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Flashcards in Real Property Deck (21):
0

What are the six present estates?

The simple absolute,
Fee simple determinable,
Fee simple subject to condition subsequent,
Fee simple subject to an executory interest,
Fee tail,
Life estate.

1

The simple absolute?

Examples: "to A and his heirs", "to a."
Duration: forever.
Future interest: none.

2

The simple determinable?

Examples: to A and his heirs for so long as… Until… While… During… Duration: as long as condition is met then automatically to grantor. Future interest: possibility of reverter.

3

The simple subject to a condition subsequent?

To A and his heirs, but if… Upon condition that… Provided that… Duration: until happening of named event and reentry by grantor. Future interest in grantor: right of entry.

4

When can a life tenant exploit natural resources?

Necessary for repair or maintenance of the land; the land is suitable only for such use; or it is expressly or impliedly permitted by the grantor.

5

As to cost what are the life tenants obligations?

Preserve the land and structures in a reasonable state of repair; pay interest on mortgages [not principal]; pay ordinary taxes on the land; and pay special assessments for public improvements of short duration.
--A life tenant is not obligated to ensure the premises for the benefit of remaindermen and is not responsible for damages caused by third-party tortfeasor.

6

What is the rule convenience – when the class closes?

Under the rule of convenience, in the absence of express contrary intent, a class closes when some member of the class can call for distribution or her share of the class gift.

7

What are the four unities of joint tenancy?

The common law requires for unities – time, title, interest, possession – to create a joint tenancy; I.E., the interest of joint tenants must be equal in every way. They must take identical interest, at the same time, by the same instrument, with the same right to possession.

8

What is tenancy by the entirety?

A tendency by the entirety is a marital estate akin to joint tenancy. In some common-law jurisdictions, it arises presumptively in any convinced her husband and wife.

9

Joint tenant expenses for preservation of property – contribution?

Repairs: a co-tenant who pays more than her pro rata share of necessary repairs is entitled to contribution from the other co-– tenants, provided she has notify the other code #of the need for repairs.
Improvements: there is no right of contribution for the cost of improvements unless there is a partition.
Taxes and mortgages: contribution can be demanded for taxes or mortgage payments paid on the entire property. However, reimbursement to a co-– tenant in sole possession is limited to the extent that expenditures exceed the rental value of her use.

10

Covenants against assignment or sublease?

Lease covenants restricting assignment and sublease are strictly construed against the landlord. [Thus, a covenant prohibiting assignment does not prohibit subleasing and vice versa.]

11

Easement appurtenant?

An easement is appurtenant when it benefits the holder in his physical use or enjoyment of another tract of land. An easement appurtenant passes with the transfer of the benefit of land, regardless of whether it is mentioned in the conveyance. The burden of the easement also passes automatically with the servient estate unless the new owner is a bona fide purchaser with no actual or constructive notice of the easement.

12

Easement in gross?

The holder of an easement in gross acquires a right to use the servient tenement independent of his possession of another track of land. An easement in gross for the holder's personal pleasure is not transferable, but one that serves an economic or commercial interest is transferable.

13

Licenses?

Licenses privilege their holders to go upon the land of another. But unlike an easement, a license is not interest in land; it is merely a privilege, revocable at the will of the licenseor. A license is personal to the licensee and, thus, inalienable. Any attempt to transfer a license result in revocation by operation of law.

14

Profits?

Profits entitle the holder of the benefit to take some resources from the servient estate. Implied in every profit is an easement entitling the benefit holder to enter the serving estate to remove the resources. All of the rules governing creation, alienation, and termination of easements are applicable to profits. In addition, a profit may be extinguished through surcharge [miss use that overly burdened the Serbian estate].

15

What are the elements to adverse possession?

To establish title by adverse possession, the possessor must show (1) an actual entry giving exclusive possession that is (2) open and notorious, (3) adverse [hostile], and (4) continuous throughout the statutory period.

16

How is open and notorious defined?

Possession is open and notorious when it is the kind of use the owner would make of the land. The adverse possessor's occupation must be sufficiently apparent to put the true owner on notice that a trespass is occurring

17

What are the formalities of a deed?

A deed must be in writing, be signed by the grantor, and reasonably identify the parties and land.

18

What are the six Gen. warranty deed covenants?

Covenant of Seisin: the grantor covenants that she has the estate she purports to convey. She must have both title and possession at the time of the grant.

Covenant of right to convey: the grantor covenants that she has the authority to make the grant. Title alone will satisfy this covenant.

Covenant against encumbrances: the grantor covenants against the existence of physical or title encumbrances.

Covenant for quite enjoyment: the grantor covenants that the grantee will not be disturbed in possession by third parties lawful claim of title.

Covenant warranty: the grantor agrees to defend against reasonable claims of title by third-party and to compensate the grantee for any losses stained by the claim of superior title.

Covenant for further assurances: the grantor promises to perform acts reasonably necessary to perfect title conveyed.

19

Lean theory?

According to the lien theory, the mortgagee is considered the holder of a security interest only in the mortgage or is deemed the owner of the land until foreclosure. The mortgagee may not have possession before foreclosure.

20

Title theory?

Under the title theory, legal title is in the mortgagee until the mortgage has been satisfied or foreclose, and the mortgagee is entitled to possession upon demand any time.