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Property Flashcards

(75 cards)

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1
Q

Joint tenancy requirements

A

Express language
Four unities (PITT)

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2
Q

What are the four unities

A

PITT
Possession
Interest
Time
Title

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3
Q

Types of leaseholds

A

Tenancy for years
Periodic tenancy
Tenancy at will
Tenancy at sufferance

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4
Q

Tenant duties

A

Pay rent
Avoid waste
Make reasonable repairs

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5
Q

Landlord duties

A

Duty to repair
Implied warranty of habitability
Covenant of quiet enjoyment

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6
Q

Implied warranty of habitability

A

Landlord must maintain the property such that it is reasonably suited for the residence
Tenant must give notice and reasonable opportunity to repair

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7
Q

Covenant of quiet enjoyment

A

Landlord cannot disrupt the tenants possession or enjoyment of the property

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8
Q

Constructive eviction

A

1) landlord substantially interferes with tenants use and enjoyment of the land
2) tenant gives notice of the problem and reasonable time for repair
3) tenant vacates the premises in a reasonable amount of time

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9
Q

Color of title

A

Enters pursuant to a wills or deed that is not actually valid
Allows the possessor to obtain title to the whole property under constructive adverse possession

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10
Q

Valid deed requirements

A

Identify the parties
Signed by the grantor
Words of transfer
Reasonably definite property description

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11
Q

3 present covenants in a warranty deed

A

Covenant of seisin
Covenant of the right to convey
Covenant against encumbrances

DO NOT run with the land

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12
Q

3 future covenants of a general warranty deed

A

Covenant of quiet enjoyment
Covenant of warranty
Covenant of further assurances

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13
Q

Covenant of seisin

A

Grantor owns the land as described in the deed

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14
Q

Covenant against encumbrances

A

No undisclosed encumbrances

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15
Q

Covenant of quiet enjoyment

A

Grantees possession will not be interfered with by a third party’s claim for title

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16
Q

Covenant of warranty

A

Grantor will defend against a third party’s claim

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17
Q

Covenant of further assurances

A

Grantor will do whatever is necessary to pass title to the grantee

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18
Q

Implied warranty of fitness or suitability

A

Seller warrants that he used adequate materials and workmanship
Covers hidden and latent defects

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19
Q

Shelter rule

A

BFPs who are protected by the recording act will shelter their grantees from prior claims

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20
Q

Easement in gross

A

Attached to a specific person

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21
Q

Easement appurtenant

A

Attached to the land

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22
Q

Types of easements

A

Writing
Implied
Necessity
Prescription

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23
Q

Express easement creation

A

by the parties in a writing that complies with SOF

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24
Q

Easement by necessity creation

A

Dominant property is useless without the benefit of an easement across the neighboring servient property

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25
Easement by implication creation
1) Owner of two parcels 2) used one to benefit the other 3) the parties intended the easement to continue upon the sale of the dominant parcel 4) continued use is reasonably necessary to use the land
26
Easement by prescription creation
Obtained like adverse possession except no exclusivity requirement
27
Abandonment of an easement
Owner of the easement acts affirmatively to show a clear intent to relinquish the easement Non use is not sufficient
28
Requirement to run with the land for a benefit
Writing Intent Touch and concern Vertical privity
29
Requirement to run with the land for a burden
Same as benefit (writing, intent, touch and concern, vertical privity) + notice and horizontal privity
30
Touch and concern meaning
Must effect how both pieces of land are used
31
Horizontal privity
Original parties shared some interest other than the promise such as grantor grantee
32
Vertical privity
Relationship between the original party and the successor party Burden: owner must transfer the entire interest
33
Equitable servitude
Same as a covenant but enforced by injunction rather than damages
34
Requirements for equitable servitude to run with the land
Writing Intent Touch and concern Notice (No privity requirements)
35
Ways to terminate easements
DAMPER Destruction Abandonment Merger Prescription Estoppel Release
36
Common interest community
Real estate development in which individually owned lots or units are burdened by a covenant that imposed an obligation to pay dues to an association
37
Contract for deed
Installment land contract Type of mortgage alternative
38
Adverse possession requirements
OCEAN Open and notorious Continuous Exclusive Actual Non permissive (hostile)
39
Equitable mortgage
Created when an absolute deed is made with the intent that it secure a debt
40
Fee simple determinable
Limited by specific durational language Terminates automatically upon the happening of a specified condition
41
Fee simple subject to a condition subsequent
Limited in duration by specific conditional language Upon the occurrence of a stated condition, the present fee simple will terminate if the grantor affirmatively demonstrates an intent to terminate
42
Doctrine of accession
Ownership of a fixture passes to the property owner if the fixture cannot be removed without causing substantial damage to the property
43
Subrogation
Allows a third party to take a senior mortgages priority when the third party (1) fully pays off the senior mortgage and (2) has no ACTUAL knowledge of junior interests
44
Characterizations of collateral
Tangible collateral Farm products Inventory Equipment
45
Consumer goods
Acquired primarily for personal, family or household use
46
Inventory
Goods other than farm products held for sale or lease
47
Equipment
Catch all class
48
Intangible collateral
Accounts Deposit accounts
49
When are leases governed under article 9?
When the transaction is in economic reality or substance a secured transaction
50
When is a lease more likely a secured transaction?
Lease payment must be made for the full term and not subject to termination Lessee has the option to buy for nominal or no consideration
51
Attachment
A SI that is enforceable against the debtor with the respect to the collateral
52
When does attachment occur
Value has been given Debtor has rights Debtor has authenticated a security agreement that describes collateral (or secured party has possession)
53
After acquired collateral
A SI may apply not only to the collateral that the debtor owns at the time the security is granted, but also to collateral that the debtor acquires in the future
54
After acquired collateral exception
Consumer goods unless debtor acquired within 10 days
55
Accessions
Goods that are physically united with other goods in such a manner that the identity of the original is not lost
56
Requirements for a SA
1) in a record 2) describe the collateral 3) be authenticated by the debtor
57
Perfection
Necessary for a secured party to have rights in the collateral that are superiors to third parties
58
Methods of perfection
Filing financial statement Possession Control Automatic perfection Statute
59
Financing statement requirements
Debtors name Name of secured party Collateral covered
60
How long are financing statements effective?
5 years Can be extended by another 5 by filing continuation statement within 6 months of expiration
61
If there is an error in the debtors name in the financing statement, is it valid?
May be "seriously misleading" and therefore ineffective UNLESS standard search under correct name would disclose statement
62
What type of interest automatically perfects?
A PMSI in consumer goods
63
General creditor
Has a claim but no lien or security interest
64
When does a buyer take free of an unperfected security interest
Goods, chattel paper, or documents 1) gives value 2) receives delivery 3) without knowledge of the SI
65
Buyer in the ordinary course of business meaning
A buyer takes the goods free of a SI that the seller gave to a creditor in the goods even if the SI is perfected and the buyer knows of it
66
BOCB requirements
1) buys goods 2) in the ordinary course of business 3) from a merchant in the business of selling goods of the kind 4) in good faith 5) without knowledge that the sale violates the rights of another
67
Consumer buyer definition
A consumer buyer takes free of a SI even if perfected unless the secured party filed a financing statement
68
Consumer Buyer requirements
1) buys goods for value 2) for his personal, family, or household use 3) from a consumer seller 4) without knowledge
69
Perfected v. Perfected
First to perfect or file financing statement
70
Unperfected v unperfected
First to attach
71
A PMSI in inventory or livestock prevails over perfected interests if...
1) the PMSI is perfected by the time the debtor receives possession of the collateral AND 2) PM secured party sends authenticated notification to the holder of any SI before debtor receives
72
Construction mortgage priority
Has priority over a subsequent SI in a fixture including a PMSI if the interest is recorded before the goods become fixtures and during construction
73
Remedies for default
Seek possession Initial judicial action Pursue any course to which the debtor and obligor have agreed
74
When is a disposition commercially reasonable
In the usual manner on a recognized market At the price current in the market OR Otherwise in conformity with reasonable commercial practices among dealers
75
To whom is the notification of disposition required to be sent
Debtor Secondary obligors Any other secured parties Any other party who the secured party has received authenticated notice of a claim or interest

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