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Property- Essays
| Question | Answer |
|---|---|
| Fee Simple Absolute | A fee simple absolute is an estate where the grantee receives all possible rights to the land. |
| Fee Simple Determinable | A fee simple determinable is an estate that terminates automatically upon the happening of a named future event. |
| Fee Simple Subject to Condition Subsequent | A fee simple subject to a condition subsequent is an estate that may be cut short if it is retaken by the grantor or a third party on the happening of a named future event. |
| Fee Simple Subject to Executory Interest | A fee simple subject to an executory interest is an estate that is automatically divested in favor of a third person on the happening of a named future event. |
| Life estate | is an estate that lasts for the duration of the grantee's life. |
| Life Estate "Pur Autre Vie" | is an estate that lasts for the duration of someone's life other than the grantee. |
| Term Estate | is an estate with a duration of anything less than a life estate. |
| Fee Tail | is a common law freehold estate that descended only to the grantee's children. |
| Rule Against Perpetuities | provides that no interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest. |
| Rule against waste | provides that the tenants of life estates and leaseholds cannot adversely affect future interests by negligently or intentionally damaging the property and must take reasonable steps to guard against damages. |
| Doctrine of ameliorative waste | a life tenant is allowed to improve the land if 1) the improvements don't impair market value and 2) it's either permitted by the remaindermen or a substantial and permanent change in the neighborhood has deprived the property of reas. current value |
| Life tenants may consume natural resources if | 1) for the repair and maintenance of the property or 2) with grantor's permission. |
| A life tenant has a duty to maintain the property in: | reasonable repair to the extent of 1) income derived from property if rented to another or 2) reasonable rental value of the land if tenant lives on the land. |
| A restraint on alienation is | a condition placed on the ownership of real property that restricts free conveyance of that property. |
| A Disabling restraint | is always void |
| Forfeiture restraints & Promissory Restraints are | valid only for life estates and future interests. |
| Tenancy in Common | is where each co-tenant owns an undivided interest in the whole of the property with no right of survivorship. |
| joint Tenancy | where each co-tenant owns an undivided interest in the whole of the property and with right of survivorship. |
| Right of Survivorship | causes the property to pass to the surviving co-tenants if one of the co-tenants dies. |
| A joint tenancy is severed | if one JT conveys his interest voluntarily or involuntarily. |
| Tenancy by entirety | a form of concurrent ownership reserved for married couples which gives each spouse an undivided interest in the whole of the property with the right of survivorship. |
| Each co-tenant is entitled to possess | the whole of the property |
| wrongful ouster by a co-tenant occurs when | one co-tenant wrongfully excludes another co-tenant from possession of any party of property. |
| Elements of adverse possession | 1) open, visible, and notorious, 2) actual, 3) exclusive, 4) hostile and under claim of title or right and 5) continuous for the statutory period |
| in Illinois the statutory period for adverse possession is | 20 years |
| Each co-tenant has a right to seek | partition of the property |
| If a co-tenant makes necessary repairs | contribution may be compelled for those repairs if they were requested of the other co-tenant and there was a refusal to pay. |
| Tolling of SOL on adverse possession occurs when: | Minority, Insanity, and Imprisonment will toll the running of the SOL on adverse possession as long as the disability exists at the time the adverse possession starts. |
| A co-tenant has no right to seek | a contribution or set off for improvements unless they generate increased profits. |
| A writing for the transfer of a real interest in property must contain the following elements to satisfy the SOF: | 1) be signed by party against whom enforcement is sought; 2)describe the property, parties, and price; and 3) contain any conditions of price or payment agreed upon. |
| Doctrine of Part performance | The doctrine of part performance may be used to enforce an otherwise invalid oral contact of sale, provided that the acts unequivocally prove the existence of the contract. |
| Marketable Title | Marketable title is titled that is reasonably free from doubt in both fact and law. |
| A purchaser becomes an | equitable owner of title at the time of the execution of a binding contract. |
| In Illinois, if the seller remains in possession | or no one is in possession between the signing of the contract and closing, the risk of loss remains on the seller. |
| seller's expectation damages for buyer's breach | are measured by the difference b/w contract price and market price at the time of the breach. |
| If a buyer breaches a k for the sale of real property, the seller can get | 1) expectation damages, 2) deposit if 10% or less; 3) foreseeable consequential damages; 4) reasonable reliance damages; 5) rescission or specific performance |
| If a seller breaches a k for sale of real property, the buyer can get | 1) expectation damages (diff. b/w k price and market price @ breach), 2) reasonable reliance damages 3) restitution of down payment, 4) specific performance |
| when do covenants in a contract of sale merge into the deed? | only if they are mentioned in the deed. |
| General Warranty Deed | seller warrants that no title defects have occurred during her ownership and there are no defects in the chain of title. |
| Special Warranty Deed | seller warrants that no title defects have occurred during her ownership. |
| Quitclaim Deed | seller does not make any warranties. |
| Covenant of Quiet Enjoyment | grantor guarantees that she will assist in defending lawful title claims and will compensate for losses sustained in assertion of superior title. |
| 3 requirements for an effective transfer of real property by deed | 1) donative intent; 2) delivery; 3) acceptance |
| A lease may be oral if | less than one year |
| A lease must be in writing if | for a term of more than 1 year |
| term of years | definite beginning and end |
| Periodic tenancy | has a set beginning date and continues from period to period without a set termination date. |
| At will lease | has no fixed duration and lasts only so long as landlord and tenant desire. |
| Holdover tenant | one who remains in possession of the premises after the expiration of the lease. |
| In IL, a willful or deliberately wrong holdover subjects the tenant to | double rent penalty. |
| The landlord is responsible for | repairs |
| A tenant may terminate the lease and withhold rent if | the LL breaches the covenant of quiet enjoyment by constructive eviction. |
| Constructive eviction occurs when | 1) LL’s act substantially and permanently interfere’s with tenant’s use and enjoyment of the premises and 2) tenant moves out as a result. |
| implied warranty of habitability guarantees | that the LL will deliver and maintain the premises that are safe, clean and fit for human habitation. |
| A tenant abandons the premises when | she vacates the premises without intent to return and fails to pay rent. |
| Assignment | occurs when the tenant transfer to a third person all rights and interest in the premises. An assignee has privity of estate with the landlord while in possession of premises. |
| Sublease | occurs when the tenant transfers less than all of her rights and interest in the premises to a third person. |
| In Illinois, if a lease requires a LL's consent for a sublease, | the LL cannot unreasonably withhold consent. |
| Fixture | chattel that is so connected to the real property as to be a part of it. |
| Trade fixture | is a chattel that is connected to the land by a tenant to advance her business or trade during her tenancy |
| A mortgage deed must contain | 1) parties’ identity; 2) description of property; and 3) intent to create a security interest. |
| Title theory | mortgagee receives legal title to property, right to possession, and rents & profits. |
| Lien theory (Illinois) | mortgagee receives a lien and mortgagor retains legal & equitable title and possession. |
| Deeds of trust are generally | treated like mortgages |
| Recordation of a deed is not required to | validate the transfer |
| Race Statute | whoever records first has title to the property |
| Notice Statute | the last bona fide purchaser who takes without notice has title |
| Race Notice Statute (illinois) | the last bona fide purchaser who takes without notice and records has title |
| constructive notice | exists where the deed is properly recorded |
| Inquiry notice | exists where the appearance of the property would lead a claimant to question the title |
| profit a prendre | is a right to take something off of the land of another |
| easement may be created in 4 ways | 1) expressly thru a writing; 2) by implication; 3) by prescription; 4) by estoppel |
| Easement | is an interest in the land of another |
| An easement by prescription requires | the elements of adverse possession |
| easement by implied by prior use | 1)severance of land held in common ownership; 2) prior use at time of severance; 3) reasonable necessity |
| easement implied by necessity | 1) severance of land held in common ownership and 2) strict necessity at time of severance |
| an easement is terminated when | dominant and servient estates come into common ownership |
| A covenant that runs with land is a | promise that attaches to land |
| there are 5 elements required for a covenant to run with land | 1) writing; 2) intent; 3) privity; 4) touch and concern; 5) notice |
| A court will enforce a covenant in equitable servitude if | 1) P can establish elements of a CRL but seeks equitable relief OR 2) P can only demonstrate part performance and a common scheme |
| implied reciprocal servitude | where owner of 2 or more lots sells one with restrictions that benefit the unsold land, the restrictions become mutual and the seller cannot do what is forbidden to the retained land. |
Created by:
srslaw87
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