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Property I Final Review Flashcards

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1
Q

Fee

A

A fee is an interest in real property.

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2
Q

Fee Simple Absolute

A

Complete ownership rights in land. This is alienable, devisable, and descendible.

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3
Q

Defeasible Fees

A

The estate can terminate based on a condition set in the conveyance. The three defeasible fees are: Fee Simple Determinable, Fee Simple Subject to a Condition Subsequent, and Fee Simple Subject to an Executory Limitation.

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4
Q

Fee Simple Determinable

A

A fee simple determinable is a fee simple that sets a condition which if not met returns the estate to the grantor IMMEDIATELY. This type of conveyance is usually stated in durational terms. The grantor retains a future interest in the possibility of reverter which is automatic if the condition is violated.

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5
Q

Fee Simple Subject to a Condition Subsequent

A

A fee simple subject to a condition subsequent is a fee simple that sets a condition which if occurs may return the property to the grantor. This type of conveyance is usually stated in conditional language, indicating that the grantor retains a right of re-entry which must be enforced.

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6
Q

Possibility of Reverter

A

Allows a grantor to automatically regain title conveyed to another under Fee Simple Determinable upon the occurrence of a specified event.

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7
Q

Reversion

A

A grantor’s interest that remains when an interest less than a fee simple ends. Reversionary interests are always vested.

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8
Q

Right of Re-Entry

A

Occurs when a Fee Simple Subject to a Condition Subsequent fails and the grantor has the right to seek retaking of the property. The right must be enforced by the grantor.

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9
Q

Fee Simple Subject to an Executory Limitation

A

A defeasible estate with a condition. Upon breach of the FSSEL, the estate automatically passes to a third party who possesses a contingent remainder future interest. The holder of an executory interest divests the previous holder of the estate. There is not reversionary right in the grantor.

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10
Q

Springing Executory Interest

A

Takes the land from the grantor.

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11
Q

Shifting Executory Interest

A

Takes the land from the grantee.

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12
Q

Alienate

A

To make an inter vivos transfer of an interest in real property. To lease or sell.

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13
Q

Restraints on Alienation

A

Restraints on alienation are restraints on the future sale, lease, or other possessory or ownership interest in the land. Complete restraints are void by law. Partial restraints may be allowed given the circumstances.

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14
Q

Fee Tail

A

A common law conveyance that limits future conveyances to bloodline heirs. Includes the language “and the heirs of his body.” Now abolished and attempted fee tail with result in conveyance of a fee simple.

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15
Q

Life Estate

A

A life estate passes the possessory interest in land to another for their life, and then leaves a remainder to someone else or creates a reversion to the grantor.

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16
Q

Affirmative Waste

A

Voluntary damage to the land that is committed intentionally.

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17
Q

Permissive Waste

A

Damage to the property that is caused by negligence.

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18
Q

Ameliorative Waste

A

A substantial change in the property, even if it increases the value. Remaindermen are entitled to the property the way the life tenant received it.

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19
Q

Prior Use (Life Estate)

A

The doctrine of prior use allows that a life tenant can use the land in the manner that it was used prior to the life estate conveyance. If it was used to harvest trees, then the life tenant can harvest trees. If it was used to mine, then it can be used to mine.

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20
Q

Requirements of Life Tenant

A

A life tenant is required to maintain the land, repair the land and structures, pay taxes, and pay the interest on any outstanding mortgages or liens (but not the principal). A life tenant must not commit waste.

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21
Q

Remainder

A

The value of the estate after the natural expiration of a previous estate. Usually a life estate.

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22
Q

Vested Remainder

A

A vested remainder is a remainder in an ascertainable person and there are no conditions to the taking by the remainderman.

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23
Q

Contingent Remainder

A

Contingent remainders can occur in two different ways:
1. The beneficiary is unascertained, or
2. There is a condition that must be met for the remainder interest to be conveyed.

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24
Q

Subject to Open

A

A gift is subject to open when it is a class gift but the terms of the conveyance may allow other vested remainders, and more members may be added to the class prior to vesting of the gift. Ex: to my grandchildren, there are two born, but more could be born.

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25
Indefeasibly Vested Remainder
A vested remainder that has no conditions to prevent its conveyance at the proper time. This is a future ownership interest in the land and is alienable, devisable, and descendible. But in the case of transfer by remaindermen, the new owner of the interest cannot exercise that interest until the time the remaindermen could have exercised their interest.
26
Freehold Estates vs Non Freehold (Leasehold) Estates
Freehold: 1. Fee Simple 2. Fee Tail 3. Life Estate Non Freehold (Leasehold): 1. Tenancy for Years 2. Periodic Tenancy 3. Tenancy at Will
27
Ejectment
A legal process employed to remove a party from the plaintiff's land.
28
Life Estate Pur Autrie Vie
This is a life estate based on the life of a person other than the life tenant. The person holding the lease or purchase of the life tenancy holds only for the life of the granting life tenant, not their own life.
29
Wait and See or Second Look
These are doctrines adopted by some states that alow for the court to look at the remainder at the time of death of the grantor to see if the conveyances violate RAP.
30
Rule Against Perpetuities
No interest is good unless is must vest, if at all, not later than 21 years after some life in being at the creation of the interest. (Does not allow a contingent interest in a conveyance if that interest will not vest within 21 years of the end of a life in being at the time of the conveyance.)
31
Who does RAP not apply to?
Vested remainders. Only applies to contingent future remainders.
32
USRAP
Uniform Statutory RAP has been adopted by some states and allows for a statutory vesting period of all future interests at 90 years.
33
Joint Tenancy
-Title to land held in undivided interests among all JT. Requires four unities (TTIP). If expressly noted, this allows for the right of survivorship (JTWROS). -JTWROS allows that when one JT dies, that person's interest is immediately absorbed into the other JT's interest. -When any of the four unities (TTIP) no longer exists, JT is severed. JT then become tenants in common.
34
Tenancy In Common
-Title held by multiple owners. -Each has access to whole property but does not require the four unities (TTIP) and does not allow for right of survivorship. -Each co-tenant interest can be transferred w/o effecting title or rights of other co-tenants.
35
Co-Tenant Responsibilities
TIC are responsible for taxes, costs, maintenance and repairs relative to their fractional interest.
36
Co-Tenant Rights to Share of Rent/Profits
TIC are owed any rents and profits on the property in their fractional interest. TIC do not have a right to collect rent from other TIC if there is no ouster.
37
Co-Tenant Responsibility for Optional Modifications
- Co-Tenants are not responsible for optional modifications to the property unilaterally initiated by a co-tenant. - Co-tenants who voluntarily modify the property are entitled to an increased share of the profits upon sale of the property based on any increase in value.
38
Ouster
Occurs when an occupying co-tenant restricts access of another co-tenant. Ousting co-tenant still owes rents and profits to other TIC.
39
Tenancy by the Entirety
- Joint tenancy for married couples. Requires four unities (TTIP) + marriage. - Cannot be severed by conveyance by one party alone. - If any of the four unities or marriage ends, it becomes a TIC.
40
Four Unities
TTIP - Time - Title - Interest - Possession These all must be taken at the same time by all joint tenants.
41
Partition
- A legal separating of the parties' interest in the property. This option is available to any JT or TIC, but not to tenants in entirety. - Two kinds of partition: In kind (physical division) and sale (can't physically divide so sell and split the profits).
42
Tenancy for Years
- A leasehold for a fixed period of time. - The leasehold automatically expires at the end of the lease term. - No notice is required by either party to terminate the lease.
43
Periodic Tenancy
A lease for a period of fixed duration that continues for succeeding periods until either party gives notice to terminate or the lease terminates of its own terms. Notice of one period is required to terminate the lease.
44
Tenancy at Will
A tenancy at will is for a non-specific period, and either party can end at will. At common law, no notice was required to terminate, modernly often notice is required based on the time between rental payments.
45
Tenancy at Sufferance (Holdover Tenant)
- A tenant was in rightful possession, but remainded beyond the termination of the lease is a holdover tenant. - Landlord has two options: (1) evict and sue for damages (2) create a new tenancy
46
Landlord Self Help
Self help by the landlord in order to remove a tenant is not allowed. All remedies for possession of property must be through the legal process.
47
Fixtures
- A once-movable chattel that is attached to realty, showing an intent to permanently improve the realty. - Fixtures pass w/ ownership of the land, even if the tenant installed it. - Removal of a fixture is affirmative waste.
48
English Rule of Possession
- The English Rule requires that the landlord put the tenant in both legal and physical possession of the land. - If there is a holdover tenant, the landlord must assume the duties to remove the holdover tenant to place the rightful tenant in possession of land.
49
American Rule of Possession
- The American Rule requires that the landlord only provide legal right to the land. - The tenant is given the right to eject any non-rightful occupants in order to take physical possession.
50
Implied Covenant of Quiet Enjoyment
- Every landlord makes the promise that the tenant has a right to quiet use and enjoyment of the premises w/o interference from the landlord. - This requires that the landlord provide to the tenant unobstructed use of the property by the landlord, that the tenant be able to use the land as intended at the time of the leasehold, and that the landlord take all reasonable steps to insure that the tenant enjoys the benefits under the lease contract.
51
Constructive Eviction
Constructive eviction occurs when the landlord has breached either the implied warranty of habitability or the implied warrant of quiet enjoyment, and the tenant is not able to use the land as intended. When this happens, the tenant can stop paying rent and move out but the tenant must first give the landlord notice and time to cure. CE requires: 1. Wrongful act or landlord's failure to act 2. Substantial interference w/ the tenant's use and enjoyment of the property 3. Tenant vacates the premises
52
Implied Warranty of Habitability
A non-waivable implied warranty of habitability exists for residential leases, which requires the landlord to deliver and maintain premises that are safe and fit for basic human habitation.
53
Remedies for Breach of Implied Warranty of Inhabitability
Tenant can: 1. Move out & terminate the lease and leave with no further obligation of rent. 2. Repair and deduct. 3. Reduce or withhold rent, sometimes referred to as a tenant strike. Usually requires an escrow and ends when the court determines fair rental value. 4. Remain, pay rent and sue.
54
Sublease
Existing tenant turns over possession of a rented property, but does not transfer the lessee's entire interest. Landlord and original tenant retain both privity of contract and privity of estate.
55
Assignment of Lease
- Existing tenant transfers all of the interest they hold in the possessory interest in the rental property to another. - The landlord and the original tenant maintain privity of contract, and the landlord and new tenant have privity of estate.
56
Novation
Original tenant is replaced in the contract w/ new tenant, removing privity of contract between landlord and original tenant. Essentially a new contract.
57
AIR Notice
Actual Inquiry Record
58
Actual Notice
Actual notice occurs when the person buying the land, or leasing the land, is specifically told, either in contract, deed or orally, that there is a restriction.
59
Inquiry Notice
Inquiry notice occurs when a person would make a normal inquiry before purchasing a property. (Is someone living there? Is there already a business there?)
60
Record Notice
Occurs when the easement or covenant is recorded w/ the county.
61
Adverse Possession
AP allows a a party to gain legal title to the land through its use during the statutory period. ROACH requirements: 1. Running of the statute 2. Open and notorious use 3. Active and exclusive (actual possession of the land, excluding owner) 4. Continuous (uninterrupted based on normal use) 5. Hostile (means w/o permission, infringing on true owner's rights)
62
Knowledge of Hostility
A hostile actor does not have to know that he is being hostile. He can believe that the property is actually his. Hostile only means w/o legal right.
63
Tacking
Tacking is the legal doctrine in AP that allows one adverse possessor to pass his time accrued to a subsequent adverse possessor. Requires privity of estate or privity of contract.
64
Disability
The time period required to gain title by AP is tolled (paused) when the true owner of the real property suffers from infancy, imprisonment, or incapacity if that disability was present when the AP began.
65
Privity
A "relationship" that is recognized by law. It is the groundwork necessary for there to be legal action between two or more people.
66
Privity of Contract (landlord/tenant)
This is the legal relationship between the landlord and the original contracting tenant. As long as the relationship exists, the lessee is liable for rent or damage.
67
Privity of Estate (landlord/tenant)
Privity of estate is the relationship that allows parties to enforce promises that are directly related to the use, occupation, or enjoyment of the property.
68
Privity of Contract (AP)
Privity of contract allows that if an adverse possessor creates a contractual relationship related to the land, that the other party to the contract can tack their time onto the original adverse possessor.
69
Privity of Estate (AP)
Privity of estate allows that if an adverse possesor shares property w/ a subsequent party on the land, that tacking can be applied.
70
Installment Land Sale Contract
Similar to a mortgage except that no legal title changes hands until the land contract is entirely paid. Seller can foreclose by taking the property immediately upon default, and the buyer forfeits the property and all payments made, which are deemed instead to be rents.
71
Other Names for an Installment Land Sale Contract
- "Contract for deed" - "Land sale contract"
72
Statute of Frauds
Requires a signed writting for the transaction of land.
73
Part Performance in SOF
An exception to the SOF can be found in partial performance. (When there is no contract but the land was delivered by the grantor and payments have already been made by the grantee)
74
Deed
A deed is a legal document that transfers ownership of real estate from one person to another. Deeds are classified by what assurances they offer. Three most common deeds: 1. General Warranty Deed 2. Special Warranty Deed 3. Quitclaim Deed
75
Contract Merges into Deed
When there is a contract made for the sale of land, the contract terms must be transferred into the deed in order to be valid. if terms do not make it into the deed, they are not subject to enforcement.
76
Delivery of Deed
For a deed to be valid, it must be legally endorsed (signed) and delivered to the buyer. Physical delivery is not required, but a present intent to transfer by the grantor. If the intent is to transfer at a later time, then the deed is not considered transferred until that time.
77
Recording Statutes
Recording statutes are those state laws which govern the force w/ which a property recorded conveyance or lien has against subsequent parties with an interest in the land.
78
Race Jurisdiction
The first party to record their interest prevails. Knowledge of subsequent purchaser is irrelevant. First party to record has a rebuttable presumption of good title.
79
Notice Jurisdiction
In a notice jurisdiction, the last BFP has the strongest case. Remember that a BFP is someone who takes for value w/o notice. So if the buyer knows, or has AIR notice, they are not a BFP.
80
Race-Notice Jurisdiction
In a race-notice jurisdiction, the first BFP to record has the strongest case.
81
Quitclaim Deed
A quitclaim deed transfers all rights that an owner of land has in that land. It conveys no warranties. If the owner holds a fee simple w/ no encumbrances, then a quitclaim deed transfers this. if the owner holds a contingent future interest subject to a mortage and a judgment lien, then that is what the buyer takes.
82
General Warranty Deed (Warranty Deed)
A general warranty deed (warranty deed) is the best deed. It conveys all six warranties.
83
Six Covenants in a General Warranty Deed
SCEQWA 1. Seisin 2. Right to Convey 3. Against Encumbrances 4. Quiet Enjoyment 5. General Warranty 6. Further Assurances
84
Covenant of Seisin
Grantor warrants that he owns the property. Enforced at closing.
85
Covenant of Right to Convey
Grantor has the right to convey the property w/ no encumbrances on alienation. Enforced at closing.
86
Covenant Against Encumbrances
There are no servitudes or liens on the land that will pass to the buyer. Enforced at closing.
87
Covenant of Quiet Enjoyment
Grantee will not be disturbed in ownership by a 3rd party's lawful claim to superior title. Enforced upon violation of covenant.
88
Covenant of Warranty
Grantor will defend grantee against any lawful claims of superior title brought by others.
89
Covenant of Further Assurances
Grantor will do whatever is required in the future to perfect the title if it turns out to be flawed.

Property (2 decks)

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