Blaw Property Exam

Front 1

What is the difference between tenancy by the entirety and joint tenancy? Tenancy in common?

Back 1

See Below. Both Joint Tenancy and Tenancy by the Entirety have Right of Survivorship. Meaning if someone dies the other keeps the property.

Front 2

Tenancy in Common

Back 2

Each own an undivided fractional interest in a parcel of real property

Front 3

Joint Tenancy

Back 3

Is property owned by two or more individuals shared equally

Front 4

Tenancy by the Entirety

Back 4

Is owning property by a married couple (Each own it all)

Front 5

If I own an interest in a real estate limited partnership do I own an interest in the real estate itself? What authority do my general partners have to sell the real estate?

Back 5

No. You own interest in the partnership.

Front 6

What is the preferred form of business organization for owning real estate and why?

Back 6

LLC. There are not agency issues and people can come and go from the business without changing the title.

Front 7

What representations and warranties do you make when you give a warranty deed to real estate as part of a sale of the real estate?

Back 7

Marketable TitleQuiet possession of it

Front 8

Warranty of Deed

Back 8

Contains the implied warranties of a grant deed. The grantor expressly warrants the title to and the quiet possession of the property.

Front 9

Warranty of Habitability

Back 9

Builders warrant that the house is in reasonable working order and is of reasonably sound construction

Front 10

Does a warranty deed for residential real estate generally include an implied warranty of habitability? What is that anyway?

Back 10

No. It is an implied warranty of habitability. Builders warrant that house is in reasonable working order and is of reasonably sound construction.

Front 11

Marketable Title

Back 11

An interest in the property free from defects.

Front 12

What are two defects of Marketable Title?

Back 12

Any cloud on the title that would cause the buyer to receive less than a fee simple interest.

Front 13

Adverse Possession

Back 13

Is open, obvious, continues possession of property that one may not have a deed or certification that he or she owns this property.

Front 14

What are the requirements for adverse possession?

Back 14

1) A person must possess the land for the period of time specified by the state statute 2) The current owner of the land must have actual constructive notice of the adverse possession 3) The possession must continue uninterrupted for the specified period 4) The person possessing the property must not have a legal right to be there 5) The possession must not be shared with another

Front 15

What duties to disclose defects do sellers of real estate have?

Back 15

They have the duty of anything that they are aware that has a material defect.

Front 16

In the case of Strawn v Canuso on page 595, what additional risks were created for residential developers?

Back 16

Material Defects don't have to be on the property.