Ownership
The holder of this has all possible rights that a person may have in a parcel of land
What is Fee Simple Absolute?
This type of privity is between the original covenantor and covenantee
What is Horizontal Privity?
THIS requires a writing for the transfer of an interest in real property
What is Statute of Frauds?
this is the most common land security device
what is MORTgage
An adverse possessor is considered to be the owner against the entire world except THIS PARTY
What is the true owner?
An example of this is "A to B on condition that B gets married. If B dies without marrying, the property will pass to C."
What is Fee Simple Subject to Executory Interest?
A company can run power lines across Shang's property because they have THIS land interest.
What is an Easement in Gross?
These are the 2 exceptions to the Statute of Frauds
What are Doctrine of Part Performance and Equitable/Promissory Estoppel?
THIS issues the mortgage (borrower) and THIS receives the mortgage (lender)
What are Mortgagor and Mortgagee
A disability can suspend the running of an adverse possession statute of limitations if THIS is true
What is the disability exists at the time the adverse possession starts?
What is a tenant at sufferance?
These elements must be met for a covenant to run with the land
What are Privity, Intent, Notice, and Touch and Concern?
Emily sells her land to Allie under a valid contract. There is now a bifurcation of title. THIS passes to Allie and THIS remains with Emily until the deal closes.
What is Equitable Title? What is Legal Title?
THIS is a mortgage that covers part or all of the purchase price
What is a Purchase-Money Mortgage?
THESE are the three requirements for a valid conveyance
What are donative intent, delivery, and acceptance?
Allie the Zebra rents a zoo exhibit from Shang for three years, at $600 a year, paid in monthly installments. Shang owns the zoo. After one year of renting, Allie decides she would rather go live in a safari. She still has two years left in her lease. She transfers her remaining interest in the zoo exhibit to Adriana the Lion, who was looking to downsize. Adriana ends up hating it there, due to the amount of kids she sees but cannot attack and eat. The temptation is too much. Out of fury, Adriana only pays for the first six 6 months. After a year, she transfers the remaining interest in the exhibit to Emily the Penguin. Emily lives there and pays on time for the remaining year. She loves it so much that she does not leave after the year ends, even though Shang has made it clear that she despises penguins, that this is a penguin-free zoo, and wants her gone. After 6 months of Emily's refusal to leave, Shang picks Emily up, flings her into a nearby child's backpack, and sues for all of the missing rent. Over the past two years, the value of the exhibit has increased to $800. How much is Allie the Zebra liable for? How much is Adriana the Lion liable for? How much is Emily the Penguin liable for?
Allie the Zebra= $0
Adriana the Lion= $300
Emily the Penguin= $400
Maggie owns Lot A. On the back half of Lot A is a house with a paved driveway that leads from the house to a public highway. Maggie sells this back half of the lot to Ansley, keeping the front half of Lot A, cutting off the driveway with access to the public highway for Ansley's subdivided lot. The deed is silent about the access easement. If there was common ownership and prior use of the driveway and Ansley has no other reasonable way to access the public library, all elements are present for THIS type of easement.
What is Easement By Implication (Implied by Prior Use)?
Name 3 of the 6 covenants of title that a General Warranty Deed contains.
What are Seisin, Right to Convey, Covenant against Encumbrances, Quiet Enjoyment, Warranty, Further Assurances?
If a lender has discretion to advance funds depending on the mortgagor's financial situation, it is called THIS (as opposed to THIS)
What are Optional Future-Advance Mortgage and Obligatory Future-Advance Mortgage?
THESE are the four written requirements of a valid deed that will satisfy the Statute of Frauds
What are sufficient identification of parties, words indicating transfer intent, sufficient description of property, and grantor's signature?
Sebastian owns the Hunger Games arena after purchasing it from President Snow. He cares deeply about preserving the tradition of the Games. Sebastian wants to promise the arena to Maggie as a gift for her birthday, but he also wants to provide for Shang and Kevin's future kids as well. His final will states that he leaves the arena to Maggie for life, then to Shang and Kevin's children, unless Maggie stops using the arena for the Hunger Games, in which case the arena goes immediately to Shang and Kevin's children, so long as they also never stop using the arena to host Hunger Games. Years down the line, Sebastian is long dead, Maggie is alive, and Shang and Kevin have a 4 year old daughter named Concrete.
What interest does Concrete have in the arena?
What interest does Maggie have in the arena?
Concrete- Vested Remainder Subject to Open and Subject to Total Divestment
Maggie- Fee Simple Subject to Executory Interest
These are four ways to terminate an easement if you are the easement holder.
What are Merger of Title, Written Release, Abandonment, and Severance?
Sebastian enters into a land-sale contract with Adriana. The deed is a Warranty Deed. Adriana's successors can NOT sue on THESE covenants.
What are Seisin, Right to Convey, Covenant against Encumbrances?
THESE are the three security relationship theories
What are Lien Theory, Title Theory, and Intermediate Theory?
Name and Explain the three types of recording statutes!!!!
Race Statute (record first and prevail), Notice Statute (a bone fide purchaser for value who takes without notice of any other claim prevails), and Race-Notice Statute (an unrecorded conveyance is invalid against a subsequent bona fide purchaser who takes without notice and records first)