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Real Property Flashcards

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1
Q

What is a fee simple absolute?

A

An estate where the owner has complete ownership forever.

Example: ‘To A’ or ‘To A and her heirs.’ A total restraint on the transfer of ownership is not permitted.

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2
Q

What are the obligations of a life tenant?

A
  • Pay taxes
  • Pay interest on the mortgage
  • Make repairs
  • Cannot commit waste
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3
Q

What is a fee simple determinable (FSD)?

A

An estate that ends automatically when a specified condition is met.

Example: ‘To A for so long as A is in college.’

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4
Q

What are the magic words of creation for a fee simple determinable?

A
  • so long as
  • until
  • while
  • during
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5
Q

What is a fee simple subject to condition subsequent (FSSCS)?

A

An estate that may end upon the occurrence of a specified event, requiring a right of entry to be reserved by the grantor.

Example: ‘To A but if A smokes, O reserves a right of entry.’

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6
Q

What is a fee simple subject to executory interest (FSSEI)?

A

An estate that transfers to a third party upon the occurrence of a condition.

Example: ‘To A but if A smokes, to B.’

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7
Q

What is a remainder in the context of future interests?

A

An interest that follows a life estate and can be vested or contingent.

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8
Q

What is a vested remainder?

A

A remainder where the remainderman is ascertained and certain to become possessory.

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9
Q

What is a contingent remainder?

A

A remainder that is uncertain to vest due to conditions or if the remainderman is unborn or unascertained.

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10
Q

What defines joint tenancy (JT)?

A

Ownership by two or more persons with rights of survivorship, requiring TTIP: time, title, interest, possession.

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11
Q

What is a tenancy in common?

A

A form of co-ownership where each tenant has a right to possess the whole but no right of survivorship.

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12
Q

What is a term for years?

A

A tenancy for a specific period of time.

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13
Q

What is a periodic tenancy?

A

A tenancy without a specific end date.

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14
Q

What is a tenancy at will?

A

A tenancy that can be terminated by either party at any time.

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15
Q

What is a holdover tenancy?

A

A situation where a tenant remains in possession of the property after the lease has expired.

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16
Q

What is tenancy by the entirety?

A

A form of joint tenancy for married couples, terminating only by death, divorce, mutual agreement, or execution by a mutual creditor.

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17
Q

What is the implied warranty of habitability?

A

A requirement for landlords to keep residential properties in habitable condition.

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18
Q

What is the difference between assignment and subletting?

A

Assignment transfers the entire interest, while subletting retains some interest with the original tenant.

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19
Q

What is the duty to mitigate in landlord-tenant law?

A

The landlord’s obligation to try to reduce damages by re-renting the property.

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20
Q

What are class gifts?

A

Gifts to unnamed persons that close when any member can call for a distribution.

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21
Q

What is the cy pres doctrine?

A

A legal principle allowing courts to modify charitable gifts that fail to fulfill their original purpose.

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22
Q

What is the rule against perpetuities?

A

No interest is valid unless it vests no later than 21 years after a life in being at the creation of the interest.

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23
Q

What does the Fair Housing Act prohibit?

A

Discrimination in the sale or rental of housing based on race, ethnicity, religion, national origin, gender, and disability.

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24
Q

What are fixtures?

A

Items that pass with real property, determined by intent and the DAMN factors: damage, adaptation, manner of attachment, nature.

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25
What is a variance in zoning?
An exception to zoning regulations granted due to unique hardship.
26
What is required to enforce a real covenant?
PINT: privity, intent, notice, and must touch and concern the land.
27
What is an equitable servitude?
Similar to a real covenant but does not require privity; typically enforced by injunction.
28
What are the methods of creating an easement?
* Express * Implied by prior use * Implied by necessity * Prescription
29
What happens to an easement when the dominant estate is sold?
The dominant estate passes automatically; the servient estate passes only if the new owner has notice of the easement.
30
What is a profit?
The right to enter land and take resources away, such as wood or coal.
31
What is the first step in a real estate contract?
The contract (K) of sale is signed.
32
What are the three general requirements for a contract to be valid in real estate?
A K must be: * in writing * signed by the party to be charged * contain essential terms (including the identity of the parties, price, and a description of land)
33
What are the three actions that can establish part performance in a real estate contract?
The claimant must do two of the following three: * take possession * make payment in full of a substantial part of the price * substantially improve the land
34
Who can negotiate contracts in real estate?
Persons such as brokers, real-estate agents, or attorneys can negotiate contracts if they are in an agency relationship and have legal capacity.
35
Under what type of agreement does a real-estate broker obtain a commission only if their agent is the procuring cause?
Exclusive agency agreement
36
Under what type of agreement is a broker paid regardless of who finds the buyer?
Exclusive right to sell agreement
37
When must a seller disclose defects in a home?
The seller must disclose defects that are not obvious, that he knows or should know of, and that are serious.
38
What is the implied warranty for new homes sold by a builder-seller?
Implied warranty of fitness
39
What is marketable title?
Marketable title is one 'reasonably free from defects.'
40
What are the conditions that can make a title unmarketable? (DEVA)
Defect in the chain of title, Encumbrance, Violation of a zoning ordinance, Title acquired by adverse possession
41
What happens to equitable title after a real estate contract is signed?
Equitable title passes to the buyer.
42
What remains with the seller after a real estate contract is signed?
Legal title remains with the seller.
43
What must a deed do to be valid?
The deed must be executed and delivered.
44
What does execution of a deed involve?
Identifying the parties, having words of grant, being signed by the seller, and describing the land.
45
What does delivery of a deed mean?
Intent to pass title presently.
46
What is a quitclaim deed?
A quitclaim deed gives no warranties.
47
What does a warranty deed provide?
Six covenants: * Present covenants of right to convey, seisin, no encumbrances * Future covenants of further assurances, quiet enjoyment, and warranty.
48
What occurs after merger in a real estate transaction?
The buyer can ONLY sue on the deed and can no longer sue on the contract.
49
What is the common law principle regarding title?
First in time, first in right.
50
What is a notice act in real estate?
A subsequent bona fide purchaser (BFP) for value without notice can obtain title that is superior to someone who received the property before him.
51
What is a race-notice act?
A subsequent BFP for value without notice who records first can obtain superior title.
52
What types of notice exist?
Notice can be: * Actual * Inquiry * Record
53
Who qualifies as purchasers under the recording acts?
Mortgagees and those who pay consideration are purchasers.
54
What is the shelter rule?
It allows traditional grantees who are not protected by the recording act to prevail by sheltering under the rights of those who conveyed the land to them.
55
What happens to forged deeds and defective documents?
They do not give notice, so BFPs who receive these are not protected by recording acts.
56
What is estoppel by deed?
If a grantor transfers property to a grantee by warranty deed when he does not have title, the title will automatically go to the grantee if the grantor later acquires title.
57
What is title insurance?
Title insurance is the purchaser's protection against unknown defects of record in the chain of title.
58
Who is the mortgagor?
The debtor in a mortgage agreement.
59
What is the mortgagee?
Usually a bank that lends money.
60
What happens if the mortgagor gives away her interest 'subject to' the mortgage?
The original mortgagor is liable on the mortgage.
61
What occurs if the new transferee 'assumes' the interest in a mortgage?
Both the original mortgagor and the new transferee are liable.
62
What is novation in the context of mortgages?
Only the new transferee is liable after a novation.
63
What is a due-on-sale clause?
It states that if the mortgagor transfers interest in land without the mortgagee's consent, the full balance under the loan is due immediately.
64
What is the lien theory in relation to mortgages?
The mortgagee only has a lien on the land.
65
What is the title theory in relation to mortgages?
The title is transferred to the bank upon loaning the money.
66
What is the equity right of redemption?
It allows a debtor to redeem the property by paying everything due under the mortgage agreement prior to foreclosure.
67
What are acceleration clauses?
They state the entire balance is due if a payment is missed.
68
What are the requirements for adverse possession? (CHANGE)
Possession must be: * Continuous * Hostile * Actual * Open and notorious * Exclusive * Statutory period (20 years)
69
What is tacking in adverse possession?
Tacking is permitted when combining the possession periods of successive possessors.
70
What happens if the true owner has a disability during the adverse possession period?
The statutory time period is tolled until the disability is lifted.
71
What happens to a property specifically devised if the testator does not own it at death?
The gift adeems (falls).
72
What is exoneration in the context of a specific devise of real estate?
At common law, the devisee is able to have the lien exonerated and paid off by the testator's residuary estate.
73
What is one way to discharge a mortgage?
Full payment or giving a deed to the mortgagee in lieu of foreclosure.
74
Who gets paid first in a foreclosure proceeding?
The party that forecloses and anyone 'junior' to it is paid off in order of priority.
75
What is a purchase money mortgage (PMM)?
A mortgage where the money loaned is used to purchase the property.
76
What happens if a mortgagee voluntarily increases the amount due under a mortgage?
The increase in debt becomes junior to existing mortgages.
77
What is the statutory right of redemption?
It allows the debtor to get property back after the foreclosure sale by paying the full purchase price within a period of time.
78
What are other types of security devices in real estate?
They include: * Absolute deed as security * Deed of trust * Installment land contract

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