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Flashcards in Real Property Deck (139)
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1

The future interest following a life estate or term of years is a ___________ if held by the grantor.

Reversion

2

A fee simple determinable ("fee on limitation" in New York) is followed by a ________________.

Possibility of reverter ("right of reverter" in New York).

3

A fee simple subject to condition subsequent ("fee on condition" in New York) is followed by a ________________in the grantor

Right of entry

4

For a fee simple subject to an executory limitation, the third party's interest is called an __________.

Executory interest ("remainder subject to a condition precedent" in New York).

5

A remainder is contingent if...

(1) It is left to an unascertained person. OR
(2) It is contingent on some event occurring, other than the natural termination of the prior estate.

6

Three types of vested remainder

(1) Indefeasibly vested
(2) Vested subject to compete divestment
(3) Vested subject to open

7

What are the requirements for a covenant?

(1) in writing
(2) intent that the duties run with the land
(3) touch and concern the land

If subsequent purchasers, need:
(4) Notice of the covenant (actual, constructive, or inquiry)
(5) horizontal privity (estate and the covenant are contained in the same instrument)
(6) vertical privity (unbroken chain of ownership from the original parties).

8

How do you terminate a covenant?

Same ways as an easement

abandonment: affirmative action that shows clear intent to relinquish covenant.

9

What are the requirements for a valid land sale contract?

(1) in writing
(2) signed by the party to be charged
(3) contains all the essential terms

Exception for equitable estoppel if one party detrimentally relies.

10

What is the "implied covenant of marketable title"?

Promises title free from unreasonable risk of litigation. Implied in In every contract for sale of real property.

A breach of the covenant gives the buyer the right to terminate the contract. But if the defect is not the fault of the seller, damages are limited to recovering money paid out.

11

How can you oust a co-tenant?

Express ouster: Communicate intention to exclude or deny co-tenant of his rights + 10 year adverse possession

Implied ouster: Can imply ouster if 10 years of exclusive possession by the co-tenant + 10 years of adverse possession. (20 total)

12

What is an "equitable servitude"?

An equitable servitude is a nonpossessory property right created when:
(1) there is an intent that a land use restriction is to be enforceable not only by parties to the agreement but also by their successors-in-interest;
(2) the person against whom the servitude is to be enforced has actual, constructive, or inquiry notice of the servitude; AND
(3) the servitude touches and concerns the land

13

What is the doctrine of exoneration of liens?

Devisee of real property is entitled under the doctrine of exoneration of liens to have any outstanding balance of a mortgage or other encumbrance on the property to be paid from the remaining assets of the testator's estate.

14

What is a "fee simple determinable"? And what language is used to create it?

Fee simple limited by specific durational language. Eg., "so long as," "while," "during," "until."

15

What is a "fee simple subject to condition subsequent"? And what language is used to create it?

Fee simple limited by specific conditional language. E.g., "but if," "provided that," "on the condition that."

16

What are the three types of fees?

(1) fee simple
(2) fee simple determinable
(3) fee simple subject to condition subsequent

17

What are the three types of waste?

(1) affirmative waste = voluntary conduct that decreases value of the land
(2) permissive waste = neglect that causes decrease in value of land
(3) ameliorative waste = tenant changes the use of property and increase the value of property

18

When does the doctrine of waste apply?

Look for simultaneous interests in land + change in value of property. Including:
(1) present estates vs. future estates
(2) landlord vs. tenant
(3) co-tenant out of possession vs. tenant in possession
(4) mortgagee vs. mortgagor

19

What are the three kinds of concurrent estates?

(1) tenancy in common
(2) joint tenancy
(3) tenancy by the entirety

20

What are the requirements for a tenancy in common?

Concurrent owners have separate but undivided interests in the property. (I.e., each has a right to possess the whole.)

21

What are the requirements for a joint tenancy?

Four Unities:
(1) Possession (equal right to possess the whole)
(2) Interest (tenants have equal share of ownership)
(3) Time (tenants received interest at the same time)
(4) Title (tenants received ownership from the same instrument)

22

What destroys a joint tenancy?

(1) any inter vivos transfer by one of the tenants
(2) mortgage in a title theory state, but not in a lien theory state
(3) Leasing the property (in some jurisdictions)

23

What are the requirements for a tenancy by the entirety?

Four Unities:
(1) Possession (equal right to possess the whole)
(2) Interest (tenants have equal share of ownership)
(3) Time (tenants received interest at the same time)
(4) Title (tenants received ownership from the same instrument)
PLUS:
(5) tenants are married

24

What is different in a tenancy by the entirety from a joint tenancy?

Tenants cannot alienate or encumber their share without consent of their spouse.

25

What is "ouster" between co-tenants?

A co-tenant denies another co-tenant access to the property. Can be implied or express.

26

Should rents collected from third parties be divided based on the ownership interest of each co-tenant?

Yes. Rent, minus operating expenses, are divided among co-tenants.

27

Are co-tenants responsible for operating expenses of a jointly owned property?

Yes. Includes taxes or mortgage interest payments. Divided based on ownership share.
Co-tenants can sue for contribution from other co-tenants for payments in excess of their share of operating expenses.

28

Are co-tenants jointly responsible for repairs?

No. There is no right to reimbursement from co-tenants for necessary repairs. BUT can get credit in a partition action.

29

Are co-tenants jointly responsible for improvements to jointly held land?

No. No right to reimbursement. But tenant that makes the improvement can get credit in a partition action.

30

What is a "partition" of a concurrent estate?

Equitable remedy that divides property into distinct portions. Unilateral right, UNLESS tenancy by the entirety = consent of all tenants required.
Courts prefer physical division. But will order sale if (1) not practical OR (2) not fair to all parties.