Property-Bar.bg

Front 1

What are the four nonpossessory interests?

WK 5

Back 1

Easements, Covenants, Profits, and Servitudes

Front 2

What is an easement?

Wk 5

Back 2

A right to use a tract of land for a special purpose

Front 3

What are the two kinds of easements, and how are they different?

Wk 5

Back 3

Affirmative-entitles the holder to enter upon the land and use it (like a right-of-way)

Negative-compels the possessor of the land to refrain from doing something (like building a huge privacy fence)

Front 5

Shifting executory interest

Back 5

This cut short or terminate the preceding estate in favor of another grantee, and it shifts the right of possession from one grantee to another upon the happening of a particular contingency.

Front 6

Doctrine of Equitable conversion

Back 6

The risk of loss from casualty and other fortuitous events is normally placed on the buyer in the absence of controlling Provisions in the contract

Front 7

Property Rights - view

Back 7

Landowners have no rights to sunlight, fresh air, or View

Front 8

Equitable servitude

Back 8

First, intend for it to run with the land; second, inquiry or record notice; and third, the Covenant touches and concerns the land

Front 9

Covenant

Back 9

First, intent that it runs of the land. Second, notice. Third, touch and concern of the Covenant to the land. 4th, privity of estate.

Front 10

Money Judgements

Back 10

A plaintiff who obtains a money judgment can obtain a judgment lien on the defendants real estate. However, it only attaches to property actually owned, even if it is not properly recorded.

Front 11

Race-Notice

Back 11

A party must be a bona fide purchaser; who first, was the first to record their deed; and second, acquired the land without notice earlier purchasers

Front 12

Rule Against Perpetuities

Back 12

If it is not certain that a reversionary interest will vest within 21 years from the end of the lives in being at the time of the creation of the interest, the interest is considered void and the court will strike the offending Claws from the granting instrument

Front 13

Mortgage prepayment

Back 13

Mortgage agreements made dictate prohibitions on prepayment and prepayment fees.

Front 14

Vested Interest

Back 14

Interests are vested if there is no condition attached which must be satisfied. The holder of the vested remainder has a present or certain right to take possession of the property when the prior Estates terminate.

Front 15

Easement by Implication

Back 15

An easement by implication can arise either through 1st necessity, or 2nd previous used by a common owner.

Front 16

Fee simple subject to an executory interest

Back 16

An estate that, upon the happening of an event is automatically divested in favor of a third person rather than The grantor

Front 17

Easement in Gross

Back 17

Entitled to reasonable use of that easement in accordance with whatever scope of the use the express Grant defined.

Front 18

Shelter rule

Back 18

A person who takes from a bona fide purchaser will prevail against any interest that the transferor bona fide purchaser would have prevailed against, even if the transferee had actual knowledge of the prior unrecorded interest

Front 19

Nonconforming use

Back 19

Use of a property that exists at the time of zoning act passes that does not conform to the new statute non-conforming uses may not be eliminated immediately.

Front 20

Doctrine of Equitable subrogation

Back 20

A person other than the mortgage or who pays off a mortgage can step into the shoes of the now paid off mortgagee

Front 21

Liquidated damages part 1

Back 21

A seller is entitled to keep a buyer's deposit as liquidated damages following a buyer's breach if that money is 10% or less of sale price