Final Exam Notes (chapters 49,50,51,52) PDF

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letures notes for final exam. chapters 49,50,51,52...

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Chapter 49: Real Property 14 points/ 7 questions 49.01 - 6 questions 49.02- 1 question

License vs. Easement Interest in real property : Non possessory estates (do not include right to possess the property) License ● Is a temporary and revocable right to use another’s property ● No property interest goes to license holder

Easement - revocable right to use some part of another’s land for a specific purpose without taking anything from it ● Easement by prescription ○ An easement created by state of law when certain conditions of law are met, most frequently by openly using a portion of another’s property for a statutory period of time (usually 25 years)

● Easement by Implication/ Necessity ○ When property is divided into 2 parcells/ divided in a way that one part is needed to enjoy and use the second part , then the owner of second has easement by implication of the first

● Easement and Profits ○ Neither ownership or possessory interests ○ Take part of the land or product for a profit ○ Appurtent- when it runs with land adjacent to the property ○ In gross- not dependent on owning land adjacent ○ Express agreement or inheritance Joint Tenancy vs Tenancy in Common vs. Tendency in/by Entirely

Under co - ownership

Joint Tenancy ● May sell their shares without consent of the other owners, as well as have their interest attached by creditors ● All share EQUAL shares of the property ● In the cause of a death of one tenant, the property is evenly divided among the living

Tenancy in Common ● Most common type of co-ownership ● Gives each co-owner the right to sell his/her interest without the consent of others, to then own an unequal share of the property ● Also have right to have a creditor attach to his or her interest ● The heirs of tenancy in common receive the property interest on the tenants death

Tenancy in/by Entirely ● Co-ownership by married couples ● One cannot sell his or her interest without the other’s consent ● Creditors of one owner can not attach the property ● One dies, other spouse assumes full ownership ● If owners divorce---- the interest becomes tenancy in common

General vs. Quit Claim vs. Special/Limited Warranty Deed Voluntary transfer of REAL property: execution,delivery,acceptance,recording

General ● Most commonly used ● A deed containing a covenant in which the seller agrees to protect the buyer against being

repossessed because of any adverse claim against the land ● Such covenants vary by state but generally promise that ○ The grantor owns the interest he or she is conveying ○ The grantor has right to convey the property ○ There are no mortgages oe liens against the property unless stated in the deed ○ The grantee will not disturb anyone who has a better claim to title of the property …... ○ The grantee will provide any additional documents…. Quit Claim ● Least desirable type of deed ● Carries no warranties ● The grantor simply conveys whatever interest they hold ● If grantor had a defective title ---- the grantee receives a defective title too. ● Because of this, not many grantees will accept

Special/Limited Warranty Deed ● A deed which promises only that the seller has not done anything to lessen the value of the estate ● Used if not comfortable with general warranty deed

Questions on Test Bank:

1. (p. 1084)

Real property is commonly referred to as "realty." TRUE Real property is commonly referred to as realty.

Subleasing of leased property by the tenant to another party is permissible unless specifically prohibited by the lease. TRUE Subleasing of the property by the tenant to another party is permissible unless specifically prohibited by the lease.

3. (p. 1090)

A license is a right to use another's property that is temporary but not revocable. FALSE A license is a temporary and revocable right to use another's property.

5. (p. 1094)

In most states, a broker cannot act as an agent for both buyer and seller unless both parties consent. TRUE In most states, a broker cannot act for both buyer and seller (given their different interests) unless both parties consent.

6. (p. 1095)

Title insurance protects a buyer from losses resulting from a defect in the title of property. TRUE Title insurance protects the buyer from losses resulting from a defect in the title.

8. (p. 1102)

Restrictive covenants are promises to use or not use land in particular ways. TRUE Restrictive covenants are promises to use or not use land in particular ways.

13.

Which of the following is land and everything permanently attached to it?

(p. 1084)

A.

Real property

B.

Personal property

C.

Absolute property

D.

Listed property

E.

Fee property

Real property, commonly referred to as realty, is land and everything permanently attached to it.

14. (p. 1084)

Which of the following would originally have been personal property but became part of realty after being permanently attached to real property?

A.

A fee

B.

A fixture

C.

A consolidation

D.

A mix

E.

An enclosure

A fixture is an item that was originally a piece of personal property but became part of the realty after it was permanently attached to the real property in question. The duration of one's ownership interest and the power one has over using the land depends on the type of ______ one is said to hold.

A.

Condition

B.

Estate

C.

Tenancy

D.

Dominion

E.

Territory

The duration of a person's ownership interest and the power he or she has over use of the land depend on the type of estate the person holds.

22.

An owner of a ______ has a possessory interest but not an ownership interest.

(p. 1088)

A.

Conditional estate

B.

Life estate

C.

Leasehold

D.

Future interest

E.

Fee simple absolute

The holder of a leasehold has a possessory but not an ownership interest.

24. (p. 1088)

A[n] ______ is an irrevocable right to use some part of another's land for a specific purpose without taking anything from it.

A.

Appurtenance

B.

Profit

C.

Easement

D.

Fixation

E.

Joint use

An easement is an irrevocable right to use some part of another's land for a specific purpose without taking anything from it.

25. (p. 10881089)

A[n] ______ is the right to go onto someone's land and take part of the land or a product of it away from the land.

A.

Appurtenance

B.

Profit

C.

Easement

D.

Fixation

E.

Joint use

A profit is the right to go onto someone's land and take part of the land or a product of it away from the land. An easement or profit is ______ when it runs with the land adjacent to the property on which it exists.

A.

Express

B.

Adjoining

C.

In gross

D.

Appurtenant

E.

Prevailing

An easement or profit is appurtenant when it runs with land adjacent to the property on which it exists.

An easement or profit is ______ when it is not dependent on owning property adjacent to the land on which the nonpossessory interest exists.

A.

Express

B.

Adjoining

C.

In gross

D.

Appurtenant

E.

Prevailing

Easements or profits in gross are not dependent on owning property adjacent to the land on which the nonpossessory interest exists.

28. (p. 1090)

If a piece of property is divided and one portion is landlocked as a result, an easement by ______ is created.

A.

Prescription

B.

Express need

C.

Necessity

D.

Implication

E.

Requirement

If a piece of property is divided and one portion is landlocked as a result, an easement by necessity is created.

30. (p. 1090)

In which of the following types of ownership does each co-owner have the right to sell his or her interest without the consent of the other owners, have the right to own an unequal share of the property, and the right to own property subject to the right of a creditor to attach his or her interest?

A.

Joint tenancy

B.

True tenancy

C.

Tenancy in common

D.

Joined tenancy

E.

Tenancy by the entirety

Tenancy in common is the most common type of co-ownership. It gives each co-owner the right to sell his or her interest without the consent of the others, to own an unequal share of the property, and to have a creditor attach his or her interest.

31. (p. 1091)

In which of the following do all tenants own equal shares of the property with the property divided equally among surviving joint owners upon the death of one tenant?

A.

Joint tenancy

B.

True tenancy

C.

Tenancy in common

D.

Joined tenancy

E.

Group tenancy

Joint tenants all own equal shares of the property, and on the death of one the property is divided equally among the surviving joint owners.

32. (p. 1091)

Which of the following describes co-ownership by married couples allowing full ownership by the surviving spouse when the other spouse dies?

A.

Joint tenancy

B.

Cooperative tenancy

C.

Tenancy in common

D.

Joined tenancy

E.

Tenancy by the entirety

Tenancy by the entirety describes co-ownership by married couples: One owner cannot sell his or her interest without the other's consent, and creditors of one owner cannot attach the property. If one owner dies, the surviving spouse assumes full ownership.

34.

If the owners in a tenancy by the entirety divorce, the interest becomes a ______.

(p. 1091)

A.

Tenancy in common

B.

Joint tenancy

C.

License

D.

Fee simple

E.

Fee simple absolute

If the owners in a tenancy by the entirety divorce, the interest becomes a tenancy in common.

40. (p. 1093)

A[n] ______ deed is the most commonly used deed to transfer property and contains certain promises by the grantor.

A.

Quitclaim

B.

Special warranty

C.

Approved

D.

General warranty

E.

Specific

The most commonly used deed, the general warranty deed, contains certain warranties or promises by the grantor.

42. (p. 1093)

In making a transfer by ______ deed the grantor is only making the promise that he or she has not done anything to lessen the value of the estate.

A.

Quitclaim

B.

Special warranty

C.

Approved

D.

General warranty

E.

Specific

A grantor executing a special warranty deed promises only that he or she has not done anything to lessen the value of the estate.

43. (p. 1093)

The ______ deed carries no warranties, and the grantor simply conveys whatever interests he or she holds.

A.

Quitclaim

B.

Special warranty

C.

Approved

D.

General warranty

E.

Specific

A quitclaim deed carries no warranties; the grantor simply conveys whatever interests he or she holds.

44.

Which of the following is the least desirable type of deed from the grantee's perspective?

(p. 1093)

A.

Quitclaim

B.

Special warranty

C.

Approved

D.

General warranty

E.

Specific

From the grantee's perspective, the least desirable type of deed is the quitclaim deed.

Chapter 50 : Landlord Tenant Law 14 points/ 7 questions 50.01- 3 questions 50.02- 2 questions 50.04- 2 questions

Creation of Landlord Tenant Relationship - Exceeds one year, must be in writing - Oral or written contract - Requirements - 1. Names of the tenants and landlord - 2. Express or implied intent to create the relationship - 3. Description of the property - 4.specific length of the lease - 5. The amount of rent to be paid to the landlord Idk if this is on it: Types of leases - Definite term lease (term for years) - Periodic tenancy lease (created for reoccuring term) - Cy at will lease (terminate lease at any time) - Tenancy at sufferance lease (if tenant fails to leave the property)

Rights of Tenant ● Tenants right to exclusive possession of property named in the lease 1. Tenants right to retain possession 2. Tenants right to quiet enjoyment of the property 3. Landlord right to reimbursement for tenants waste

Assignment without permission ● Assignment ○ 1. Contracting party’s transfer of his or her rights to the contract to a 3rd party ○ 2. A transfer of intendee’s entire interest in a leased property

Lessor vs. Lessee

?

Fair housing act When creating the landlord-tenant relationship, the landlord has freedom in deciding whether to accept a tenant

If the individual has a history of not paying bills, the landlord does not have to enter into agreement with this person

HOWEVER, under the fair housing act, - Landlord may not discriminate against prospective tenant with regard to color, sex, religion, national origin, family status, or disability - If a landlord denies because of one of these ^^, then the prospective client can bring a suit against the landlord - The court decides if the fair housing act had been violated

Actual vs. Constructive Eviction

Actual Eviction ● An eviction in which a landlord physically prevents the lessee from entering the leased premises Constructive Eviction ● An eviction occurs when a property has become unsuitable for use due to the unlivable

quality of the property

Implied Warranty of Habituality Under use of the premises Most states have imposed an Implied Warranty of Habituality

● Is a requirement that the premises is fit for the ordinary residential purposes

Questions from test bank:

1. (p. 1109)

If a landlord retains control of and access to property, the relationship is likely not a landlordtenant relationship because the tenant does not have an exclusive right to possession of the property. TRUE If the landlord retains, the relationship is likely not a landlord-tenant relationship because the tenant does not have an exclusive right to possession of the property.

2. (p. 11101111)

If an individual has a history of not paying rent or severely damaging premises, the landlord does not have to enter into an agreement with this person to lease premises. TRUE If an individual has a history of not paying rent or severely damaging premises, the landlord does not have to enter into an agreement with this person to lease premises.

3. (p. 1114)

A covenant of quiet enjoyment is one of the covenants made by a lessee. FALSE One of the most important promises that a landlord, the lessor, makes in a lease is the covenant of quiet enjoyment, a promise that the tenant has the right to quietly enjoy the land.

4. (p. 1115)

An eviction may only be full, not partial. FALSE An actual eviction may be full or partial.

Rent can be defined as the compensation paid to the landlord for the tenant's right to possession and exclusive use of the premises. TRUE Rent can be defined as the compensation paid to the landlord for the tenant's right to possession and exclusive use of the premises.

6.

Rent ceilings are always illegal.

(p. 1120)

FALSE In some cases, the landlord has much freedom in determining how much rent should be charged. However, in other cases, the government establishes rent ceilings.

By federal law, if a tenant vacates prior to the expiration of the lease term, the landlord has no duty to attempt to lease the property to another party. FALSE

In situations in which a tenant vacates premises without paying rent, some states are requiring that landlords make a reasonable attempt to lease the property to another

9. (p. 1115)

Interference with a tenant's quiet enjoyment of property may be in the form of an eviction. TRUE Interference with a tenant's quiet enjoyment of property is usually in the form of an eviction.

13.

In the landlord-tenant relationship, the owner of the property is called the _____.

(p. 1109)

A.

Landlord or lessor

B.

Landlord or lessee

C.

Holder or lessor

D.

Holder or lessee

E.

Holdee or lessee

The owner of the property is called the landlord or the lessor.

14. (p. 1109)

In the landlord-tenant relationship, the party who assumes temporary ownership of the property is the _____.

A.

Tenant or lessor

B.

Lessor or lessee

C.

Holder or lessor

D.

Holder or lessee

E.

Tenant or lessee

The lessee, or the tenant, is the party who assumes temporary ownership of the property.

15.

In the landlord-tenant relationship, the property in question is called the _____.

(p. 1109)

A.

Premises

B.

Leasehold estate

C.

Occupied property

D.

Occupied estate

E.

Controlled area

The property in question is called the leasehold estate.

16.

When must a lease generally be in writing?

(p. 1109)

A.

Leases must always be in writing in order to be enforceable.

B.

When the lease term exceeds 9 months.

C.

When the lease term exceeds 1 year.

D.

When the lease term exceeds 18 months.

E.

When the lease term exceeds 2 years.

Generally, if the lease exceeds one year, it must be in writing.

19. (p. 1110)

A[n] ______ lease automatically expires at the end of the specified term, and the landlord is not required to give any notification of termination....