35
CREATION OF EASEMENT
WRITING BY PRESCRIPTION BY IMPLICATION BY NECESSITY
36
AN EASEMENT WILL LAST
FOREVER
37
EASEMENTS ARE TERMINATED BY
AGREEMENT TIME MERGER ABANDONMENT
38
COVENANTS
PROMISE FOR A PROMISE ALWAYS CREATED BY WRITING GENERALLY LAST FOREVER
39
A COVENANT "RUNS WITH THE LAND" IF
1) WRITING 2) INTENT 3) NOTICE 4) PRIVITY 5) TOUCH & CONCERNS THE LAND
40
EQUITABLE SERVITUDE
LOOKS LIKE A RESTRICTIVE COVENANT SEEK EQUITABLE RELIEF: INJUNCTION
41
IMPLIED RECIPROCAL SERVITUDE
COMMON SCHEME AND NOTICE
42
LICENSE
RIGHT TO ENTER FREELY REVOCABLE BY GRANTOR UNLESS COUPLED W AN INTEREST
43
PROFIT
RIGHT TO ENTER THE LAND AND TAKE SOMETHING OFF THE LAND
44
TAKING
1) GOV TAKING PRIVATE PROP FOR PUBLIC USE 2) REQS "JUST COMPENSATION"
45
WATER RIGHTS
REASONABLE USE OF WATER REASONABLE AMT OF WATER REASONABLE MEANS TO ALTER FLOW OF RAIN/SNOW
46
CROPS
GENERALLY GO W THE PROPERTY NATURAL: REAL PROPERTY MAN MADE: PERSONAL PROPERTY
47
CROPS EXCEPTIONS
EXPRESS AGREEMENT TENANT W RIGHT TO HARVEST
48
ADJOINING UNDEVELOPED PROPERTY
STRICT LIABILITY FOR DAMAGE
49
ADJOINING DEVELOPED PROPERTY
STRICT LIABILITY IF DAMAGE WOULD HAVE HAPPENED ANYWAY OR ELSE NEGLIGENCE
50
DIGGING ON ADJOINING LAND
NEGLIGENCE FOR DAMAGE
51
PRIVATE NUISANCE
UNREASONABLE INTERFERENCE W USE AND ENJOYMENT REASONABLE PERSON STANDARD
52
PUBLIC NUISANCE
EFFECTS PUBLIC AT LARGE PRIVATE PLAINTIFF MUST PROVE SPECIAL DAMAGES
53
COMMON INTEREST OWNED COMMUNITY
LOT OWNERS MUST PAY DUES TO AN ASSOCIATION
54
PROPERTY OWNERS ASSOCIATION
OWNERS REQUIRED TO BELONG TO ASSOCIATION AND PAY DUES
55
CONDOMINIUM
CREATED BY STATUTE MUST FILE A DECLARATION AND PLAT
56
CONDOMINIUM OWNERS
PAY TAXES, INSURANCE, MORTGAGE FOR THEIR UNIT OWN COMMON AREAS AS TENANTS IN COMMON CANNOT SEPARATE OWNERSHIP OF UNIT AND COMMON AREAS
57
CO-OP
CORP OWNS BUILDING AND LEASES UNITS TO SHAREHOLDERS ONE MORTGAGE ON WHOLE PROPERTY TENANT PAYS SHARE OFF FEE FOR TAXES AND MORTGAGE
58
DEVELOPER
DEVELOPER GIVES POWER TO ASSOCIATION ASSOCIATION HAS 2 YRS TO 2/3 VOTE TO TERMINATE DEVELOPER DEVELOPER CANNOT CHANGE DECLARATION (UNLESS STATED)
59
FORMING A COMMON INTEREST OWNED COMMUNITY
DECLARATION ASSOCIATION BOARD DEVELOPER
60
BOARDS
ACTS ON BEHALF OF ASSOCIATION
61
RULES
MUST BE REASONABLY RELATED TO FURTHER A LEGITIMATE PURPOSE OF THE ASSOCIATION
62
POWERS OF THE COMMUNITY
LEVY ASSESSMENTS AND FEES MANAGE/IMPROVE COMMON AREAS CREATE RULES IMPOSE FINES CONDUCT REASONABLE INSPECTIONS REVOKE PRIVILEGES LITIGATE AS THE ASSOCIATION
63
DUTIES OF THE COMMUNITY
TREAT MEMBERS FAIRLY ORD CARE IN MANAGING PROPERTY/FINANCES REASONABLE ACCESS TO INFORMATION
64
BURDEN ____ TO PROVE BREACH BY ASSOCIATION
ON MEMBERS
65
DUTY OF BOARD MEMBERS
ACT IN GOOD FAITH STANDARD OF CARE: AN ORDINARY DIRECTOR OF A COMMON INTEREST OWNED COMMUNITY BOARD MEMBERS NOT JOINTLY/SEVERALLY LIABLE
66
STATUTE OF FRAUDS
1) K MUST BE IN WRITING OR 2) PART PERFORMANCE : PAYMENT AND IMPROVEMENTS/POSSESSION
67
REAL ESTATE K TERMS
1) PRICE 2) PARTIES 3) DESCRIPTION 4) CONDITIONS 5) SIGNED BY PARTY TO BE CHARGED
68
EQUITABLE CONVERSION
TRANSFER OF EQUITABLE TITLE RISK OF LOSS SHIFTS TO THE BUYER
69
SELLER DOES NOT NEED ___ ON DAY OF SIGNING
LEGAL TITLE
70
MARKETABLE TITLE
IMPLIED COVENANT TO CONVEY TITLE FREE OF ENCUMBRANCES
71
TIME IS NOT ______ UNLESS STATED
OF THE ESSENCE
72
MERGER
AT CLOSING THE K MERGES INTO THE DEED CAN NO LONGER SUE UNDER THE K
73
SELLERS DUTY TO DISCLOSE
MATERIAL DEFECTS THT CANNOT BE SEEN BY THE BUYER
74
PURCHASE MONEY MORTGAGE
MONEY USED TO PURCHASE THE PROPERTY ALWAYS GETS PRIORITY
75
REDEMPTION
PAYING OFF DEBT TO PREVENT FORECLOSURE
76
EQUITABLE RIGHT OF REDEMPTION
TIME FROM NOTICE TO SALE NEVER WAIVED
77
STATUTORY REDEMPTION
PERIOD OF TIME AFTER FORECLOSURE SALE
78
LIEN THEORY
BANK ONLY HAS A LIEN OWNER HOLDS TITLE OWNER CAN SELL
79
TITLE THEORY
BANK HOLDS TITLE OWNER ONLY HAS EQUITABLE INTEREST OWNER CANNOT SELL
80
JOINT TENANCY LIEN THEORY V TITLE THEORY
LIEN THOERY: MORTGAGE DOES NOT SEVER TITLE THEORY: MORTGAGE SEVERS INTO TENANCY IN COMMON
81
ASSUME THE MORTGAGE
NEW BUYER TAKES OVER PAYMENT ORG OWNER SECONDARILY LIABLE UNLESS NOVATION
82
SUBJECT TO THE MORTGAGE
ORIGINAL OWNER LIABLE FOR PAYMENT BUT BANK CAN FORECLOSE ON NEW OWNER
83
DEED IN LIEU OF FORECLOSURE
SIGN DEED TO BANK AND SKIP FORECLOSURE PROCEEDINGS
84
MORTGAGES TAKEN OUT AFTER ARE WIPED OUT
1) MUST B GIVEN NOTICE 2) JOINED TO SUIT
84
MORTGAGES TAKEN OUT BEFORE STAY
BUYER TAKES SUBJECT TO
85
DEFICIENCY JUDGMENT
COLLECT THE REMAINING MONEY NOT RECOVERED BY FORECLOSURE SALE
86
INSTALLMENT LAND K
NO TITLE UNTIL ALL PAYMENTS MADE SELLER CAN TAKE BACK AFTER DEFAULT
87
DEED
TRANSFERS LEGAL TITLE ON DAY OF CLOSING
88
PRESENT WARRANTIES
BREACHED ON DAY OF CLOSING 1) SEISIN 2) RIGHT TO CONVEY 3) COVENANT AGAINST ENCUMBRANCES
89
FUTURE WARRANTIES
LAST FOREVER 4) QUIET ENJOYMENT 5) WARRANTY 6) FUTHER ASSURANCES
90
GENERAL WARRANTY DEED
PROMISE FOR ALL 6 WARRANTIES SINCE PROPERTY DEVELOPED/ CREATED
91
SPECIAL WARRANTY DEED
PROMISE FOR ALL 6 WARRANTIES SINCE SELLER HAD TITLE
92
QUITCLAIM DEED
NO PROMISES REGARDING TITLE
93
WRITING
TO SATISFY STATUTE OF FRAUDS
94
DELIVERY OF DEED
INTENT OF THE SELLER TO GIVE UP CONTROL
94
ACCEPTANCE OF DEED
PRESUMED UNLESS REJECTED
95
MERGER
AT CLOSING THE K AND DEED MERGE
96
DESCRIPTION OF THE PROPERTY
MUST BE REASONABLY DEFINITIVE
97
TACKING
INTENTIONAL TRANSFER FROM ONE PERSON TO ANOTHER
98
ADVERSE POSSESSION
ACQUIRES LEGAL TITLE IF 1)CONTINUOUS 2) ACTUAL 3) OPEN AND NOTORIOUS 4) HOSTILE 5) EXCLUSIVE
99
DRAFTING DOCUMENTS
NON ATTORNEY CAN DRAFT DOCUMENTS BUT NOT GIVE LEGAL ADVICE
100
EQUAL DIGNITY RULE
AGENT MAY SIGN DEED ON BEHALF OF GRANTOR NEED PERMISSION IN WRITING
101
EXCEPTIONS- EQUAL DIGNITY RULE
1) OFFICER OF CORPORATION WITH AUTHORITY 2) SIGNING AGENT 3) NO WRITING- GRANTOR IS ESTOPPED IF HE TRIED TO INDUCE WRITING
102
BONA FIDE PURCHASER
PAY FOR PROPERTY TAKE PROPERTY W/O NOTICE
103
NOTICE STATUTE
KEYWORDS: "SUBSEQUENT PURCHASER FOR VALUE W/O NOTICE" LAST BONAFIDE PURCHASER PREVAILS
104
CREDITORS ARE NOT BONAFIDE PURCHASERS MORTGAGEES ARE..
BONAFIDE PURCHASERS
105
RACE STATUTE
FIRST PERSON TO RECORD PREVAILS
106
RACE NOTICE
FIRST BONAFIDE PURCHASER TO RECORD KEY WORDS: "FIRST RECORDED"
107
SHELTER RULE
ONE WHO TAKES FROMA BFP WILL PREVAIL AGAINST ANYONE THE TRANSFEROR- BFP WOULD HAVE PREVAILED AGAINST
108
WILD DEED
A RECORDED DEED OUTSIDE THE CHAIN OF TITLE
109
AFTER ACQUIRED TITLE
IF GRANTOR ACQUIRES TITLE AFTER CLOSING, TITLE WILL PASS AUTOMATICALLY TO GRANTEE
110
RESTRICTIVE COVENANT MAKES TITLE UNMARKETABLE UNLESS
THE COVENANT IS EXPECTED IN THE K
111
THE ASSIGNMENT OF A NOTE AUTOMATICALLY TRANSFERS THE MORTGAGE
TO THE ASSIGNEE OF THE NOTE A SEP DOC ASSIGNING THE MORTGAGE TO THE ASSIGNEE IS UNNECESSARY

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