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VA > VA Property > Flashcards

VA Property Flashcards

1
Q

What is a fee simple

A

Fee simple is the largest possessory estate that is capable of lasting forever.

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2
Q

What is the default estate?

A

Fee simple

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3
Q

What is a defeasible fee?

A

Defeasible fees may be terminated by the occurrence of an event. They are capable of lasting forever but also of being terminated early. Condition will cut short the fee simple.

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4
Q

What is a fee simple detemerminable?

A

A fee simple determinable is limited by specific durational language.
“so long as, while, during”

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5
Q

What is a fee simple subject to condition subsequent?

A

A fee simple subject to condition subsequent is limited by specific conditional language.
“But if, provided that, on the condition that”

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6
Q

Who holds a possibility of reverter?

A

The grantor holds this future interest following a fee simple determinable. This interest vests automatically after the durational period ends.

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7
Q

Who holds a right of entry?

A

This interest is held by the grantor following a fee simple subject to condition subsequent. It does not vet automatically; it must be exercised.

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8
Q

What is a fee simple subject to executory interest?

A

This interest will end upon the happening of an event and the future interest will vest in a third party. The future interest is held by a transferee and not the grantor.

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9
Q

What is an executory interest?

A

A future interest that will cut short, or terminate an earlier interest.

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10
Q

What is the interest following a life estate?

A

Reversion is held by grantor if it returns after the life estate.

If a third party takes interest after life estate then it is a remainder.

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11
Q

What are the three types of waste?

A

Affirmative waste (voluntary conduct which causes decrease in value)

Permissive waste (neglect toward property)

Ameliorative waste (increase value of property)

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12
Q

What is a possibility of reverter?

A

Grantors future interest following a fee simple determinable.

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13
Q

How long does a holder or right of reverter or reentry have to claim property in Virginia?

A

Holder of right of reverter or reentry has 10 years to claim property. Period begins to run when triggering event occurs.

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14
Q

What makes a remainder contingent?

A

A remainder is contingent if:

Identity of holder of remainder is unknown or identity of holder is dependent on some event that has not occurred.

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15
Q

What is the effect of Virginia abolishing Shelly’s Case and Doctrine of Worthier Title?

A

Grantors can grant contingent remainders in heirs; gives the grantors intent.

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16
Q

What RAP rule does Virginia follow?

A

Virginia has passed Uniform Statutory Rule Against Perpetuities.

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17
Q

What is a concurrent estate?

A

Ownership or possession of real property by two or persons simultaneously.

Concurrent owners each have right to use or possess the whole property.

Tenancy in common

Joint tenancy

Tenancy by the entirety

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18
Q

What does Virginia require for a joint tenancy?

A

In addition to the Four unities (Time, Title, Possession, Interest) VA requires there be express language regarding the right of survivorship.

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19
Q

Is there a right to reimburse a co-tenant for necessary repairs and improvements?

A

No, however the co-tenant who makes repairs or improvements may get credit in a partition action.

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20
Q

What is partition?

A

Partition is a equitable remedy that is available to all holders of a tenancy in common or a joint tenancy. The court will divide the property in to distinct portions.

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21
Q

What kind of partition do courts have a preference for?

A

Courts have a preference for physical division (partition in kind) but will order partition by sale if not practical to divide land or not fair to all parties.

22
Q

Can co-tenants agree not to partition?

A

Yes as long as the agreement is clear and the time limitation is reasonable.

23
Q

What is the Fair Housing Act

A

The Fair Housing Act prohibits discrimination in the sale, rental, and financing of dwellings. It also prohibits advertising that states a discriminatory preference.

NOTE: Protects Multifamily residential housing

24
Q

Who is not covered by the FHA?

A

Single family housing that is sold or rented without a broker

Owner-Occupied buildings with 4 or fewer living units

Religious organizations and private clubs

25
Q

Who is protected by FHA?

A

Race, color, religion, national origin, sex, disability, and familial status.

Sexual orientation is not protected.

26
Q

What are the four types of lease tenancies?

A

Tenancy for years (fixed time)

Periodic Tenancy (month to month, year to year)

Tenancy at will (may be terminated by either at anytime for any reason)

Tenancy at sufferance (created by actions of tenant alone) – when a tenant holds after lease ends

27
Q

What is the difference between a tenancy at will and tenancy at sufferance?

A

Tenancy at will is created by agreement where tenancy at sufferance is created by tenant actions alone?

28
Q

If the landlord dies does that terminate a tenancy at will?

A

Yes, but this is not true for tenancy for years or the periodic tenancy.

29
Q

What is the duty of implied warranty of habitability?

A

In Virginia, a tenant can assert the landlord violated when a condition exists on the leased premises that is a serious threat to the life, health, or safety of the occupant.

Note: It is a defense for non-payment of rent.

30
Q

Does a landlord have a duty to mitigate damages in Virginia?

A

Yes in residential leases not commercial leases unless the commercial tenant never took possession of the property.

31
Q

What possession (actual or legal) is required by landlord to tenant?

A

Actual possession is required for residential leases, legal possession for commercial leases.

32
Q

Security deposit in Virginia

A

In Virginia, a landlord can require as a security deposit any amount up to 2 months rent.

After the lease has ended, the landlord has 45 days to return the full security deposit or give itemized list of charges. If tenant can not be located must put security deposit in escrow.

33
Q

In Virginia can a licensed realtor serve as an agent for both the buyer and the seller?

A

Yes.

34
Q

What is the difference between and assignment and a sublease?

A

Assignment is a complete transfer of the tenants remaining term and a sublease is a transfer for less than the entire duration.

Remember in an assignment landlord has privity of K and privity of estate with both parties so can collect from either unless novation. While sublease landlord can only collect from tenant.

35
Q

What are the two stages of land sale contract?

A

Contract stage and the deed stage.

36
Q

What is the doctrine of merger?

A

Doctrine of merger states covenants under the contract are merged into the deed and any remedy will flow from the deed.

37
Q

Land sale contracts are subject to the statute of frauds and must include what?

A

Must be in writing

Must be signed by the party to be charged; and

Must include essential terms (parties, description, price and payment info)

38
Q

What are the two main exceptions to the statute of frauds for land sale contracts?

A

Part performance and detrimental reliance.

In Virginia establishing that the contract is enforceable based on part performance has three parts;

Oral contract was certain and definite;

Acts proved in pat performance refer to agreement;

Agreement was so far executed it would operate a fraud if refused.

39
Q

Marketable title

A

Every land sale contract includes an implied covenant of marketable title.

Marketable title is title that is free from an unreasonable risk of litigation.

(Title acquired by AP that hasn’t been quieted, private encumbrances, violation of zoning ordinance)

In judging whether title is unmarketable, the standard is that of a reasonable buyer.

40
Q

What is the Implied Warranty of Fitness?

A

Applies to contracts for the sale of newly-constructed buildings.

Free from structural defects and would meet standards for construction trade and ; fit for habitation

41
Q

What equitable conversion doctrine does Virginia follow?

A

Virginia still follows classic equitable conversion doctrine meaning the risk of loss is on the buyer.

42
Q

What are the four elements of adverse posession?

A

Continuous

Open and notorious

Hostile

Exlusive

43
Q

What is the statutory period for Adverse Possession in Virginia?

A

15 years.

44
Q

When will adverse posession period be tolled?

A

Possessory period modified if the owner was under a disability when the adverse possessor first enters the land and take possession.

(Infancy, insanity, and incarceration)

Can not be extended beyond 25 years.

45
Q

What is a deed?

A

A deed is a legal instrument that transfers ownership of real property.

46
Q

What is required for delivery of a deed?

A

The controlling question is whether the grantor had the present intent to transfer the property.

47
Q

How does Virginia treat fraudulent converyances?

A

Virginia will void a transfer if grantor acts with fraudulent intent, even if grantor intended to make present transfer.

Exception: If the grantee had no notice of the grantor’s fraudulent intent and paid valuable consideration.

48
Q

What must a deed contain?

A

A valid deed must identify the parties, must be signed by grantor, must include words of transfer.

Must be delivered and accepted.

49
Q

What is a deed of trust?

A

A deed of trust in Virginia functions as a mortgage. The borrower delivers title to real property to a third party trustee as security for the payment of the note to the lender (beneficiary).

50
Q

What is the remedy for a borrower defaulting with a deed of trust?

A

If the borrower fails to pay the note (defaults), then the lender (beneficiary), can instruct the trustee to sell the land to repay the note.

51
Q

Why use a deed of trust over a mortgage?

A

A primary reason for using a deed of trust instead of a mortgage is that while, upon a default a mortgagee-lender can not purchase the property in non-judicial foreclosure, a beneficiary-lender of a deed of trust can purchase the property.

VA (14 decks)

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