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15 Cards in this Set

  • Front
  • Back
Define the following terms:
1. Alienation
2. Partial Restraint on Alienation
3. Restraint on Alienation
1. Alienation means the rights to a piece of land can be conveyed from one individual to another.

2. A partial restraint on alienation is a provision within a deed, Will, or conveyance that prevents an individual from transferring his or her land rights to another individual unless a specific condition is met. Partial restraints identify the individuals that a land right may be transferred to, the specific type of estate that must created for the transfer to be valid, the specific rights that may be transferred, and the time frame in which the transfer must be made. It is important to note that partial restraints are usually considered invalid under common law.
Define the following terms:
1. Condominium
2. Cooperative
1. A condominium, also known as a condo, is a type of apartment ownership in which an indiviaul has complete ownership of a single unit, but has shared ownership of common areas and pays a share of common expenses for the building in which the condo is located. The condo purchaser owns the unit that and shares ownership for the rest of the building with the other unit owners so the individual is responsible for all of the expenses associated with the unit and some of the expenses related to maintaining the rest of the building.

2. A cooperative, also known as a co-op, is a type of apartment ownership in which an individual is allowed to live in an apartment because he or she owns shares in the corporation that owns the apartment building in which the co-op is located. The owner of a co-op is allowed to live in the building as long as the individual follows the rules established by the corporation.
Define the following terms:
1. Covenant
2. Easement
3. Equitable Servitude
1. A covenant is a contract requiring an owner to perform a specific type of task on his or her property, or prevents the owner from using his or her property for any use other than those identified in the contract. If an individual violates a covenant, he or she may be required to pay damages.

2. An easement is the right of an individual to use another individual's land for a specific purpose, or to prevent another individual from using his or her land for a specific purpose.

3. An equitable servitude is a type of covenant in which a court may file an injunction that requires the individual to perform the tasks identified in the equitable servitude, or prohibits the individual from performing the tasks that were forbidden by the equitable servitude, if the conditions of the equitable servitude are violated.
Define the following terms:
1. Abstract of Title
2. Chain of Title
3. Deed
4. Title Insurance
1. An abstract of title is a document that describes all of the conveyances or other similar legal actions that have been filed for a particular piece of land. An abstract of title typically includes a series of short summaries organized by date.

2. A chain of title is a timeline that identifies all of the owners of a piece of property from the current owner back to the first owner of the property.

3. A deed is a legal document that indicates that a specific individual or a specific group of individuals have received the rights associated with a particular piece of property from another individual or organization.

4. Title insurance is a type of liability coverage in which an insurance company promises to limit the loses that an individual or an organization will incur if there is a problem with the title, in exchange for a premium paid at the time the property is purchased.
Identify and briefly describe some of the legal responsibilities of a landlord.
The landlord of a leasehold estate has four responsibilities that he or she is required to perform:
1. The landlord is required to ensure that the property he or she is leasing is habitable, which means ensuring there are no hidden defects and that the tenant is able to access the basic necessities that he or she needs to live on the property, such as heat and hot water.

2. The landlord must allow the tenant to occupy and use the estate as long as the lease is valid.

3. The landlord must allow the tenant to enjoy the benefits of the property without any significant interference. The tenant's right to quiet enjoyment means the property must be empty of any hazards, smells, or noises that may be offensive or dangerous.

4. The landlord is required to find another tenant as quickly as possible if his or her tenant leaves before the lease expires. This allows the landlord to limit any damages.
Identify and briefly described the two types of covenants.
The two types of covenants are affirmative covenants and restrictive covenants. An affirmative covenant is a contract that requires an owner to perform a specific task on his or her property. The specific tasks that an affirmative covenant requires vary greatly from situation to situation, but commonly they include installing a fence or maintaining the tress near a boundary line. A restrictive covenant, on the other hand, is prevents an individual from using his or her property for anything other that the uses identified in the contract. A restrictive covenant specifies the purposes for which the land can be used, such commercial for a store, and the specific uses that the land cannot be used for, such as a hazardous waste dump.
Define the following terms:
1. Equity of Redemption
2. Foreclosure
3. Mortgage
4. Novation
1. Equity of redemption refers to the legal right of mortgagor to acquire the property that the mortgagor provided a loan for if the mortgagee defaults on the loan. It is important to note that a certain length of time from the date that the default occurred in order to redeem the property.

2. Foreclosure is the legal process that terminates the owner's rights to a property for non-payment (default) of the mortgage debt. It usually entails a forced sale at public auction. The proceeds are applied against the outstanding debt.

3. A mortgage is an agreement between an owner and a lender in which the lender agrees to loan the owner money necessary to purchase a piece of property, but the lender will hold the title to the property until the loan is repaid.

4. Novation is an agreement in which an individual agrees to accept the debt of another individual.
Identify the rights that are granted to a landlord.
The landlord of a leasehold estate is granted the rights to:

Receive payments from the tenant in the amount that the landlord and tenant agreed to
Conduct necessary repairs required to maintain the condition of the land
Receive the land from the tenant in a similar condition to what the land was in when the tenant began using the property
It is important to note that a landlord is only entitled to receive the property from the tenant in a similar condition to the condition that the property was in when the tenant began using the property. Hence, a tenant may return the property in a slightly different condition, if the condition of the property was altered as a result of normal use.
Identify and briefly describe the two types of remainders that an individual can hold.
The two types of remainders that an individual can hold are contingent remainders and vested remainders. A contingent remainder means an individual or a group will only receive the estate if a specific condition is met and another individual's right to the estate is terminated. However, the individual or group will only receive the estate if a certain event occurs, a certain event does not occur, or if a specific condition exists before or at the time that the estate is terminated. A vested remainder means an individual or a group will receive the estate simply because another individual's right to the estate have been terminated.
Identify and briefly described the four unities of property.
The four unities of property are interest, possession, title, and time. Unity of interest refers to the fact that all of the estate's owners are required to have the same type of interest in the estate. For example, if all of the estate's owners have an executory interest in the estate, there is a unity of interest. Unity of possession refers that all of the estate's owners are required to own an equal share of the estate. If there are four owners, each owner must own 1/4 of the estate. Unity of title refers to the fact that each estate owner is required to receive his or her right to a share of the estate from the same document. For example, if all of the estate owners receive their land rights from the deed, there is a unity of title. Unity of time refers to the fact that each estate owner is required to receive his or her right to a share of the estate at the same time.
Identify and briefly describe the four types of leaseholds.
The four types of leaseholds are fixed-term tenancy, periodic tenancy, tenancy at sufferance, and tenancy at will. Fixed-term tenancy, also known as tenancy for years, means the landlord agrees to allow a tenant to occupy and use the land for a specific length of time. Periodic tenancy, also known as tenancy from period to period, means the landlord agrees to allow a tenant to occupy and use the land as long as the tenant continues to pay during each period in which the tenant uses continues to pay during each period in which the tenant uses the property. Tenancy at sufferance means a tenant is still occupying or using the landlord's land, even though the tenant's lease has expired. Tenancy at will means the landlord agrees to allow a tenant to occupy and use the land until the landlord notifies the tenant that he or she must leave, or the tenant notifies the landlord that he or she is leaving.
Define the following terms:
1. Defeasible Estates
2. Fee Simple Estate
3. Fee Tail Estate
4. Life Estate
1. A defeasible estate is an estate that a certain individual or certain group of individuals will receive when a specific condition is met.
2. A fee simple estate is an estate that grants all of the rights associated with the estate to the owners of the estate. A fee simple estate should be described in the format "To A and his heirs."
3. A fee tail estate, also known as an entail estate, is an estate that can only be transferred to the estate owners' heirs. A fee tail estate should be described in the format "Ta A and the heirs of his body."
4. A life estate is an estate that an individual is allowed to own and use as long as a certain individual is alive. A life estate should be described in the format "To A for life" or in the format "To A for the life of B."
Define the following terms:
1. Cestui que vie
2. Pur autre vie
3. Words of Limitation
4. Words of Purchase
1. The French phrase cestui que vie literally means person who benefits as they live. The cestui que vie is the person who must be alive in order for another individual to use a particular piece of property.
2. The French phrase pur autre vie literally means for another's life. Pur autre vie is the individual who is allowed to use a particular piece of property as long as the cestui qui vie lives.
3. Words of Limitation refers to any word used in a deed or conveyance to describe the type of estate that an individual will receive, the specific land rights, and/or the conditions that an individual must meet in order to exercise his or her land rights.
4. Words of Purchase refers to any word used in a deed or conveyance to identify the specific individual who will receive the estate or some of the land rights associated with the estate.
Define the following terms:
1. Executory Interest
2. Future Interest
3. Remainder
4. Reversion
1. An executory interest is a type of future interest in which a certain individual or group will receive an estate if the grantor of the estate or the grantee of the estate meets a specific condition.
2. A future interest is an individual's right to receive an estate when a specific condition is met.
3. A remainder is a type of future interest in which a certain individual or group will receive an estate when another individual's right to the estate is terminated.
4. A reversion is a type of future interest in which an estate is returned to the grantor when a specific condition is met.
Identify and briefly describe the three types of waste that can occur to piece of land.
The three types of waste that can occur to a piece of land are ameliorative waste, permissive waste, and voluntary waste. Ameliorative waste means a piece of land was altered without the landowner's permission, but the value of the land actually increased as a result of the alteration. Permissive waste means a piece of land was altered or damaged because an individual failed to maintain the land or lack of action caused the property to deteriorate. Voluntary waste means an individual used the land inappropriately and the value decreased as a result. It requires a direct destructive action.