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Real Property Flashcards

(64 cards)

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1
Q

Types of present estates

A

Fee simple absolute
Fee simple determinable
Fee simple subject to condition subsequent
Fee simple subject to executory interest

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2
Q

Fee simple absolute

A

Absolute ownership of potentially infinite duration, default estate

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3
Q

Fee simple determinable

A

Present estate limited by specific durational language

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4
Q

Who holds the future interest for a FSD?

A

Future interest held by grantor who has possibility of reverter

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5
Q

Language that limits only the purpose of the transfer (“for the purpose of” or “with the intent that”) creates what estate?

A

FSA

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6
Q

Fee simple subject to condition subsequent

A

Present estate limited by specific conditional language

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7
Q

Who holds the future interest for a FSSCS?

A

Future interest held by grantor who has a right of re-entry

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8
Q

Fee simple subject to executory interest

A

Present estate limited by specific conditional language

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9
Q

Who holds the future interest for a FSSEI?

A

Future interest held by 3P who has executory interest

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10
Q

Life estate

A

Present estate limited by a life

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11
Q

Who has a future interest in a life estate?

A

Grantor - Reversion

3P - Remainder

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12
Q

Defeasible life estate

A

Present estate that terminates upon the end of the measuring life OR happening of stated event

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13
Q

Doctrine of waste

A

Doctrine of waste limits the rights to a holder of an estate, meaning that the current estate holder cannot cause property value to decrease

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14
Q

What situations does doctrine of waste apply to?

A

Life estate
LL/Tenant
Concurrent estates
Lender/Borrower

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15
Q

Types of waste under the doctrine of waste

A

Affirmative
Permissive
Ameliorative

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16
Q

What is affirmative waste

A

Affirmative waste is waste caused by voluntary conduct which causes value decrease

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17
Q

What is permissive waste

A

Permissive waste is neglect which causes value decrease

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18
Q

What is ameliorative waste

A

Ameliorative waste is modification of property that increases value

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19
Q

Duties of life estate holder

A

Must pay property taxes
Must pay preexisting mortgage obligations

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20
Q

What is a remainder?

A

A future interest that follows a life estate and can be vested or contingent

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21
Q

What is a vested remainder?

A

Interest that is 1) given to an ascertained grantee, and 2) not subject to a condition precedent

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22
Q

What is a vested remainder subject to open?

A

1) vested remainder is a class gift, AND 2) full class membership is unknown; at least 1 person in class must be vested for interest to be vested subject to open, otherwise contingent

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23
Q

What is a vested remainder subject to complete divestment?

A

exists if occurrence of SUBSEQUENT condition eliminates the remainder interest

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24
Q

Contingent remainder

A

any interest not vested, RAP applies

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25
What is an executory interest
A future interest that divests (cut short) a prior vested interest
26
What is a springing executory interest
Future interest that divests the grantor
27
What is a shifting executory interest
Future interest that divests the prior grantee
28
Doctrine of worthier title
presumption of reversion to grantor if interest to grantee for life estate then to grantor’s heirs
29
Rule in Shelley's case
FSA created if interest to grantee for life estate then to grantee’s heirs
30
What is a concurrent estate?
ownership/possession by 2 or more people simultaneously
31
Types of concurrent estates
Tenancy in Common Joint tenancy Tenancy by the entirety
32
Tenancy in common
default co-tenancy where concurrent owners have separate but undivided interests in the property; no right of survivorship; interest freely devisable/transferable
33
Joint tenancy
concurrent owners w/ right of survivorship (interest of dead tenant is absorbed by survivors) that have 1) equal right to possess, 2) equal interests, 3) received interests at same time, AND 4) received interests in same instrument of title
34
Tenancy by entirety
joint tenancy between married couple where either cannot alienate/encumber their interest w/o other’s consent
35
Severance of joint tenancy
if any of the four joint tenancy unities are destroyed, then it becomes TIC w/ respect to the severed share
36
Lien theory of mortgages for a joint tenancy
mortgage treated as lien and doesn’t destroy joint tenancy
37
Title theory of mortgages for a joint tenancy
mortgage severs title, tenancy becomes TIC between joint tenant(s) and creditor
38
Rights/Duties of concurrent owners
all co-tenants have right to possess all property regardless of share and type of co-tenancy, unless agreement to the contrary
39
Ouster
cotenant in possession denies other access to property
40
Ousted tenant's remedies
ousted tenant can get injunction or recover damages
41
Rights/Duties of concurrent owners - Rent
rent received from 3rd party’s possession are divided based on ownership interests
42
Rights/Duties of concurrent owners - Operating expenses include?
Operating expenses includes necessary charges like taxes/mortgage payments
43
Rights/Duties of concurrent owners - Operating expenses are divided how?
divided based on ownership interest and right to collect contribution, unless co-tenant in sole possession then they can collect only to extent that expenses exceed rental value of property
44
Rights/Duties of concurrent owners - Repairs/Improvements
No right to reimbursement of repairs/improvements, but credit in partition action
45
Concurrent owners - what is a partition
equitable remedy available to TIC/joint tenancy, proceeds divided based on ownership interests
46
Partition in kind
Physical partition
47
Partition by sale
Only available if physical partition is not practical OR is not fair
48
Fair Housing Act
prohibits discrimination in sale/rental/financing of dwellings and prohibits discriminatory advertising.
49
Exception to Fair Housing Act
Single family house w/o broker Owner-occupied building w/ 4 or less units Religious orgs Private clubs
50
Fair Housing Act - What is disparate treatment
Intent to discriminate
51
Fair Housing Act - What is disparate impact
Effect of discrimination
52
Choice of law regarding property disputes
Controlling law is generally the jx of where the property is
53
Between a LL/T, a lease creates?
Lease creates K interest and property interest
54
Types of leases
Tenancy for years Periodic At will At sufference
55
Tenancy for years
Fixed and ascertainable amount of time 1+ plus requires S/F Terminates automatically No notice to terminate unless K requires Terminates earlier if T surrenders lease or material breach
56
Periodic tenancy
Repetitive and ongoing for set period of time Express or implied intent Auto renew UNLESS proper written notice
57
At will tenancy
LL or T can terminate any time/any reason Can terminate w/o notice Court will give T right to terminate if unconscionable lease that only gives LL right to terminate
58
Tenancy at sufferance
T holds over after lease has ended T owes reasonable value of daily use & reasonably foreseeable special damages
59
Tenant's duties
Duty to pay rent Duty to avoid waste
60
Implied duties in a tenancy
Implied covenant of quiet enjoyment Implied warranty of habitability
61
Tenant's right in the face of LL breach
Constructive eviction
62
Landlord's duties
Duty to mitigate damages Duty to repair Duty to deliver possession Quiet enjoyment
63
Bidder's right to withdraw at an auction
At a reserve OR no-reserve auction, a bidder has the right to withdraw a bid UNTIL the auctioneer announces the completion of the auction sale. However, the bidder's retraction will not revive any prior bids.
64
A conveyance of real property "to X and their heirs" conveys what?
FSA in just X

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