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Free flashcards to ace your Bar exam - Real Property
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Real Property
46 flashcards
The main types are freehold estates (fee simple absolute, fee simple defeasible, life estate) and non-freehold estates (leasehold, easement, profit).
The bundle of rights includes the right to possess, use, enjoy, dispose of, and exclude others from the property.
A fee simple absolute is the highest form of ownership in real property, granting an indefinite and inheritable interest in the land.
A life estate is a freehold estate that lasts for the lifetime of the person holding it. A leasehold is a non-freehold estate for a determined period of time.
The requirements are an offer, acceptance, consideration, legal subject matter, legal object, and competent parties.
The Statute of Frauds requires certain types of contracts, including contracts transferring an interest in land, to be in writing and signed.
An easement is a non-possessory right to use another's land for a specific purpose, such as a right of way or utilities access.
A deed is a legal instrument that conveys title or ownership interest in real property from one party to another.
Common types include general warranty deed, special warranty deed, quitclaim deed, and grant deed.
Title insurance protects the buyer or lender against defects or problems with the title to the property being purchased.
Fixtures are items that were once personal property but have become permanently attached to and part of the real property. Personal property is movable.
Adverse possession allows someone to acquire ownership of real property belonging to another by openly and notoriously possessing it for a statutory period of time.
A covenant is a written agreement, promise or restriction in a deed that binds the parties to the deed with regard to using the real property.
An encumbrance is a right or interest in real property held by someone other than the property owner, which diminishes the value of the property.
Eminent domain is the power of the government to take private property for public use, with payment of just compensation.
Common types include gross lease, net lease, percentage lease, and ground lease.
A sublease is when a tenant leases all or part of the leased premises to another party, creating a lessor-lessee relationship.
Remedies may include damages, injunction, termination of the lease, or eviction.
Generally, landlords must maintain the property in habitable condition and make necessary repairs, unless otherwise agreed in the lease.
The rule against perpetuities prohibits interests in property from vesting too remotely in the future.
Zoning refers to municipal laws regulating how real property can be used in particular areas.
An escheat is the reversion of property to the state when an owner dies without a will and has no heirs.
Partition is a legal action to divide concurrent interests in real property into separate portions representing each party's share.
Emblements is the right of a tenant farmer to harvest crops planted before their tenancy ends.
The rule of capture gives a landowner the right to extract groundwater from their land, even if it depletes a neighbor's water supply.
Main types are tenancy in common, joint tenancy, tenancy by the entirety.
Alienation refers to the transfer of property rights held by one person to another person.
Equitable conversion treats the purchaser of land as the owner from the contract date, for the purpose of risk and ownership interests.
Trespass is the unauthorized entry upon or interference with another's real property rights.
Waste is the abuse, misuse or neglect of real property by one in rightful possession, which diminishes its value.
The Rule in Shelley's Case converts a life estate to a remainder into a fee simple absolute in certain situations.
The doctrine of merger states that when greater and lesser estates unite in one owner, the lesser estate merges into the greater.
A defeasible fee estate is an estate that can be terminated or made defeasible upon the occurrence of a specified event.
The doctrine of worthier title states that a transfer from a grantor to their own heirs fails and becomes a reversion.
The rule of lis pendens requires notice of pending litigation affecting real property to be recorded so as to bind future purchasers.
A purchase money mortgage is a mortgage given by the buyer to the seller at the time of sale to secure part of the purchase price.
The statute of limitations sets time limits for bringing claims related to real property interests.
The doctrine of after-acquired title allows the title to real property to pass when the grantor later acquires an interest in the property after conveying it.
An estate for years has a definite duration, while a periodic tenancy continues until terminated by notice.
Severance of a joint tenancy terminates the right of survivorship, converting the ownership to a tenancy in common.
Joint tenancy has right of survivorship; tenancy in common has no survivorship rights.
Rescission is the cancellation or annulment of a contract which attempts to restore the parties to their original positions.
Requirements include a recited consideration paid by the option holder and a fixed time period for exercising the option.
Squatter's rights refers to the ability of someone to gain legal ownership of real property through adverse possession after a statutory period.
A real estate closing is the final step of executing the transfer documents and disbursing funds to complete a real estate sale transaction.
A title search aims to discover any potential defects, liens, encumbrances or limitations on the title to the real property.