Real Property Flashcards
(24 cards)
What type of estate is conveyed when a Current LT transfers present possessory interest to another?
Life estate pur autre vie measured by the original LT
What duty does a new life tenant have regarding income from the property?
Pay current charges that become due during the tenancy, including real estate taxes
What does the Future Interest retain after a Current LT conveys present possessory interest?
Keeps their conveyance
The Rule Against Perpetuities (RAP) applies to what type of future interests?
Contingent future interests held by unknown/unborn persons or subject to a condition precedent
Under common law, when is a contingent future interest rendered void under RAP?
If it could vest more than 21 years after some relevant life in being at the creation of the interest
Why is an option to purchase almost always void under RAP?
It could vest well after the perpetuities period
When can a tenant remove trade fixtures without the landlord’s consent?
If items are removed before or within a reasonable time after the lease terminates and do not substantially harm the property
What must a tenant do after removing trade fixtures?
Reasonably restore the property to its prior condition or pay restoration costs
What are examples of trade fixtures?
- Counters
- Display cases
- Removable shelving
- Special lighting
What is a profit in relation to real property?
Right to enter another’s land & remove natural resources
What are the characteristics of a profit?
- Transferability
- Apportionability
- Exclusive
- Nonexclusive
- Unlimited & exclusive right
- Right limited by quantity, use, or time or shared with another
What is a nonpossessory right to enter another’s land to remove specific natural resources called?
Profit (le, profit à prendre)
When does a zoning ordinance override a restrictive covenant?
When the two are in direct conflict
What is a right of first refusal?
A contractual right to purchase property before any other person if the owner later decides to sell
What is the consequence of a right of first refusal not complying with RAP?
It almost always violates RAP if the conveying instrument does not provide a termination date
What is a condominium in the context of real estate?
A common-interest community with individually owned lots or units burdened by a covenant to pay dues to an association
What powers does a condominium association typically have?
- Levy assessments against individually owned property
- Manage and protect common property
- Adopt reasonable rules to govern the use of common and individually owned property
What does an easement anticipate regarding the easement holder’s land?
Reasonable and natural development of the dominant estate
What types of emblements are generally conveyed with the land?
- Fructus industriales
- Fructus naturales
What is the doctrine of emblements?
Allows a tenant to reenter the land to remove, harvest, or cultivate crops planted during the tenancy if the lease is terminated through no fault of the tenant
What is a restraint on alienation?
A provision that restricts the transferability of real property
When are direct restraints on alienation considered valid?
When they are deemed reasonable
What is a total restraint on the alienability of a fee simple estate considered?
Always unreasonable
What compensation is a profit holder entitled to if the government condemns the property?
Compensation regardless of whether the profit holder paid value or has an exclusive right to remove resources
