Property Flashcards

Question

Property - PROFIT

Answer 1

Non-possessory interest in land giving the holder a right to go onto another's land and take something off it. Can ONLY be created expressly or by prescription.

Answer 2

1) Intent to bind successors - presumed if touches and concerns 2) Notice - actual, constructive, or inquiry 3) Horizontal Privity - set forth in granting instrument between original parties 4) Vertical Privity - successor holds the entire estate held by the covenantor 5) Touch and Concern - makes land more useful or valuable to a party

Answer 3

1) Intent 2) Vertical Privity 3) Touch and Concern

Answer 4

Covenant that, regardless of running w/ land, equity will enforce against assignee of burdened land if he had: 1) Notice and 2) Intent 3) and the covenant Touches and Concerns the land

Answer 5

Prohibits certain uses that can be implied from a common scheme of development and notice of the negative covenant.

Answer 6

MUST BE: 1) Executed 2) Delivered - presumed if physically handed over, recorded, or acknowledge before a notary 3) Accepted - presumed if property is valuable MUST CONTAIN: 1) words of intent 2) adequate description of property

Answer 7

When a land sale K is formed, there is a bifurcation of title - seller holds legal, buyers holds equitable. MAJORITY RULE: the risk of loss follows equitable title MINORITY: under the Uniform Vender and Purchaser Risk Act, risk of loss remains w/ seller until either legal title or possession has passed to buyer

Answer 8

Conveys ONLY what seller has, BUT still includes the implied warranty of marketable title. Therefore, AT CLOSING, seller must present title a reasonably prudent buyer would be willing to accept.

Answer 9

PRESENT COVENANTS - don't run w/ the land; breached, if ever, at time of conveyance 1) Seisin - title and possession 2) Right to Convey - no restraints on alienation 3) Against Encumberances (other than those of record) FUTURE COVENANTS - run w/ land; breached at time of claim again title from valid source 1) Quiet Enjoyment - buyer will not be disturbed in lawful possession 2) Warranty - defend title and compensate for losses from undisclosed superior title 3) Further Assurances - perform whatever acts necessary to perfect title

Answer 10

RACE - whoever records 1st wins NOTICE - subsequent BFP prevails over prior grantee who fail to record RACE-NOTICE - subsequent BFP who also records 1st prevails over a prior grantee who failed to record

Answer 11

When someone purports to transfer title to property he doesn't currently own, then later acquires it, he will be estopped from denying grantee's ownership.

Answer 12

When, in one continuous operation, a mortgage is given to cover part or all of the purchase price of real property, the mortgage automatically receives priority over other types of mortgages

Answer 13

1) Extinguishes all junior interest if lienholders were given notice. 2) Borrower has equitable right of redemption up until foreclosure sale (and may have statutory right beyond that) 3) Deficiency judgment is available if the amount owing is greater than the current value of the property

Answer 14

If buyer takes SUBJECT TO a mortgage, he has no personal liability for it. If buyer ASSUMES the mortgage, he becomes primarily and personally liable while the original borrower remains liable secondarily.

Answer 15

If someone other than the mortgagor pays off a senior mortgage, he can step into the shoes of the senior mortgagee and bypasses other interests, unless there are countervailing equities in favor of a junior lienholder.

Answer 16

Recordable security interest in property under which trustor conveys bare legal title and agrees to iniation of foreclosure proceedings in the event of a default. - Same notice required to foreclose as a mtg. - Can be through non-judicial foreclosure to avoid right of redemption BUT there can be no deficiency judgment UNLESS you use judicial foreclosure AND the property is not a single family residence.

Answer 17

Right to be free from collapse or subsidence of land caused by excavation on adjacent land. STRICT LIABILITY if excavation causes subsidence of land in its natural state or of improved land that would have subsided in such state. Move prove NEGLIGENCE to recover if improved land would not have subsided in natural state.

Answer 18

Right to be free from collapse or subsidence of land caused by tunneling under land. STRICT LIABILITY for land or buildings existing at time of grant. Must prove NEGLIGENCE for subsequently built buildings.

Answer 19

Water belongs to those owning land abutting a watercourse, who share a right to reasonable use and must submit to the reasonable use of other such owners.

Answer 20

Water belongs to the state, but the right to divert and use it can be acquired by individuals, riparian or not, by priority of beneficial use.

Property Flashcards

(44 cards)