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Property MBE Flashcards

(92 cards)

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1
Q

Fee simple Absolute

A

100% ownership forever

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2
Q

Life Estate

A

rights and control for life cannot commit waste original has reversion automatically life tenant must pay interest and taxes if possessing or renting out outside interest after life estate = remainder

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3
Q

Vested Remainder

A

automatic transfer

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4
Q

Contingent Remainder

A

subject to event

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5
Q

Vested Remainder Subject to Open/Partial Divestment

A

class of people one must be alive

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6
Q

Vested Remainder Subject to Total Divestment

A

interest can be wiped out

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7
Q

Fee Simple Determinable

A

as long as automatic possibility of reverter

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8
Q

Fee Simple Subject to Condition Subsequent

A

but if grantor must act to get land back

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9
Q

RULE AGAINST PERPETUITIES

A

interest must vest within 21 years of a life in being either fee simple determinable or fee simple subject to condition subsequent to a third party

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10
Q

joint tenancy

A

right of survivorship trumps a will conveyance severs into a tenancy in common

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11
Q

tenancy in common

A

no right of survivorship

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12
Q

tenancy by the entirety

A

joint tenancy between married people right of survivorship severed by divorce

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13
Q

partition

A

court divides property granted unless not practical

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14
Q

contribution (taxes & mortgage)

A

co tenant may seek contribution sole possessor can only recover amount that exceeds market value contribution (rent) out of possession co-tenant may share in rent and profits, but not from a tenant in possession unless they are damaging the property

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15
Q

periodic tenancy

A

start date - a period of time renews unless termination date notice required to terminate

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16
Q

tenancy for years

A

start date - end date no notice required

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17
Q

tenancy at will

A

terminable at will reasonable amount of time to terminate

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18
Q

tenancy at sufference

A

holdover tenant terminates by leaving or eviction

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19
Q

landlord duties

A

actual possession basic repairs warrant of habitability warrant of quiet enjoyment

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20
Q

tenant duties

A

rent not commit waste

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21
Q

assignment

A

assign the rest of the lease term new tenant primarily liable original tenant secondarily liable unless novation

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22
Q

sublease

A

a portion of the lease original tenant liable unless novation

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23
Q

covenant against assignment or sublease

A

strictly construed

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24
Q

FAIR HOUSING ACT

A

federal law prohibits discrimination in sale or rental race, color, religion, sex, disability, family status, pregnancy

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25
FIXTURES
chattel affixed to property removal would cause damage
26
CONFLICT OF LAWS
generally, law of the state where property is located exceptions choice of law clause property is collateral, use local law
27
Purchase Money Mortgage
Money used to purchase the property Always gets priority
28
Redemption
Paying off debt to prevent foreclosure
29
Equitable Right of Redemption
Time from NOTICE to SALE Never Waived
30
Statutory Redemption
Period of time AFTER foreclosure sale
31
Lien Theory
Bank only has a LIEN Owner holds TITLE Owner can sell
32
Title Theory
Bank holds TITLE Owner only has equitable interest Owner cannot sell, severs joint tenancy
33
Assume the Mortgage
New buyer takes over payment, Original owner secondarily liable unless novation
34
Subject to the Mortgage
Original owner liable for payment, BUT bank CAN foreclose on new owner
35
Deed in Lieu of Foreclosure
Sign deed to bank & skip foreclosure proceedings
36
Mortgages Taken AFTER Are Wiped Out
1) Must be given notice 2) Joined to suit
37
Mortgages Taken BEFORE Stay
Buyer takes Subject to
38
Deficiency Judgment
Collect the remaining money not recovered by foreclosure sale
39
Installment Land Contract
No title until all payments made, Seller can take back after default
40
Deed
Transfers legal title on day of closing
41
Present Warranties
1) Seisin 2) Right to Convey 3) Covenant against Encumbrances, If Present Warranties are breached, they are breached on the day of closing
42
Future Warranties
1) Quiet Enjoyment 2) Warranty 3) Further Assurances, last forever
43
General Warranty Deed
Promise for all 6 warranties since property was developed/created
44
Special Warranty Deed
Promise for all 6 warranties since seller had title
45
Quitclaim Deed
No promises regarding title
46
FORMALITIES OF CLOSING
Writing To satisfy Statute of Frauds Delivery of Deed Intent of the seller to give up control Acceptance of Deed Presumed unless rejected
47
Merger
at closing the Contract & Deed MERGE
48
Adverse Possession
Acquire legal title if 1) Continuous 2) Actual 3) Open and Notorious 4) Hostile 5) Exclusive
49
Tacking
Intentional transfer from one person to another
50
Drafting Documents
Non-attorney can draft documents, BUT not give legal advice
51
Equal Dignity Rule
Agent may sign deed on behalf of grantor, Need permission in writing
52
Equal Dignity Exceptions
1) Officer of Corporation with authority 2) Signing agent 3) No writing - Grantor is estopped if he tried to induce reliance
53
Bona Fide Purchaser
Pay for property, Take property without notice
54
Notice Statute
Key words "subsequent purchaser for value without notice," Last Bona Fide Purchaser prevails
55
Race Statute
First person to record prevails
56
Race Notice Statute
First Bona Fide Purchaser to record, Key words: "first recorded"
57
Shelter Rule
One who takes from a BFP will prevail against anyone the transferor-BFP would have prevailed against
58
Wild Deed
A recorded deed outside the chain of title
59
After-Acquired Title
If Grantor acquires title after closing, title will pass AUTOMATICALLY to grantee
60
conveying title requires 2 documents
1) real estate contract 2) deed
61
STATUTE OF FRAUDS
a) must be in writing b) part performance
62
Part performance
a) payment b) possession c) valuable improvements
63
TERMS
1) price 2) parties 3) description 4) conditions 5) signed by party to be charged
64
EQUITABLE CONVERSION
transfer of equitable title risk of loss shifts to buyer
65
LEGAL TITLE
seller does not need legal title on day of signing
66
MARKETABLE TITLE
implied covenant to convey title free of encumbrances
67
TIME
not of the essence, unless stated
68
MERGER
at closing, contract merges into deed can no longer sue under contract
69
SELLER'S DUTY TO DISCLOSE
material defect that cannot be seen by buyer
70
EASEMENTS
the right to use someone else's land
71
Easement creation
writing prescription implication necessity can be positive or negative
72
easement terminated by
agreement, time, merger, abandonment (non-use is not enough)
73
COVENANTS
promise for a promise always created by writing generally last forever
74
runs with the land if
1) writing 2) intent 3) notice 4) privity 5) touch & concerns the land
75
EQUITABLE SERVITUDES
looks like a restrictive covenant injunction as remedy
76
implied reciporal servitude
common scheme & notice
77
LICENSE
right to enter freely revocable by grantor unless coupled with an interest
78
PROFIT
right to enter land & take something off
79
TAKING
1) government taking private property for public use 2) requires just compensation (very broad)
80
WATER RIGHTS
reasonable use of water reasonable amount of water reasonable means to alter flow of rain/snow
81
CROPS
generally go with property natural- real property man-made- personal property exceptions - express agreement tenant with right to harvest
82
SUPPORT RIGHTS
adjoining undeveloped property strict liability adjoining developed property or else negligence digging on adjoining land negligence for damage
83
property owners associations
owners required to belong to association and pay dues
84
condominium
created by statute must file a declaration & plat
85
condominium owners
pay taxes, insurance, mortgage for their unit own common areas as tenants in common cannot separate ownership of unit & common areas
86
co-op
corporation owns building & leases unites to shareholders one mortgage on whole property tenant pays share of fee for taxes & mortgage
87
common interest owned community
lot owners pay dues to association
88
forming common interest owned community
1) declaration 2) association 3) board 4) developer
89
rules by common interest owned community
must be reasonable related to further a legitimate purpose of the association
90
powers of community
levy assessments & fees manage/improve common areas create rules impose fines conduct reasonable inspections revoke privileges litigate as the association
91
duties of community
treat members fairly ordinary care in managing property/finances reasonable access to information burden on members to prove breach by association
92
duty of board members
act in good faith standard - an ordinary director of a common interest owned community board members not jointly/severally liable

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