Property

Card Set Information

Author:
Anonymous
ID:
79566
Filename:
Property
Updated:
2011-04-14 03:35:41
Tags:
Property
Folders:

Description:
Cooley Property
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Anonymous on FreezingBlue Flashcards. What would you like to do?


  1. What are Fee Simple and Life Estates?
    Fee simple is a fully alienable estate of unlimited duration. Life estate is a fully alienable estate that naturally expires at the termination of a designated life.
  2. What does it mean for property to be Alienable?
    It means that you can sever the property from yourself, e.g. sell it or give it away.
  3. What's a term of years, and what is it's minimum length?
    An estate of a definite duration, must be longer than 6 months.
  4. What is a deed?
    A writing that demonstrates an intent to tranfer a described interest, describes both the identity of the real estate and the kind of interest being transfered (e.g. the estate)
  5. What are words of purchase and words of limitation?
    Words of purchase are words that indicate a transfer or rights, while words of limitation indicate the length that the interest is to last.
  6. What are the 3 kinds of heirs,and what happens when there are no heirs?
    The three kinds of heirs are issue (Lineal decendents, such as children, grandchildren), Ancestors (Parents, grandparents) Collaterals (Brothers, Cousins)

    When there are no heirs, the property eschaeats to the state.
  7. What must always follow a life estate?
    A future interest (Reversion or remainder)
  8. What is fee simple determinable?
    A fee supported by a condition that, upon occuring, automatically revokes the fee from the holder.
  9. What is fee subject to a condition subsequent?
    A grant that is complete, but can be revoked upon the occurance of a certain condition. Not automatic.
  10. What follows Fee simple determinable, and what follows fee subject to condition subsequent?
    Possibility of Reverter and Power of Termination/Right of Entry.
  11. Explain the Rule against Perpituities?
    The RAP says that a conditional interest must vest, if at all, within 21 years of the end of a life in being at the time of the conveyance.
  12. what is the formula for giving personal property?
    Intent to give, Delivery of the property, Acceptance of the property (Assumed)
  13. What kind of intent is needed to give personal property?
    Intent to part with your rights irrevocably, must be intended to be given now. Present intent to part with your interest.
  14. What's the difference between a gift inter vivos and causa mortis?
    Inter vivos gift is a gift given while alive, not revokable. A causa mortis is a gift given in contemplation of death by a particular means, and if they don't die that way, the gift is revoked.
  15. What is constructive delivery?
    Delivery of something that is incapable of manual delivery by giving up exclusive control (e.g. Giving away the key)
  16. What's the rule with giving a gift to a third party, with instructions to deliver upon death.
    The third party is said to be holding the gift in escrow, and the gift is valid.
  17. Explain permissive waste, Commissive Waste, and Melorative Waste
    • Permissive waste: Deterioration that you allow to happen through in action.
    • Commissive: Destruction that occurs through action
    • Melorative Waste: Improvements to the property.
  18. What is the general rule regarding waste, and what are the exceptions?
    The general rule is that you must keep the property in the way you found it. Exception is good husbandry, may change crops to better use the land. Also, if not making the change because of a radical change in the surrounding land makes the property worthless, it can be changed.
  19. In doctrine of Waste, when can you get damages?
    As long as you have a vested interest, you have a right for damages as soon as the waste occurs.
  20. Under doctrine of waste, who's responsible for third party damages?
    The life tenant is not responsible unless they are somehow at fault for them. No damages allowed againt them.
  21. What are restraints on alientation?
    limits on the tranferability of property. Restraints on use are permitted ones (e.g. single family home) Restatement says that restraints are fine as long as they are rational.
  22. What are the three kinds of restraints on alienation?
    Disabling restraints-Restrain tranfers by letting conveyer decide whether transfer is allowed (Rights of first refusal)

    Forefiture restraints Restraint that says if you try to transfer, you forfeit the property. Attacks the right to alienate, and forbidden.

    Promissory restraints: Grantee makes a promise, but nothing happens to the title. Only sometimes enforcable for damages.
  23. What is the balancing test for rights of first refusal?
    Purpose, Price, and Time.
  24. Explain Tenancies in Common
    Tenancies in common are fully alienable tenancies, that don't have to be equal shares. Everyone has equal rights to use the property, and can occupy 100% regardless of how much they own. No physical division, divided title.
  25. Explain joint tenancy
    Not favored, Requires the four unities, both own all of it, survivorships, and the ownership isn't divisible, inheritable, or decendable.
  26. What is tenancy by entirety
    Married people's joint tenancy, neither husband or wife can destroy without permission. Can only be divided b divorce, then it becomes a tenancy in common. Right of survivorship.
  27. What is involuntary partition?
    When the court orders the division of the land. most favored is partition in kind, which is geographic division. There are also partitions by sale, in which a sale is forced and proceeds split.
  28. What is the golden rule when deciding multiple tenancies?
    Tenancy in common is assumed, and anything abiguious will be interpreted as meaning a tenancy in common. Exception: Married couples assumed to have tenancy by entirety.
  29. What does Joint Tenancy being a term of art mean?
    It means that when used by a non professional, we don't automatically give it's technical meaning to the document. Only when a lawyer writes it do we interpret as meaining creating a joint tenancy.
  30. What is an ouster?
    An ouster is a claim by one tenant in a concurrent estate of sole possession.
  31. What are two ways to achieve ouster?
    Use the property to necessarially exclude the other tenants, or communicate to the other parties that you feel they have no property rights.
  32. What are the two different meanings of ouster, and what are their results?
    One says that you can't access the property, and you are entitled to rent. The other says that you have no rights to the property at all, and is an attempt to claim through adverse possession.
  33. What is the rule for improvements in regards to cotenants?
    As capital expenses that add substantial value to a depricable asset, there is no equitable relief except through a partition, but if there is one, then you are credited with the amount that improvement increased sales price.
  34. How are joint tenancies severed?
    By giving away a significant interest in the property, even to yourself, thereby severing unity of title.
  35. What effect does a lien have on joint tenancies?
    Doesn't sever the tenancies becausae title isn't actually given, until the propertys title is actually transfered in the event of foreclosure.
  36. What is adverse possession?
    The possession of a property against an owner for such a long time that the statute of limitations on an ejectment has expired, giving you title.
  37. What are the elements of Adverse Possession?
    • Open possession
    • Continuious possession and a Claim of right
    • Exclusive Possession
    • Actual and Adverse possession
    • Notirious possessioin
  38. What does it mean to possess under color of title?
    It means to hold a document that appears to give right to the property but actually doesn't, but asserting that document as your right to the land.
  39. What does the Adverse Possessor take after adverse possession?
    They take exactly what the current possessor had at the time of transfer. E.g. If they had a life estate, they only take that life estate, and the remainderman gets the propety after the life estate holder dies.
  40. What is the effect of good faith on adverse possession?
    Two views. 1. With no good faith belief you have rights to the land, you are merely a tresspasser. 2. If you meet the objective test (OCEAN) then you're assumed to have good faith.
  41. What is a listing agreement, and what is the difference between an open and exclusive listing?
    A listing agreement is a contract between a real estate agent and seller of property to market and sell a property. An open listing is an agreement that any realtor may sell the property, and they compete, while an exclusive listing is one in which only one realtor can sell the property.
  42. What is the rule on tacking?
    It effects continuiousness of AP, and it requires privity of land transfer, a reasonable connection between the occupants and a transfer of rights.
  43. When has a real estate broker earned their commission?
    The traditional rule says it happens when a ready, willing, able buyer signs an agreement to buy fitting the terms asked for. Even fi the buyer later backs out, commission was still earned.
  44. What is a real estate agents duty to disclose?
    Must either disclose things the buyer has said are important, or things that a reaonsable buyer would ask. Can be either affirmative fraud, negative fraud, or negligence.
  45. What is the negligence rule for realtors?
    Realtors hold themselves out to be experts, and must inspect with due diligence any property they sell.
  46. What is marketable title?
    A collection of rights that are such that a reasonable buyer with knoweldge of the legal impact would accept it.
  47. When does marketable title arise?
    Between the sales contract being signed, and the deal being completed/closed. It's a way to back out of the deal with no damages.
  48. What makes a title unmarketable?
    Doubts as to who owns the land, encumbrences (easements, covenants, liens), potential lawsuits.
  49. How do you get around the marketable title restrictions?
    In the contract, you put exceptions, e.g. "Except for utility easement and building covenant"
  50. What happens when a covenant that is excepted is found to be violated?
    Title is again made unmarketable, you don't have to buy a lawsuit. However, seller always has a reasonable opportunity to cure the title defects.
  51. Why do they say that marketable title isn't perfect title?
    Because there may be easements and encumbrances that a reasonable person wouldn't be bothered by, e.g. horse pathways when there are no horses anymore.
  52. What is an installment sale contract?
    Used when financing is difficult, it puts the terms of the financing into the deal itself, with a balloon payment at the end. Usually you can evict for non payment and keep any money given as rent.
  53. Explain the prospective and restrospective breach tests
    Prospective test: Damages not ascertaininable, damages were anticipated, damages were a reasonable estimate.

    Retrospective test: Prospective test, then, if property sold, look to see if any damages actually occured.
  54. What is a mortgage?
    Using a piece of property as a security for performance of a contract or some other monetary obligation.
  55. What is right of redemption?
    An old eqitable right to pay off the late debt and redeem the title from the mortgagor.
  56. What is the rule of multiple mortgages?
    First in time rule, you can only foreclose on what you have. Junior mortgages foreclose subject to old mortgages. Senior mortgages foreclose subject to nothing.
  57. What is a quit claim deed
    A deed where the grantor promises to give everything they have, however much or little that is. They make no guarantee that they have anything at all.
  58. What is a full warranty deed, and how is a special warranty deed different?
    A full warranty deed is a promise by the grantor to stand behind title, giving certain of the 6 covenants. The difference between it and a special warranty deed is how far back the promise goes. A general goes back a reasonable time., while the special only lasts as far as the grantor.
  59. Covenant of Seisen:
    I have the rights that I claim to have in my freehold estate.
  60. Covenant of right to convey
    I have the ability to convey my property rights to you in full.
  61. Covenant against encumbrances:
    Same as marketable title, there isn't anything encumbering the land that I haven't told you about.
  62. Covenant of Warranty and Covenant of Quiet Title
    Mean the same thing. Nobody with superior title is going to disturb your quiet enjoyment of the property. No one is going to claim the propert as theirs and win.
  63. Covenant of further assurances
    I will give you anything you need in terms of documents to prove that I really had title to give you.
  64. Which are future covenants, which are present covenants, and what is the difference?
    Seisen, convey, and encumberences all Present. Warranty, Quiet Title, and Further Assurances all future. Present means that they were breached at moment of conveyance, and only liable for the person I conveyed to. Future means that they run with the land, and I am liable to all future transferees.
  65. What is the outside evidence rule for covenant lawsuits?
    You can only use outside evidence against your grantor, not remote grantors. Against remotes, you must only use the deed conveyance documents.
  66. What is the primary rule of property?
    First in time, first in right
  67. What are the three different kind of recording statutes, and what do they mean?
    • Race: First to record gets property
    • Notice: Last bonafide purchaser for value with no notice gets property.
    • Race-Notice: First person to record who didn't have notice gets property.
  68. What is the effect of recording statutes on no-purchasers?
    No effect, they only protect bonafide purchasers for value.
  69. What is the rule about Wild Deeds?
    If a deed is recorded outside the chain of title, then it doesn't give notice.
  70. What is the effect of recording?
    To give constructive notice to everyone in the world about your asserted property right.
  71. What is inquiry notice?
    If something in the deed would make a reasonable person do more research, then you are on inquiry notice to look further into the matter "e.g. subject to easements" should make you look into possible easements on the proeprty.
  72. Who is responsible for damage to property during the equitable period?
    Old rule: Buyer is responsible.

    New Rule: If buyer has title or possession, he's responsible. If not, seller responsible.

    Zoning is not covered under this rule, always buyers risk.
  73. What should the abatement be in a modern damage during equitable period case?
    Some say it should be value of surance policy, others say actual loss.
  74. What is the implied warranty of fitness
    A builder saying (usually to residential buyer) that their home was built with good workmanship and free from hidden defects. It's a judicially imposed protection of homebuyers.
  75. What is a seller's duty to disclose?
    Must disclose defects known to them that decrease the market value. Reed special rule: Must disclose anything about the house's history or the neighbor hood that effects value.

What would you like to do?

Home > Flashcards > Print Preview