Property Flashcards
(98 cards)
1
Q
TE stands for _________
A
Tenants by the entirety
2
Q
How is TE created?
A
A conveyance to both spouses during a marriage is presumed TE
3
Q
To satisfy the TE requirements, there must be unities of __________ (5)
A
Time, title, interest, possession, marriage
4
Q
How is a TE destroyed?
A
Death, divorce, joint conveyance, or execution by a joint creditor
5
Q
TE are exempt from ________
A
The creditors of one spouse
6
Q
TE: One spouse can convey individually owned property to _________
A
themselves and their spouse as TE
7
Q
TE conveyance: Straw man?
A
In Florida, a straw man is not required
8
Q
Right of survivorship in TE
A
When one spouse dies, the right of survivorship vests title in the surviving spouse by operation of law.
9
Q
A will in TE is __________
A
Ineffective.
10
Q
In a TE situation, surviving spouse owns property in ___________
A
fee simple
11
Q
JTROS stands for _______
A
Joint tenancy with right of survivorship
12
Q
How is JTROS created?
A
A conveyance to two or more people with express words of survivorship
13
Q
To satisfy the JTROS requirements, there must be unities of _______
A
Time, title, interest, and possession
14
Q
How is a JTROS destroyed?
A
Death, partition, contract to sell, conveyance, foreclosure sale (must be a sale, not just proceedings)
15
Q
JTROS do not have ______ protection
A
creditor
16
Q
Mortgages in JTROS situations
A
In Florida, a mortgage will not sever a JTROS unless there is a foreclosure sale
17
Q
In Florida, a mortgage will not sever a JTROS unless there is a foreclosure sale because ______
A
Florida is a lien-theory state
18
Q
JTROS right of survivorship
A
When one tenant dies, the ROS vests title on the surviving tenant by operation of law
19
Q
Wills in JTROS situations are _______
A
ineffective
20
Q
Surviving tenant in JTROS owns property _________
A
in fee simple
21
Q
TC stands for ______
A
Tenants in common
22
Q
How is a TC created? (2 simple)
A
In Florida, TC is the assumption when there are no words of survivorship and the default when other co-tenancies have been destroyed
23
Q
TC unities
A
The only unity for TC is the unity of possession
24
Q
TC is freely ____ and _____
A
conveyable; devisable by will
25
Is there a ROS in TC?
No
26
Types of conveyance of real property (2)
Contract Sale or swap deed for money (or as gift)
27
Contract Sales have 4 aspects:
Land Sale Contracts, equitable conversion, marketable title, and closing
28
Land Sale Contracts must satisfy the _____
Statute of frauds
29
To satisfy the statute of frauds (generally)
There must be some writing to evidence that the agreement is happening
30
SoF requirements (4)
In writing, signed by the party to be charged, with essential terms, and conditions (if any)
31
What are the "essential terms" for an SoF (4)
Grantor, grantee, identify land, price
32
Equitable conversion _____________
splits the title between legal title and equitable title
33
Legal title is held by _________
the seller
34
equitable title is held by ________
buyer
35
Marketable title is a ______
promise to deliver good title, reasonably fee of litigation risk
36
Closing - Deed requirements (5)
In writing, signed by grantor, identifying grantor and grantee, identifying land, and FL requires 2 witnesses
37
3 requirements for a contract
Offer, acceptance, and consideration
38
If a contract does not meet the SoF how can you enforce it?
Part Performance
39
In Florida, Part performance requires _______ (3)
Payment, possession and improvements
40
Marketable title becomes an issue _____
AT closing
41
Common risks of litigation to be resolved for marketable title are ____ (3)
adverse possession, zoning violations, and encumbrances
42
To transfer legal title, the grantor must have _______ (3)
a present intent to transfer, a valid deed, and delivery
43
A valid deed must ________ (5)
Be in writing, signed by the grantor, identifying the grantor and the grantee, identifying the land, and in FL there must be 2 witnesses
44
T/F: Leases require 2 witnesses
False
45
What are the types of deed? (2)
Quitclaim deed and warranty deed
46
What is a quitclaim deed?
Grantor makes no promises to grantee
47
What is a warranty deed?
Grantor makes certain promises (warranties) to the grantee, and the grantee can sue the grantor on these promises
48
What are some common covenants on a warranty deed (present)?
Seisin - I own this property
Right to convey - I have the right to transfer this property
Against encumbrances - there are no undisclosed 3rd parties such as mortgages, liens, or easements.
49
What are some common covenants on a warranty deed (future)?
Quiet enjoyment/ Warranty - grantor won't lose property to someone with a superior title/ Grantor will compensate and will defend in suit arising from this
Further assurances - Grantor will do anything needed to perfect title
50
Common law rule for recording statutes
First in time, first in right
51
Florida recording statute approach
Florida is a notice recording statute jurisdiction. The last bona fide purchaser for value without notice prevails against a prior unrecorded interest
52
3 types of notice:
Actual notice, constructive notice, and inquiry notice.
53
Actual notice occurs if ____
the latter purchaser was told that the property was already deeded away
54
Constructive notice occurs if _____
A prior purchaser recorded their deed
55
Inquiry notice occurs if _____
Things are happening on the property that would let the latter purchaser know that the property was no longer the grantor's to sell
56
A BFP is a purchaser who
takes without notice of prior conveyance and pays value
57
What happens to an unrecorded mortgage in a BFP situation?
If there is an unrecorded mortgage, it will be wiped out with the BFP purchase
58
Because FL is a lien theory state, who is the mortgagor?
The owner, because they are granting a lien on the property
59
Because FL is a lien theory state, who is the mortgagee?
The creditor, because they are being granted the security interest
60
A mortgage is ______
an interest in real property that serves as security for a debt
61
The mortgagor grants the mortgagee ________
the right to foreclose on the property to satisfy the debt
62
Florida treats ______ and ______ like mortgages
Installment land contracts; deeds of trust
63
What is an installment land contract?
A contract in which the seller and the buyer agree that buyer will pay for the property in installments and, at the end of the payments, seller will deliver title to the property
64
What happens in a installment land contract in FL if the buyer defaults?
In Florida, because installment land contracts are treated as mortgages, seller will have to foreclose on the property upon default
65
A ________ mortgage takes priority over other creditors
purchase money
66
Right of redemption:
A debtor has the right to redeem the property up until the foreclosure date
67
Adverse possession happens when ______
someone comes into another person's property and acts as the new owner
68
What happens after the statute of limitations? (AP)
After statute of limitations passes, the property becomes the Adverse Posessor's
69
Requirements of AP:
Open and notorious, exclusive, actual, hostile, and continuous
70
"Hostile" for AP means ____
without owner's permission
71
"Continuous" for AP means ____
7 years (in FL)
72
2 types of AP
Color of title and not under color of title
73
Under color of title: (2)
There is a recorded deed of some kind, usually a bad deed, and improvements to the land
74
Example of a bad deed (color of title AP):
wrong description of premises
75
Not under color of title is usually a __________
tresspassory taking of the property.
76
For a tresspassory taking in FL, the AP must _______
pay taxes
77
Long AP Rule statement:
To acquire title by adverse possession in Florida, the possession must be open and notorious, actual, exclusive, hostile, and for a period of 7 continuous years. Under color of title, the possessor must record the deed and make improvements to the land. If not under color of title, the possessor must pay the taxes for the property.
78
Easement definition:
An easement is a nonpossessory right to use someone's property
79
Types of easement (by property)
En gross and appurtenant
80
En gross easements have ___ property, where the ______ tenement is burdened by the easement
one; servient
81
Appurtenant easements have 2 properties. The servient tenement is ____. The ______ is benefitted.
burdened; dominant
82
Types of easements (by concept)
Express easements and implied easements
83
Express easements arise by ____
a writing that satisfies the Statute of Frauds
84
Types of Express easements (2)
Reservation and Conveyance
85
Express easement by reservation:
Reserves the right to go onto the property on the deed
86
Express easement by conveyance:
Property owner conveys the right to use their property to another
87
Types of implied easements (3)
by necessity, by estoppel (prior use), and by prescription
88
An easement by necessity arises when _______
land is subdivided in a way that makes an easement reasonably necessary for ingress and egress
89
In Florida, the subdivision requirement for easement by necessity is ____ (+ provide example)
eliminated where ingress and egress are cut off (such as when a hurricane's aftermath cuts off access)
90
An easement by estoppel (prior use) arises by _______
reliance on use which occurred prior to subdivision
91
An easement by prescription arises when ______
use is open and notorious, actual, hostile, and continuous for 20 years (in FL)
92
Easement holder has the right to _______ use of the easement
reasonable
93
What is the term when the use of an easement is not reasonable?
Surcharge
94
Remedies for surcharge use: (2)
At law, you can get damages for results of surcharge. In equity, you can get an injunction to stop surcharge.
95
Three ways to terminate easement:
Merger, abandonment, or release
96
Merger (easement) occurs _____
when the dominant and servient tenements come into common ownership
97
Abandonment (easement) occurs when ______
there is non-use of the easement and intent to abandon
98
Release (easement) occurs through ____
a writing which satisfies the SoF, terminating the easement
