REAL PROP Flashcards

Question

What is a Sublease?

Answer 1

Tenant transfers only some of their remaining lease interest. ## Footnote Sublessee is not liable to the landlord for rent.

Answer 2

Agreement to end a lease early, which must be accepted by the landlord. ## Footnote Attempts to surrender do not constitute acceptance.

Answer 3

A non-possessory interest in land that obligates the holder to do or refrain from doing something. ## Footnote Enforceable promise that runs with the land.

Answer 4

A restriction on land use enforceable by injunctive relief if the burdened estate has notice. ## Footnote Must have writing, intent, and servitude that touches and concerns the land.

Answer 5

Binds land parcels in a subdivision if there was a common scheme and the owner had notice of restrictions. ## Footnote Can be void if changed conditions make the property unusable.

Answer 6

A non-possessory interest to use someone else's land. ## Footnote Can be appurtenant (benefits any owner's enjoyment) or in gross (benefits a specific owner's enjoyment).

Answer 7

Can be created by grant, implication, necessity, or prescription. ## Footnote Requires a writing signed by the grantor for a grant.

Answer 8

Can be terminated by estoppel, necessity, destruction, condemnation, written release, abandonment, merger, or prescription. ## Footnote Mere nonuse is not sufficient for abandonment.

Answer 9

A non-exclusive privilege to enter another's land for a specific reason. ## Footnote Can be revoked at any time by the licensor.

Answer 10

A non-possessory property interest giving the holder the right to remove resources from another's land. ## Footnote Typically involves the right to harvest or extract.

Answer 11

A non-exclusive privilege to enter another's land for a specific reason or in a particular way. It doesn't need to be in writing and can be revoked at any time by the licensor, but can be estopped if the licensee invested money or labor in reasonable reliance. ## Footnote Does not give permission to remove anything; NOT an INTEREST in LAND.

Answer 12

A non-possessory property interest giving the holder the right to take natural resources from the land of another, such as petroleum, minerals, timber, and wild game.

Answer 13

Personal property affixed to the land or dwelling so that it becomes part of the land. Fixtures pass with the real property if there was intent to make the item a fixture. ## Footnote DAMN: 1) Damage caused by removal, 2) Adaptation of item to property, 3) Manner in which it is attached, 4) Nature of item.

Answer 14

Allows the possessor of land to acquire title to that land by showing OCEAN: 1) OPEN and notorious, 2) CONTINUOUS, 3) EXCLUSIVE, 4) ACTUAL physical presence, 5) NONPERMISSIVE. ## Footnote Title is not marketable unless there has been action to quiet the title.

Answer 15

The Statute of Limitations does not begin to run if the true owner was under some disability at the time adverse possession began.

Answer 16

Adverse possessors may aggregate their years spent possessing the property to meet the statutory period, requiring privity when land is voluntarily transferred to another.

Answer 17

Every conveyance of real estate has two parts: the land contract (which conveys equitable title) and the closing (where the deed passes legal title).

Answer 18

To be valid under the Statute of Frauds, a land contract must be in writing, contain essential terms, and be signed by the party from whom enforcement is sought. ## Footnote Exception: if the buyer partially performs.

Answer 19

Once the deed is delivered and accepted, the land sale contract merges with the deed, extinguishing the right to sue under the contract.

Answer 20

The seller has a duty to convey marketable title at the day of closing, which must be free from doubt and threat of litigation. ## Footnote Unmarketable title includes substantial defects such as defects in the record chain of title or encumbrances.

Answer 21

During escrow, the buyer owns the real property while the seller owns the personal property (right to proceeds of sale). The seller holds legal title in trust for the buyer. ## Footnote The risk of loss shifts to the buyer under Equitable Conversion.

Answer 22

At closing, the seller provides the buyer with a marketable title free from doubt, and the deed must be lawfully executed and delivered. ## Footnote Delivery requires intent to pass title and acceptance by the grantee.

Answer 23

Protects buyers of newly built homes against latent defects and warrants that the home is safe and fit for human habitation at the time of sale. ## Footnote Latent defects are those that could not have been discovered by reasonable inspection.

Answer 24

A valid deed must be in writing, identify and describe the land, be signed by the grantor, and be delivered with intent to convey land.

Answer 25

A general warranty deed contains six title covenants: 3 present (Covenants of Seisin, Right to Convey, Against Encumbrances) and 3 future (Warranty, Quiet Enjoyment, Further Assurances). ## Footnote Present covenants apply at closing; future covenants run with the land.

Answer 26

A special warranty deed warrants that the seller has not breached covenants of title during ownership.

Answer 27

An 'as is' deed that contains no warranties, meaning the grantee takes the land subject to any defects in title.

Answer 28

1) Notice Statute: protects subsequent BFPs without notice unless recorded. 2) Race-Notice Statute: protects subsequent BFPs if recorded before prior grantee. 3) Race Statute: protects whoever is the first to record, regardless of notice.

Answer 29

A BFP is a purchaser who takes real property without notice of prior conveyances and pays valuable consideration. ## Footnote Gifts or heirs do not count.

Answer 30

A financing agreement that conveys a security interest in land intended for collateral. To be valid, it must be in writing, signed by the party to be charged, and reasonably identify the parties and the land.

Answer 31

A loan used by the buyer to purchase real property, where the seller acts as the lender and secures the mortgage on the property, giving the holder priority over junior and senior lenders.

Answer 32

A mortgage involving three parties: the borrower (purchaser), the lender, and a third-party trustee who holds title until the loan is paid off.

Answer 33

Upon default, the mortgagee can satisfy the debt through foreclosure, which extinguishes all junior mortgages but not senior mortgages. ## Footnote The mortgagee may seek a deficiency judgment if proceeds are insufficient.

Answer 34

Land-use regulations allowed when they reasonably protect the health, safety, morals, or general welfare of the community. Owners can seek variances for unnecessary hardship.

Answer 35

Rights include lateral support, subjacent support, and water rights, which protect landowners from damage caused by adjacent land use.

Answer 36

The FHA prohibits discrimination in housing sales or rentals based on race, color, religion, sex, familial status, disability, or national origin. ## Footnote It does not apply to private clubs, religious organizations, or owner-occupied buildings with no more than four units.

REAL PROP Flashcards

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