Mbe Real Property

Front 1

a direct restraint on alienation of a fee simple is ____.

Back 1

void (as against public policy)

Front 2

hypo: "To A for the life of B."

If A dies before B, majority rule is that the life estate passes to ___ ___ until B dies.

Back 2

A's estate

Front 3

hypo: "To A for life." Later A sold her life estate to B.

If B dies before A, majority rule is that life estate passes to __ __ until A dies.

Back 3

B's estate

Rule: if life tenant dies before the measuring lit e dies, life estate passes to estate of the life tenant until the measuring life dies.

Front 4

Life Tenant must do these three things to avoid permissive waste:

Back 4

•REPAIR: life tenant must keep property in repair, but is only responsible for ordinary repairs, not replacement.

•TAXES: life tenant pays all taxes on property.

•INTEREST: life tenant pays any interest on any mortgage (future interest holder must pay the principle).

Front 5

WASTE generally

all a life tenant can do is maintain the estate, and that means continuing the ___ ___ of the land in its present condition.

Back 5

normal use

Front 6

if life tenant does more than or less than merely maintain the estate, then life tenant is guilty of ___

Back 6

waste

Front 7

VOLUNTARY WASTE

is any __ __ beyond the right of maintenance causing harm to the premises.

Back 7

affirmative action

Front 8

where an escrow agent delivers the deed to the grantee before the condition or event has occurred, this delivery is __ to pass title.

Back 8

ineffective

Front 9

when delivery of deed properly occurs, title passes to the grantee immediately. If the deed is thereafter returned to the grantor or destroyed before filing what effect?

Back 9

no effect either to cancel the prior delivery or reconvey the title back to grantor.

*the only way to reconvey title back to grantor is to properly reconvey via a new deed.

Front 10

What are the present covenants for title in a "warranty" deed?

Back 10

Covenants of SEISIN; RIGHT TO CONVEY; AGAINST ENCUMBRANCES are present covenants.

*they are breached, if at all, at the moment conveyance is made.
*all grantee needs to show to recover is to show title was in fact defective on date conveyance was made.

Front 11

what are the future covenants for title in a "warranty" deed?

Back 11

covenants of QUIET ENJOYMENT and WARRANTY are future covenants.

*they are breached only when an eviction occurs

Front 12

Statute of Limitations on the covenants of a "warranty" deed:

•for present covenants it begins to run when?

•for future covenants it begins to run when?

Back 12

•present SOL begins to run at time of conveyance made

•future SOL begins to run only when an eviction occurs.

Front 13

Enforcement of covenants by future grantee [RUNNING OF COVENANTS]

•do present covenants run w/ the land?

•do future covenants run w/ the land?

Back 13

•PRESENT usually do NOT run

•FUTURE run w/ the land

Front 14

buyer of used home canNOT sue prior "amateur" owner. But the second buyer may, in most states, sue the original builder for breach of implied warranty of habitability, provided that:
(i) defect was __ __ at time of second purchase, and
(ii) defect occurred w/in a __ time after construction of the house.

Back 14

• not obvious (latent defect)

• reasonable

Front 15

what type of statute provides that an unrecorded deed or mortgage is invalid against any subsequent purchaser without notice, regardless of whether the subsequent purchaser records prior to the first purchaser?

Back 15

pure notice

Front 16

what type of statute protects subsequent purchaser if he records before the earlier purchaser records and subsequent purchaser took w/out notice of the earlier conveyance?

Back 16

Race-Notice

Front 17

what type of statute requires the subsequent purchaser to record before the earlier purchaser and notice of the earlier conveyance is irrelevant?

Back 17

Pure-Race

Front 18

the doctrine of estoppel by deed holds that where O makes a conveyance of property to another before O has title, and then O subsequently obtains title, title passes __ to grantee.

Back 18

immediately

*note: most courts hold that even though estoppel by deed applies between the original grantor and grantee, the doctrine is not binding against a subsequent good-faith purchaser.

Front 19

if a purchaser takes w/out notice of a prior unrecorded instrument resells the property, the new purchaser is treated as one who may claim the benefit of the recording act, even if he buys w/ actual notice.

Back 19

this is called purchaser from one without notice

Front 20

a fully vested remainder is NOT subject to RAP, but a remainder subject to __ is subject to RAP.

Back 20

open

Front 21

if the present possessory estate is a FS DETERMINABLE what does the grantor hold?

Back 21

POSSIBILITY OF REVERTER

Front 22

if the present possessory estate is a FS Subject to a CONDITION SUBSEQUENT what does the grantor hold?

Back 22

RIGHT OF ENTRY (pwr of termination)

Front 23

Contracts for sale of real property
STATUTE OF FRAUDS requires:
•writing,
•signed by party being charged,
•description of property,
•description of parties,
•__, and
•conditions of price or payment if agreed

Back 23

price

Front 24

note: if you see an oral contract for sale of real property where the party claiming enforcement under the doctrine of part performance, the contract will fail if the alleged grantee is paying rent or what looks like installments.

Back 24

to assert the doctrine of part performance the grantee must:
•be in possession,
•paid all or part of the purchase price, and
•Texas requires that valuable improvements be made.

Front 25

Does the existence of zoning regulations make title unmarketable?

Back 25

NO

-but zoning VIOLATIONS does make title unmarketable

Front 26

Do physical defects in the property such as termites render title unmarketable?

Back 26

NO

Front 27

a significant encroachment renders title unmarketable, but a __ encroachment, such as boundary overlap of only a few inches does not.

Back 27

slight

Front 28

Title is not marketable if it contains any of the following defects in the chain of title:
• __ possession;
• defective __ of a deed; or
• significant variation of the __ of land from one deed to the next.

Back 28

adverse;
execution;
description

Front 29

if tenant vacates the premises w/out intent to return and fails to pay rent, the tenant is considered to have __ the premises.
Where a tenant does this, the landlord may retake the premises and hold the tenant liable for __, or reenter and __.

Back 29

abandoned;
rent; relet (release)

note: landlord has no duty to mitigate, but modern trend says he does.

Front 30

a remainder created in favor of unborn person has to be a __ remainder.

Back 30

contingent

Front 31

if one co-tenant wrongfully ousts another co-tenant from possession of the whole or any part of the premises, the ousted co-tenant is entitled to receive her "share" of the __ __ value of the property for the time she was wrongly deprived of possession.

Back 31

fair rental.

Front 32

in a __ theory jurisdiction (mjrty rule) a joint tenants mortgaging of the property does not destroy the joint tenancy as long as he continues to make payments.

Back 32

LIEN theory


*only foreclosure sale destroys JT

Front 33

Installment Contracts for sale of land:

When does buyer receive title?

Back 33

when he has paid ALL (or sometimes substantially all) of the PURCHASE PRICE