Real Property Flashcards
(142 cards)
1
Q
Ways property can be transferred:
A
- Sale
- Gift
- Devise
- Intestate
2
Q
Fee Simple
A
Largest possessor estate
Lasts forever
Ambigous grants create a fee simple
“to A” OR “to A and his heirs”
3
Q
Defeasible Fees
A
May be terminated by the occurrence of an event
4
Q
Fee Simple determinable
A
Limited by durational language
So long as, while, during
5
Q
Fee Simple Subject to Condition Subsequent
A
Limited by conditional language
but if, provided that, on the condition
6
Q
Possibility of Reverter
A
Grantor interest following fee simple determinable
Vests automatically
7
Q
Right of Entry
A
Grantor interest following a FS subject to a condition subsequent
Does not vest, must be claimed
8
Q
Fee Simple Subject to Executory Interest
A
Future interest vests in third party upon event
Held by transferee, not grantor
9
Q
Executory Interest
A
Cuts short earlier interest
Divests that interest.
10
Q
Life Estate
A
Present Estate limited by somebody’s life
Created by words “for life” or making contingent upon somebody’s death
Cannot pass by will or intestacy
11
Q
Reversion
A
Future interest following a life estate, to grantor
12
Q
Remainder
A
Future interest following a life estate to third party
13
Q
Three Kinds of Waste
A
Affirmative
Voluntary
Ameliorative
14
Q
Affirmative waste
A
voluntary conduct which decreases value
15
Q
Permissive waste
A
neglect which causes a decrease in value
16
Q
Ameliorative Waste
A
conduct which increases the value of property
17
Q
Remainders can be?
A
Vested or contingent
18
Q
A vested remainder
A
- has an ascertained grantee AND
2. Is not subject to a condition precedent
19
Q
Class Gifts- Vested subject to open
A
Class gift where full membership is unknown.
20
Q
Doctrine of Worthier Title
A
prevents against remainder in grantor’s heirs. Greats presumption of reversion t grantor
21
Q
Shelley’s Can Rule
A
No remainder in grantee’s heirs. Creates fee simple absolute
22
Q
Springing Executory interest
A
From Grantor
23
Q
Shifting executory interest
A
From grantee
24
Q
Rule Against Perpetuities
A
- When: intervivos transfers & devise
- What: Contingent remainders, executory interests, class gifts
- Who: Relevant & validating life
Must vest within 21 years.
25
Class Gifts RAP rule
If any member of class violates RAP, gift is void as a whole.
26
Rule of Convenience
Vests grant as soon as member of class is entitled to immediate possession. Optional way to save against RAP
27
Exceptions to Class Gifts Rule
1. transfers of a specific dollar amount to each class member
2. Transfers to a subclass that vest at a specific time
28
Exceptions to RAP
1. Gifts between charities
2. Options to buy property by current leaseholder
3. Options in commercial transaction
29
Wait and See approach
Modern approach, wait a certain number of years to see if it vests. Often 90.
Exam still tests traditional version
30
Cy Pres
equitable doctrine that allows a court to reform transfer to avoid RAP
31
Three Kinds of Concurrent Tenancy
1. Tenancy in Common
2. Joint Tenancy
3. Tenancy by the entirety
32
Tenancy in Common
Default concurrent interest
Separate undivided interest in property
No rights of surviorship
33
Joint Tenancy
Right of survivorship; PITT
1. Possession
2. Interest
3. Time
4. Title
34
Tenancy by the entirety
Joint tenancy between married people
| Right of survivorship
35
Rent is divided by
ownership interests of each cotentant
36
Operating Expenses
Divided by ownership, can collect from other tenants
37
Improvements
no right to reimbursement among concurrent owners
38
Repairs
no right to reimbursement among concurrent owners
39
Proceeds
Divided among covenants based on ownership
40
Partition
Equitable remedy available to tenancy in common or JT
Divides property into distinct portions
Partition in kind or partition in sale
41
FHA prevents discrimination
In the sale, rental, financing, and advertising concerning dwellings.
42
FHA does not apply to
1. Single-family housing without a broker
2. Owner occupied buildings with four or fewer units
3. Religious organizations and private clubs
43
FHA protects against discrimination in
1. race
2. color
3. religion
4. national origina
5. sex (not orientation)
6. disability
7. and familial status
44
FHA prohibits specifically
1. refusing to deal
2. requiring different rents
3. falsely denying that a unit is available
4. providing different services to facilities
5. stating a discriminatory preference
45
FHA allows for both _____ types of impact
Intent and Effect
| Disparate treatment and disparate impact
46
Basic Rule of Confict of Laws
Law of the situs; place where property is located controls
47
Exceptions to Law of the Situs
1. Instrument designates jurisdiction
2. marriage cases
3. mortgage cases where documents specify different state of repayment
48
Four types of tenancy:
1. Tenancy for years
2. Periodic tenancy
3. Tenancy at will
4. Tenancy at sufferance
49
Tenancy for Years
1. fixed and ascertainable amount time
2. created by agreement between landlord and tenant
3. terminates automatically
50
Periodic Tenancy
1. Can be created through express or implied conduct
| 2. Renews automatically until notice is given (usually one month in the period prior to final period)
51
Tenancy at Will
1. May be terminated by either at any time for any reason
2. Created through express or implied conduct/agreement
3. Termination without notice
52
Tenancy at Sufferance
1. Created when a tenant holds over from lease
2. Created solely by actions of tenant
3. Terminate in 3 ways
a. Tenant voluntarily leaves
b. Landlord evicts tenant
c. Landlord regents to tenant
53
Duty to mitigate damages
Majority rule is that landlord has to make reasonable efforts to rerent property
Minority rule is that no duty to mitigate. More common in commercial leases
54
Holder over Tenant
Wont leave after lease ends
55
Duty to deliver possession
Majority rule is that landlord must deliver actual physical possession of premises.
Minority rule is that only deliver legal possession.
56
Covenant of Quiet Enjoyment
landlord must control common areas, and prevent nuisance-like behavior of other tenants
Wholly or substantially unsuitable for intended purpose, tenant is constructively evicted
57
Tenant's duties
Pay rent and avoid waste
58
Three ways duty to pay rent is suspended
1. Premises are destroyed
2. Complete or partial eviction
3. Landlord materially breaches
59
Constructive Eviction
1. premises were unusable
2. Tenant notifies landlord of the problem
3. Landlord does not correct problem
4. Tenant vacates after a reasonable amount of time.
60
Implied warranty of habitability
health and safety
Cannot be waived
Tenant can: refuse to pay rent, remedy defect, or defend against eviction.
61
Duty to avoid waste
Tenant has duty not to commit affirmative or permissive waste
62
At common law landlord responsible for
Latent defects
Faulty repairs
negligence in common areas
63
Modern trend of landlord responsibility
General duty of reasonable care
64
Assignment of lease
complete transfer of remaining term
Can collect from T or T1
65
Sublease
Transfer fro less than entirety of remaining term
Can only collect from T
66
Listing agent
agent who assists seller in selling property
67
Seller's agent
sub agent for listing who finds buyers
68
Dual agent
represents both
69
Covenant of marketable title
Title is free from unreasonable risk of litigation
70
Implied warranty of fitness or suitability
Applies to defects in new construction. Action must be brought within a reasonable time after discovery.
71
Duty to Disclose defects
Duty on seller to disclose all known, physical and material defects
72
Risk of Loss
Majority Rule: Buyer bears risk between execution and closing. Holds equitable title
73
Elements of Adverse Possesion
1. Continuous
2. Open and notorious
3. Hostile
4. Exclusive
74
Tacking
Adverse possessor can previous possessor time if there is privity
75
Hostile
Majority rule: no state of mind
| Minority rule: either good faith or bad faith
76
A valid deed must be
Delivered and accepted
77
Contents of a deed
A valid deed must identify the parties, be signed by grantor, include words of transfer and a sufficient description of the property
Deed must be signed by grantor
78
common law recording rule
first in time first in right
person who first recieved deed wins
79
Interests Covered by Recording Acts
1. Deeds
2. Mortgages
3. Leases
4. Options
5. Judgments on title
6. Other instruments creating an interest in land
80
Protected by recording acts
subsequent purchasers
81
Types of notice
1. Actual - grantee has real, personal knowledge of prior interest
2. Constructive, prior interest is recorded
3. Inquiry - reasonable inquiry would have disclosed existence of prior claims
82
Inquiry NOtice
Dude on the land
| mentioned interest
83
Race Statutes
first to record wind
first recorded or first to record language
84
Notice Statute
Subsequent purchaser who acquires without notice of prior unrecorded purchase wins
85
Race-Notice Statute
Acquired without notice and is the first to record
86
Shelter Rule
A person who take from a bona fide purchaser is entitled to same recording act protections as grantor
87
Estoppel by Deed
Grantor conveys land they do not own. If they subsequently acquire title, cannot try to repossess on grounds that initial conveyance was not valid.
88
Three Kinds of Deeds
1. General
2. Special
3. Quitclaim
89
General Warranty Deed
Most amount of protection; warrants against all kinds of defects
90
Implied Covenants in General Warranty Deed
1. Covenant of Seisin
2. Covenant of right to convey
3. Covenant against encumbrances
4. Covenant of quiet enjoyment
5. Covenant of warranty
6. Covenant of further assurances
91
Special Warranty Deed
Warrants against defects only caused by the grantor. Otherwise same covenants as General
92
Quitclaim deed
No warranties about the health of the title
93
Escheat
decedent dies without a will or heirs, property goes to state
94
Ademption
Devise of property fails because it is not in estate at death
95
trustee
Owns property and manages for beneficiary
96
Mortgage
security device used to secure a payment of debt
97
Two kinds of mortgages
Purchase money - takes out loan for purpose of buying property
Future advance mortgage - line of credit used for home equity
98
Lien and Title State
Lien state treats mortgage as lien (Majority)
Title state treats as title, severs tenant in common
99
Mortgage Alternatives
1. Deed of Trust
2. Installment land K
3. Absolute Deed
4. Conditional Sale and Repurchase
100
Lien Theory state foreclosure
Cannot take possession prior to foreclosure
101
Title theory state foreclosure
Can posses at any time
102
Intermediate theory state
Can posses only after default
103
Equity of Redemption
Allows mortgage to reclaim title before foreclosure
104
Clogging equity of redemption
restrictions on equity of redemption
105
Foreclosure
forced sale of an asset to pay off debt,
Require notice
Can be judicial or through Power of Sale (private)
106
Purchase-money mortgage exception
Mortgage given to lender to buy real property has priority of prior mortgages
107
Recording act exception
Junior mortgage that records first may take priority
108
Easemant
right by one person to make use of another land
109
Servient estate
Land burdened by easement
110
Dominant estate
Land benefited by easement
111
Affirmative easement
holder has the right to do something on someone else property
112
Negative Easement
Holder can stop another from doing something on their own property
113
Easement Appurtenant
Tied to the use of the land
114
Easement in Gross
benefits the holder personally
115
Express Easements
Created in writing by grant of reservation
subject to recording statutes
negative easements must be express
116
Implied easements
Arise out of factual circumstances, are transferable, not subject to SOF or recording statutes
117
Four kinds of implied easements
1. Easement by necessity
2. Easement by implication
3. Easement by prescription
4. Easement by Estoppel
118
Easement by Necessity
1. property is virtually useless without
2. proper common ownership
3. necessity at severance
119
Subjacent support
Owner of mineral rights is strictly liable for any failure to support buildings on land at time rights were conveyed. Liable for negligence for any improvements after conveyence.
120
Lateral support
Strict liability if would have collapsed in natural state; negligence if neighbor's structures contributed.
121
Fructus Naturales
Wild, perennial growing crops, considered real property
122
Fructus industriales
Produced through cultivation. Presumption is that they are transferred with property, but may be rebutted.
123
Implied Easement by Implication
Created by an existing use on a property.
1. common ownership
2. Before severance: uses as if easement over land "quasi-easement"
3. After severance: continuous use that is apparent at the time of severance.
4. Necessity: Use must be reasonably necessary to dominant estate's use and enjoyment.
124
Implied Easement by Estoppel
1. permission to use
2. reliance
3. Permission withdrawn
125
Implied Easement by Prescription
Similar to adverse possession
| Same elements as adverse possession, focused on use. Does not require exclusivity.
126
Scope of express easement
Ambigous terms: court considers intent
| Changes in use: Objective standard, presumes parties contemplated both current and future use.
127
Scope of Implied Easements
Determined by nature and scope of prior use or necessity
128
Termination of an Easement
1. Express release, must be in writing, SOF
2. Merger, if title is acquired by easement holder.
3. Abandonment: more than non-use or statements. Not-use plus act demonstrating intent to abandon
4. Prescription: Holder fails to protect against a trespasser for statutory period.
5. Sale to a Bona Fide Purchaser?
6. Estoppel
7. End of necessity
129
Not Easements
1. Profit: right to enter land for a specific natural resource.
2. License: revocable permission to use another's land.
130
Requirements for a Covenant to Run
1. Writing
2. Intent
3. touch and Concern
4. Notice
5. Privity
a. vertical for benefit
b. horizantal and strict vertical for burden
131
Horizontal Privity
privity of estate, where estate and covenant are same instrument. Look for transfer between original parties that contains covenant in it.
132
Vertical privity
Transfer between original party and successor.
133
Equitable servitude
Like covenant, remedy is equitable relief.
1. Writing
2. Intended to run with land
3. touch and concern
4. successor must have some form of notice.
134
Implied Reciprocal Servitude
1. Intend to create covenant
2. Reciprocal promises
3. Must be negative
4. Successor must be on notice
5. Must be a common plan or scheme
135
Terminating easements
1. No longer makes sense due to drastic change in circumstances
2. Equitable defense (unclean hands, delays)
136
Common interest Communities
1. Owners' associations, Condos, Co-ops
2. Declaration & Powers
3. Duty of good faith, prudence, & ordinary care
137
Fixtures
Tangible personal property that is attached to real property in a manner that it is treated as real property.
138
chattel, fixtures
Purchaser of real property is entitled to chattel unless seller reserves.
139
Zoning variance standard
1. Compliance creates uneccesary hardship
2. Hardship arises from circumstances unique to the property
3. Owner did not create hardship
4. variance is in keeping with overall purpose
5. variance will not cause substantial harm to the general welfare.
140
Nuisance
1. substantial and unreasonable interference with use or enjoyment of property
2. Substantial: would be offensive, inconvenient, or annoying to average person in community
3. Unreasonable: injury outweighs the usefulness of the defendant's actions.
-Usual remedy is damages
141
Public Nuisance
1. Unreasonable interference with health, safety, or property rights of the community
2. Private Party: must show that suffered a different kind of harm than the rest of the community.
142
Equitable Conversion
After valid contract for sale, Seller holds legal title, equitable title passes to buyer. Seller effectively holding in trust for the buyer. Judgments etc. against seller to not attach to property.
