Ca Bar Exam - Real Property

Front 1

four unities for joint tenancy

I want a joint tenancy with Brad "PITT"

Back 1

time, title, interest and possession + clear expression of right of survivorship

Front 2

For a burden to run with the land

I NV the WITCH who has a burden on my property

Back 2

Writing: original promise in writing
Intent: original parties must have intended to bind successors
Touch and
Concern: covenant must relate to the use and enjoyment o fland
Horizontal and Vertical Privity (horizontal: original conventaitng parties werei n a relatinoship independent of the covenant; vertical: non-hostile ocnnection betrween promisor and successor established by contract, blood relatino, or devise)


Notice: actual, inquiry or record notice

Front 3

Lien Theory and Title Theory jurisdictions

Back 3

Lien theory creates only a lien on the land. Person who takes out the loan has title to the land until foreclosure.

Title Theory jurisdiction is where a mortgage acts as a conveyance of legal title to the mortgage.

Front 4

Transfer of mortgage: subject to mortgage

Back 4

subject to mortgage: a person who takes the land subject to the mortgage is not personally liable for the debt, but the mortgagee may foreclose on the debt and take title to the land. If the contract is silent, it is presumed the land is subject to the mortgage.

Front 5

assumption of mortgage

Back 5

a person who takes title to land and assumes the mortgage, that person is PERSONALLY LIABLE for the mortgage and is subject to a deficiency judgment if the foreclosure does not satisfy debt.

Liability of original mortgagor: unless there has been a novation, the original mortgagor is still SECONDARILY personally liable as a SURETY for the mortgage. May seek exoneration from person primarily liable.

Front 6

novation

Back 6

if there has been a novation, mortgagee relieves original mortgagor of liability.

Front 7

due on sale clause

Back 7

if the mortgagor transfers the property without mortgagee's consent, mortgagee will call the loan due.

Front 8

waste

Back 8

voluntary/affirmative waste: life tenant may not act in away that impairs the value of other/future interests in the land (destroy buildings, etc.) except for open mines; land only suitable for exploitation; repair; permission.

permissive waste: life tenant must not allow land to fall into disrepair. He must pay taxes; interest on liens; and maintenance.

ameliorative waste: life tenant may not do anything to enhance property's value unless: consent of all future interest holders; change in neighborhood conditions.

Front 9

future interests for fee tail

Back 9

reversion (goes back to grantor) or remainder (goes to third party if specified)

Front 10

future interest for fee simple determinable

Back 10

possibility of reverter: if the specified event occurs, the estate will automatically revert back to grantor

Front 11

future interest for fee simple subject to condition subsequent

Back 11

right of entry: if the specified event occurs, grantor may retake the land (must actually enter of bring ejectment action); a right of entry cannot be transferred intervivos

Front 12

future interest for life estate

Back 12

reversion or remainder

Front 13

constructive eviction

Back 13

1. substantial interference attributable to landlord's acts/omissions

2. notice: tenant must give landlord notice and chance to remedy

3. vacate: tenant must actually move out

Front 14

Implied easement requirements

Back 14

1. conveyance from common ownership (an owner of multiple parcels sells a parcel)

2. prior use: the previous owner contiuosuly used the area as a quasi-easement

3. apparent: the previous owner's use of the area as a quasi-easement was apparent

4. reasonably necessary: use of the quasi-easement is reasonably (for implied grants) or strictly (for implied reservations) necessary to enjoyment of the purchased land

Front 15

easement by necessity

Back 15

1. conveyance from common ownership

2. strictly necessary to enter land

Front 16

easement by prescription

Back 16

continuous

actual

notorious

open

exclusive

hostile

for prescriptive period

Front 17

termination of easements

END CRAMP

Back 17

estoppel

necessity

destruction

condemnation

release

abandonment

merger

prescription

* excessive use does not terminate easement; servient owner may sue for an injunction

Front 18

equitable servitude

WINT

Back 18

a restriction on the use of land and enforceable in a court of equity; is an interest in land;

to be created and to run with the land, it must be in Writing; purchaser must have Notice; original parties must have Intended that it run with the land; it must Touch and Concern the land

Front 19

Oral real estate agreement may be enforceable in equity if 2 of 3 things are met:

Back 19

1. paid all or part of purchase price

2. took possession

3. made substantial improvements

Front 20

types of deeds

Back 20

1. quitclaim deed: no covenants; buyer is not even claiming that he has title to the property; grantor still warrants title will be marketable at closing (after that, grantor off the hook)

2. special warranty deed: warrants only against defects that arise while grantor owned land (not predecessors) and warrants that 1) grantor has not sold the land to another; 2) grantor has not encumbered property

3. general warranty deed: warrants against all defects in title, including those that arose before grantor took possession.

Front 21

notice statute

Back 21

last BFP 1) pays value; 2) without actual/record notice/inquiry prevails; there IS a duty to not only do a title search, but also make an inspection of the property


shelter rule: if a transferee's transferor would prevail against another person claiming ownership, the transferee also prevails

Front 22

race notice statute

Back 22

first BFP 1) pays value; 2) without actual/record/inquiry notice 3) to record prevails

Front 23

pure race statute

Back 23

first to record prevails

Front 24

equitable redemption

Back 24

mortgagor may redeem (pay up) before the foreclosure sale; once there is a foreclosure sale, the mortgagor's right of redemption terminates

Front 25

statutory redemption

Back 25

mortgagor may redeem after the foreclosure sale by paying foreclosure sale price (usually six months to a year); court will then nullify foreclosure sale

Front 26

Penn Central Balancing Test for a taking

Back 26

1. nature of taking (zoning is less likely to be compensable than other takings)

2. economic impact/diminution in vale

3. interference with reasonable investment-backed expecations

Front 27

checklist for property essay (10)

Back 27

Estate in land

Adverse Possession

Landlord/Tenant

Easements/Profits/Licenses

Covenants/Equitable Servitudes

Conveyancing

Security interest in land

Fixtures

Natural Rights

Zoning