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Flashcards in Property MBE Deck (68)
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1

Fee Simple Absolute

absolute ownership of infinite duration: To A, To A and his heirs

2

Defeasible Fee

potentially infinite duration, subject to termination by occurrence of event;

FS determinable: For so long as, while, during, until

FS subject to condition subsequent: upon the condition that, but if, if it happens that

FS subject to executory interest: To A, but if X event occurs, then to B

3

Life Estate

fully transferable during measuring life: to A for life; to B after the life of A; to B for the life of C

4

Life tenant's rights and duties

Right to possess
Right to collect rents/profits, lease/sell/mortgage
Duty not to commit waste

5

Waste

Limits any estate except fee simple

Affirmative: overt conduct causing decrease in property value, can't consume/exploit natural resources unless prior use; must make reasonable repairs

Permissive: Land falls into disrepair or LT fails to reasonable protect/preserve land; must maintain premises in reasonably good repair and pay all ordinary taxes/profits/FRV

Ameliorative: must no enhance property's value unless all the FI holder are known and consent

6

Tenancy in Common

Two or more grantees w/ unity of possession
No right of survivorship
undivided interest w/ unrestricted right to possess whole
interest freely devisable/transferrable

7

Joint Tenancy

Express language creating JT
2 or more tenants own with ROS
interest is alienable, but not devisable/descendible
Four unities: TTIP: time, title, possession (equal), interests (equal)
Severance:
Sale (don't need consents, severs JT)
Partition: voluntary agreement, judicial action, forced sale
Mortgage: severs JT, under title theory, not lien theory

8

Tenancy by the entirety

JT w/ ROS
must be married
protected from creditors of only one spouse
neither can unilaterally defeat ROS by conveyance to 3rd party

9

Rights and Obligations of Co-tenants

Co-T in exclusive possession not liable for rent/profits unless ouster
Can collect for operating expenses
no contribution of reasonable repairs/improvements (unless accounting/partition)
Liable for 3rd party rent

10

Future Interests

gives holder a present, legally protected right or possibility of future possession of state

11

Reversion (FI)

Arises in grantor who transfers estate less than he owns other than FSD or FSSCS (usually LE or estate for years), not subject to RAP

12

Possibility of Reverter (FI)

Automatically reverts to grantor upon occurrence of stated event when FSD conveyed

13

Right of Reentry (FI)

Held by grantor after FSSCS granted

14

Vested (not subject to any conditions precedent and created by ascertainable grantee)

Subject to Open: a least one member in class qualified to take possession, so each class member's share subject to partial diminution b/c additional takers not yet ascertained can still vest, rule of convenience closes class when any member entitled to immediate possession

Subject to complete: occurrence of condition subsequent completely divests remainder

15

Contingent

Unascertainable grantee or if subject to express condition precedent to grantee's taking (b/c of unknown beneficiary or known beneficiary subject to condition precedent not yet occurred

16

Executory interest

FI in 3rd party, not a remainder and cuts prior estate short upon occurrence of specified condition, transferable and subject to RAP

Shifting - cuts short prior to estate created in same conveyance, so estate shifts from one grantee to another upon happening of the condition

Springing - divests interest of grantor of fills gap in possession so estate reverts to grantor

17

Transferability (FI)

Remainders/executory interests transferrable inter vivos and devisable/descendible

18

Rule against Perpetuities

At the creation of interest, FI must vest or fail by the end of a life in being, plus 21 years

19

Tenancy for Years

Fixed period of time
created by express agreement
term >1 year must be in writing to satisfy SOF
no notice b/c termination fixed

20

Periodic tenancy

Repetitive, ongoing estate by set periods of time
automatically renews @ end of each period unless valid termination notice
SOF not required
created by express agreement, implication (no mention of duration) or operation of law (hold-over tenant)

21

Tenancy at Will

No fixed period of time
parties must expressly agree or regular rent payment will imply periodic tenancy
may be terminated by either party at any time, but reasonable demand to vacate usually required

22

Tenancy at sufferance

T wrongfully holds over past expiration of lease
Wrongdoer is given tenancy to permit L to recover rent
Tenancy lasts until L evicts T or elects to hold T to periodic tenancy

23

Tenant duties

Duty to pay rent (unless premises destroyed or material breach by landlord)

Avoid waste: ameliorative waste OK if reasonably necessary for T to use property in reasonable manner, but must avoid permissive waste by repair except for normal wear/tear

Repair: Non-residential leases, contractually liable for all damage to property unless caused by L

Remedies: sue for damages, and eviction for failure to pay rent; retake premises if T abandons but duty to mitigate damages by re-renting premises; can accept holdover tenant as periodic tenant/tenant at sufferance OR sue after notice to vacate

24

Landlord Duties

Must deliver actual possession or no obligation for T to pay rent
Except for T damages, L must repair for residential, but not commercial leases

25

Landlord Duties
(Warranty of Habitability)

Warranty of Habitability; premises must be fit for basic human habitation and if breached: T can refuse to pay rent, make reasonable repairs and deduct cost from future rent, or remain in possession, pay rent and seek damages

26

Landlord Duties
(Covenant of quiet enjoyment)

Covenant of quiet enjoyment: T has the right to quiet use and enjoyment of the premises w/o interference from L
L has duty to control other tenants' nuisance in common areas
No retaliatory eviction for reporting housing code violations

27

Landlord Duties
(Eviction)

Actual: L wrongfully evicts/excludes T from premises
Partial: T excused from paying rent for L's partial eviction, but must pay reasonable rental value if partial eviction by 3rd party w/ superior claim, not excused for adverse possessor/trespasser
Constructive: substantial interference caused by L's actions or failure to act, T must give notice of problem, L fails to respond, and T must vacate premises w/in reasonable time after L fails to fix problem

28

Tenant tort liabilities

Duty to care to invitees, licensees, foreseeable trespassers and may be liable for dangerous conditions/activities

29

Landlord tort liabilities

Liable for injuries in common/public spaces under L's control, or from hidden defect/faulty repair, or general duty of reasonable care

30

Assignment

complete transfer of T's remaining lease term