Property Flashcards
(27 cards)
What is Exoneration?
The right of a surety to compel the mortgagee to proceed first against the PERSON or PROPERTY primarily liable. (Must be without notice of the mortgage).
Make Future Interests card.
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Rule Against Perpetuities applies to:
Contingent Remainders
Executory Interests
Class Gifts
Powers of Appointment
Options to Purchse (Fee Options
Rights of First Refusal
What is a Joint Tenancy
1) 4 unions - time, title, interests & Possession
2) Survivorship - estate passes to the survivor
When does a JT become a Tenancy in Common
1) Conveyance
2) Mortgage under title theory
3) Lease
4) Partition
5) Execution sale by judgment creditor
How does a PENDING partition action affect ownership?
It must be a FINAL partition judgment to affect ownership. If pending and dies, it dies with them.
Define LIcense
A revocable personal privilege to enter the servient tenement of the licensor without liability for trespass.
Define Profit
The right of one perosn to come onto the land of another and TAKE some part thereof.
What is an easement?
A non-possessory interest in the USe of land of another.
What is an easement in gross?
1) no dominant tenement
2) do not run with the land.
What is an easement appurtenant?
1) 2 parcels (benefited - dominate; burdened - servient)
2) do run with the land.
How can an easement terminate?
1) merger - unity of ownership
2) written release
3) end of necessity
4) abandoment (a. intent; b. physical act)
How can an easement be created?
1) expressly in writing;
2) reservation in grantor;
3) estoppel;
4) implication (necessity)
5) prescription.
What are the duties of the dominant tenant?
Right to inspect, maintain, and imporove the easement and there is NO liability for damages caused through reasonable repair and maintenance.
Describe an easement by implication/necessity.
1) no writing;
2) common grantor;
3) quasi - easement
4) necessity
a. reasonable where the GRANTEE receives the dominant tenement
b. Absolute (strict) where the GRANTOR retains the dominant tenement.
What is the English rule regarding possession?
LL has a duty to delvier possession at the leace inception (american rule is contra - T2 only has a cuase of action against holdover T1)
Describe liability for subjacent and lateral support
Landowner is strictly liable if his execuvation causes unimproved adjacent land to subside.
Describe the caveat for boundary line agreements.
Valid if:
1) parties are UNAWARE of true boundary line;
2) parties AGREE as to location
3) POSSESSION that conforms to the agreement.
What take precedent in the rules of construction?
Monuments prevail over courses and distances
What is required for a valid deed?
1) proper execution; and
2) intent.
* actual deliver is not required*
Describe equitable conversion under the common law?
Risk of loss for casualty is placed on the BUYER during the executory period.
The BUYER is the equitable owner of the LAND, whereas the SELLER, who holds legal title, is the equitable owner to the RIGHT TO THE FULL PURCHASE PRICE.
What is the Uniform Vendor & Purchaser’s Risk Act?
Risk of loss is on BUYER only if he had LEGAL TITLE or POSSESSION of the property.
Describe the implied warranty of marketable title?
Every contract for the sale of land contains an implied warranty of marketable title.
Encumbrances
1) mortgage
2) lien
3) easement
4) lease
5) equitable servitude
6) zoning violation
7) future interest
What are the three requirements for a BFP
1) pays value
2) takes in good faith
3) takes WITHOUT notice (key MBE element)
