Kaplan Foundation Course Property

Front 1

Rule Against Perpetuities Applies to.....

Back 1

Contigent Remainders
Executory Interests
Class Gifts
Powers of Appointment
Options to Purchase (Fee Options)
Rights of First Refusal

Front 2

Class gifts

Back 2

Vests when the class is closed
Example: "Such of her children as should be living at her death"

Front 3

Restraint on Alienation

Back 3

Invalid against fee interests
"provided that no child shall sell, mortgage, or transfer interest prior to age 20"

Front 4

Right of First Refusal

Back 4

Right of first refusal must be excercised within 21 years after the date it was created

Front 5

Concurrent Estates - Joint Tenancy (JT)

Back 5

1. 4 unities - time, title, interest, & possession
2. Survivorship - estate passes to the survivior

Front 6

Severance of JTs

Back 6

JT becomes a Tenancy in Common
1. Conveyance - severes the JT
2. Mortgage under title theory
3. Lease
4. Partition action
5. Execution sale by judgment creditor

Front 7

Tenancy in Common

Back 7

1. Only one unity - possession
2. No survivorship - co-tenants may devise their interest

Front 8

Pending Partition Action

Back 8

A partition action does not severe JTS while pending - only while they are finalized.

Front 9

Restricting the Right to Partition

Back 9

Reasonable use restrictions on the right to partition are valid

Front 10

Estoppel by Deed/After-Acquired Property

Back 10

This is when someone who doesn't own the property tries to convey it. But then the right owner gives it to A. Then it springs through him and vests in the B.
B wins.
So A to B
O to A.

Front 11

License

Back 11

A revocable personal privilege to enter the servient tenement of the licensor without liability for trespass

Front 12

Profit

Back 12

The right of one person to come onto the land of another and take some part thereof

Front 13

Easements

Back 13

A non-possessory interest in the use of the land of another

Front 14

Easments in Gross

Back 14

1. No dominant tenement
2. Do not run with the land

Front 15

Easements Appurtenant

Back 15

1. 2 parcels - benefitted-dominant (dominant is the land who the easment benefits)
burdened-servient
(land where the easment takes place)
2. Do run with the land

Front 16

Termination of an Easement

Back 16

1. Merger - unity of ownership
2. Written release
3. End of necessity
4. Abandonment: Requires Intent and a Physical Act (mere non-use does not termintate)

Front 17

Creation of an Easement

Back 17

1. Expressely in writing
2. Reservation in grantor
3. Estoppel
4. Implication (necessity)
5. Prescription - (like adverse possession)

Front 18

Prescriptive Easement

Back 18

Can pass to other people where parties are in privity

Front 19

Duties of Dominant Tenant

Back 19

Right to inspect, maintain, and improve the easement, and there is no liability for damages caused through reasonable repair and maintenance

Front 20

Easement by Implication/Necessity

Back 20

1. No writing
2. Common grantor
3. Quasi-Easement - land has to be adapted for such use
4. Necessity
a. "Reasonable" where
the grantee recieves the
dominant tenement
b. Absolute/strict where
the grantor retains the
dominant tenement.

Front 21

Covenants vs. Servitudes- Which is it?

Back 21

If the remedy is damages, it is probably a covenant. If you are looking for injunction, probably a servitude. Covenants are also usually between two people, whereas servitudes are usually developer/common development schemes type questions.

Front 22

Covenant

Back 22

1. Horizontal Privity- an interest must pass from the covenantor to covenantee.
"O to A half of Blackacre"
2. Vertical Privity- relationship among successors in interest
O to X
A to Y
X and Y are in vertical privity
3. Touch and Concern - restriction must effect the land itself.
4. Intent - that the restriction run with the land
5. Writing

Front 23

Equitable Servitude

Back 23

1. Notice - ANY kind of notice that the land is subject to a restriction
2. Intent
3. Touch and Concern
4. Writing

Front 24

Takings

Back 24

Private Property can be taken by:
1. Eminent Domain
2. Inverse Condemnation
3. Police Power

Front 25

When Do You Get Paid as a Taking

Back 25

1. Eminent Domain
2. Inverse Condemnation

Front 26

Constructive Eviction

Back 26

Makes the premises unhabitable and releases the duty to pay rent.
Tenant must move out

Front 27

English rule

Back 27

LL has a duty to deliver possession at the lease inception

Front 28

American rule

Back 28

Tenant 2 has a cause of action against holdover Tenant 1.

Front 29

Fixtures

Back 29

A fixture is a chattel which has become real property and is not removeable

Front 30

Trade Fixture

Back 30

Chattel annexed to land by the tenant for pecuniary gain - removeable before the lease expires unless an accession occurs. An accession is where a chattel loses its identity as a trade fixture and becomes an irremoveable part of the realty (I beam, balcony, loft)

Front 31

Subjacent and Lateral Support

Back 31

Landowner is strictly liable if his excavation causes unimporved adjacent land to subside

Front 32

Growing Crops

Back 32

Classified as personal property and will pass to the grantee upon sale of the land
Statute of Frauds does not apply
But if foreclosure = get crops during foreclosure

Front 33

Water Rights- Prior Appropriation

Back 33

First in time, first in right: Goal: maximum benefcial use

Front 34

Riparian Rights to Water

Back 34

Domestic use is superior to agricultural use

Front 35

Adverse Possession

Back 35

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

Front 36

Adverse Possessor Burden

Back 36

Must prove all elements by a preponderance

Front 37

Ouster

Back 37

Wrongful exclusion from possession
There can be no adverse possession amoung co-tenants absent ouster

Front 38

Boundary Line Agreement

Back 38

Valid if:
1. Parties are unaware of true boundary line.
2. Parties agree as to location
3. Possession that conforms to the agreement.
Judicial notice is given to the boundary if these elements are present.

Front 39

Rules of Construction

Back 39

Monuments prevail over courses and distances (NSEW). Monuments are objects on the ground (natural or artificial).

Front 40

Statute of Fraud

Back 40

1. Identity of parties
2. Identify of subject matter
3. Consideration
4. Signature of seller

Exception: Part Performance
1. Possession AND
2. Improvements and or Payment

Front 41

Delivery of a Deed

Back 41

1. Proper execution
2. Intent

Front 42

Forged Deeds

Back 42

Transfers nothing

Front 43

Equitable Conversion Common Law (majority)

Back 43

Risk of loss for casualty is placed on the buyer during the executory period (time from date of contract to closing).
The buyer is the equitable owner of the land, whereas the seller, who holds legal title, is the equitable woner of the right to the full purchase price.

Front 44

Uniform Vendor and Purchaser's Risk Act (minority)

Back 44

Risk of loss is on buyer only if has legal title or possession of the property

Front 45

Marketable Title

Back 45

Every contract for the sale of land contains an implied warranty of marketable title

Front 46

Encumbrances

Back 46

1. Mortgage
2. Lien
3. Easement
4. Lease
5. Equitable Servitude
6. Zoning violation
7. Future Interest

Front 47

Bona Fide Purchases (BFP)

Back 47

1. Pays value
2. Takes in good faith
3. Takes without notice

Front 48

Recording Statutes - Types of Jurisdictions

Back 48

1. Race - 1st to record wins
2. Notice - Last BFP wins
3. Race- Notice - 1st BFP to record wins

Front 49

Mortgage

Back 49

An interest in land created in writing providing security for the performance of a duty or the payment of a debt

Front 50

Foreclosure

Back 50

The method by which the security is applied to satisfy the debt

Front 51

Deficiency Judgment

Back 51

Allowed where the proceeds of the foreclosure sale are insufficient to satisfy the debt

Front 52

Mortgagee

Back 52

2 causes of action
1. In personam on the debt
2. In rem on the security

Front 53

Recording Statutes - Types of Jurisdictions

Back 53

1. Race - 1st to record wins
2. Notice - Last BFP wins
3. Race- Notice - 1st BFP to record wins

Front 54

Mortgage

Back 54

An interest in land created in writing providing security for the performance of a duty or the payment of a debt

Front 55

Foreclosure

Back 55

The method by which the security is applied to satisfy the debt

Front 56

Deficiency Judgment

Back 56

Allowed where the proceeds of the foreclosure sale are insufficient to satisfy the debt

Front 57

Mortgagee

Back 57

2 causes of action
1. In personam on the debt
2. In rem on the security

Front 58

Rights of a Grantee

Back 58

A grantee who assumes a mortgage is personally liable.

A grantee who takes "subject to" the mortgage is not personally liable.

Front 59

Subject to the Mortgage

Back 59

Where the deed makes no reference to the mortgage, it is presumed that the grantee takes "subject to" the mortgage and is not personally liable

Front 60

Purchase Money Mortgage

Back 60

A purchase money mortgage takes priority over other prior mortgages, regardless of recording statutes. The PMM MUST be recorded.

Front 61

Exoneration

Back 61

The right of a surety to compel a mortgage to proceed first against the person or property primarily liable