PMBR MBE FC Property
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Future Interest in Grantor | Possibility of Reverter (Automatic) -> FSD
Right of Re-entry (Duty) -> must excercise, needs affirmative action
Life Estate -> Reversion
🗑
|
||||
| Present Possessory Interest | Fee Simple Absolute
Fee Simple Determinable - as long as, while, until - goes back auto to Grantor
Fee Simple Subject to Condition Subsequent -
but if, on condition
Fee Simple Subject to Exec Limitation- doesn't go to Grantor, but to 3 party
Life Es
🗑
|
||||
| Future Interest in Third Party | FSSEL -> Executory Interest
Life Estate -> Remainder
🗑
|
||||
| Rule Against Perpetuity | 1. C - Contingent Remainders/Class Gift
2. O - Options to Purchase (Fee Options)
3. P - Powers of Appointment
4. E - Executory Interests
5. R - Rights of First Refusal
🗑
|
||||
| Restraint on Alienation | Restriction prohibiting the recipient from selling or otherwise transferring his interest in the property.
Such restraints are void as against public policy of allowing landowners to freely dispose of their property.
🗑
|
||||
| Valid Restraints of the Alienation | -A prohibition against partition of property for a limited time
-The right of first refusal - A sells property to B, A may require that if B later decides to sell the property, she must first give A the opportunity to buy it back.
🗑
|
||||
| Concurrent Estates - Joint Tenancy ( JT ) | 1. 4 unities – time, title, interest, possession
2. Survivorship – estate passes to the survivor
🗑
|
||||
| Concurrent Estates - Tenants by the Entirities (TBE) | 1. Reserved for husband and wife
2. 5th unity- person
🗑
|
||||
| Concurrent Estates - Severance - JT becomes Tenancy in Common (TIC) | 1. Conveyance Inter Vivos
2. Death of one of two remaining JTs
3. Mortgage under title theory
4. Final partition action
🗑
|
||||
| Concurrent Estates - Tenancy In Common | 1. Unity of Possession Only
🗑
|
||||
| License | A revocable personal privilege to enter the servient tenement of the licensor without liability for trespass.
🗑
|
||||
| Easements | A non-possessory interest in the use of land of another
Easements In Gross:
1. No dominant tenement
2. Do not run with the land
Easements Appurtenant:
1. 2 parcels – Benefitted- dominant
Burdened- servient
2. Do run with the land
🗑
|
||||
| Easements - Creation | 1. Expressly in writing- grantor to grantee
2. Necessity- landlocked, but allow judge to decide
3. Implication- reflect practices and customs of property
4. Prescription- adversely possessed (no exclusivity)
🗑
|
||||
| Easement - Termination | 1. Written release
2. End of necessity
3. Abandonment – Requires intent & physical act
4. Merger – unity of ownership
🗑
|
||||
| Covenant | A contract in which the covenantor makes a promise to a covenantee to do or not do some action tied to the use of land. A covenant running with the land, imposes duties or
restrictions upon the use of that land regardless of the owner.
🗑
|
||||
| Four Types of Tenancy | Tenancy for Years- fixed term
Periodic Tenancy- no ending date
Tenancy at Will- indefinite
Tenancy at Sufferance- holdover tenant
🗑
|
||||
| Delivery of Possession- English Rule vs. American Rule | LL has a duty to deliver possession at the lease inception (American view contra: T only has a cause of T2 action against holdover T1).
🗑
|
||||
| Subjacent and Lateral Support | Landowner is strictly liable if his excavation causes unimproved adjacent land to subside.
🗑
|
||||
| Adverse Possession | 1. Physical element
a) actual and exclusive (cannot be shared)
b) open and notorious
2. Mental element – adverse and hostile
(cannot be permissive)
3. For the statutory period
🗑
|
||||
| Statute of Frauds | •Marriage
•Year (1)
•Land
28
•Executor
•Guarantee
•Sale of goods ($500+)
🗑
|
||||
| Deeds - Valid Delivery | 1. Proper execution
2. Intent
🗑
|
||||
| Equitable Conversion Common law (majority) | Risk of loss for casualty is placed on buyer during
executory period.
The buyer is the equitable owner of land, whereas seller, holder of legal title, is the equitable owner of
right to full purchase price.
Shifts the burden and the benefits to purcha
🗑
|
||||
| Uniform Vendor & Purchaser’s Risk Act |
Risk of loss is on buyer only if he has legal title or possession of the property.
🗑
|
||||
| Marketable Title | Every contract for the sale of land contains an implied warranty of marketable title.
Encumbrances
1. Mortgage
2. Lien
3. Easement
4. Equitable servitude
5. Zoning violation
6. Future interest
🗑
|
||||
| Bona Fide Purchaser (BFP) | 1. Pays value (purchaser, mortgagee, judgment creditor)
2. Takes in good faith” and
3. Takes without notice (key MBE element)
🗑
|
||||
| Recording Statutes | Race – 1st to record wins
Notice – last BFP wins
Race – Notice – 1st BFP to record wins
🗑
|
||||
| “An unrecorded conveyance or other instrument is invalid as against... | ...a subsequent bona fide purchaser (creditor or mortgagee) for value and without notice
🗑
|
||||
| Mortgage | Mortgage – an interest in land created in writing providing security for the performance of a duty or the payment of a debt.
🗑
|
||||
| Foreclosure | Foreclosure – the method by which the security is applied to satisfy the debt.
🗑
|
||||
| Deficiency Judgment | Deficiency Judgment – allowed where the proceeds of the foreclosure sale are insufficient to satisfy the debt.
🗑
|
||||
| Mortgagee – 2 causes of action | 1) “in personam” on the debt
2) “in rem” on the security
🗑
|
||||
| Mortgage - Rights of a Grantee | A grantee who “assumes” a mortgage is personally liable.
A grantee who takes “subject to” the mortgage is not personally liable.
🗑
|
||||
| Subject To The Mortgage Presumption | Where the deed makes no reference to the mortgage, it is presumed the grantee takes “subject to” and is not personally liable.
🗑
|
||||
| Purchase Money Mortgage | A purchase money mortgage takes priority over other prior mortgages, regardless of recording statutes. The purchase money mortgage itself, however, must be recorded.
🗑
|
||||
| Exoneration | The right of a surety to compel the mortgagee to proceed first against the person or property primarily liable.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
shigal
Popular Law sets