Property (Missed MBE) Flashcards
(19 cards)
What is a bona fide puchaser?
Real Property, Titles, Recording Statute
one who gives vluable consideration for real property and has no notice of the prior instrument.
What are the two types of notice with respect to recording acts?
Real Property, Titles, Recording Statute
Real Notice
Constructive Notice
Real Property, Titles, Recording Statute
What are the three types of recording acts?
Real Property, Titles, Recording Statute
1) notice
2) race - notcie
3) race
Notice Statute
Real Property, Titles, Recording Statute
a subsequent BFP prevails over a grantee who failed to record, that is, under a person who had neither constructive nor real notcie.
Race Notice Statute
Real Property, Titles, Recording Statute
a subsequent BFP has superior claim to title only if she records before the prior grantee.
Race Statute
Real Property, Titles, Recording Statute
whoever records first has superior claim to title
What is an Easement?
A right to use a tract of land (also called servient tenement for a special purpose, but has no right to posess and enjoy the tract of land. The owner of the servient tenement continues to have the right of ull possession and enjoyment of the land, subject only to the limitation that he cannt iterfere with the right of special use created bin the easement holder.
What is an easement appurtenant?
an easement which “runs with the land”, that is, it benefits the dominant estate and therefore transfers automatically wth the dominant estate.
What is an Easement in Gross?
an easement that benefits an indivigual or a legal entity rather than an estate.
Is an easement in gross assaiganble or inheritable?
Traditionally, no. however commercial easements are now freely transferable to a third party.
Is an easement in gross (1) divisible and (2) exclusive
This is divisible
this must be exclusive
(the origional owner no longer uses it and esclusive to easement holder)
TRUE OR FALSE - all holders of an easement in gross must agree to divide before such easement is divisible
TRUE.
IF and Easement in Gross is divided then ___
each subdivided parcel enjoys the easement
What are the Three Ways to create an easement?
express grant, implication, prescription
acronym - GIP
How is an Easement Created via Grant?
An easement by express grant is (1) recorded (2) signed by the grantor (3) complies with all the formalities of a deed
When is an easement by implication created?
adverse possession
When is an easement by implication generated?
operation of law rather than a written instrument
what are the three types of easement by implication?
(i) an intended easement based on a use that existed when the dominant and servient estates were servered;
(ii) an easement implied from a recorded subdivision plot;
(iii) an easement by necessity
