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Property
Fordham 1L final property exam
76
Law
Professional
12/12/2012

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Term
Analytical Frameworks
Definition
Sticks in the Bundle, Legal Realism, Prior Possession, Labor Theory, Property as Personhood, Settled Expectations
Term
Sticks in the Bundle
Definition
Use, Exclude, Transfer
Term
Continuous (AP)
Definition
consistent as a true owner would
Term
Hostile
Definition
Use as a true owner would
Term
Acquisition by Gift
Definition
Intention, Delivery, Acceptance
Term
Delivery
Definition
Manual, Constructive, Symbolic
Term
Constructive Delivery
Definition
key; object that allows access
Term
Symbolic delivery
Definition
written instrument
Term
Inter vivos gift
Definition
voluntary, immediate transfer of property w/o consideration from one person to another
Term
Gift causa mortis
Definition
gift is revoked if donor survives, 3 Gift elements + imminent death
Term
Eminent Domain issues
Definition
Just Compensation, Public Use, Taking
Term
Public Use (ED)
Definition
essential nexus between state's interest and the exaction imposed
Term
Taking (ED)
Definition
physical invasion, regulation denying all economically beneficial or productive use of land
Term
Nuisance
Definition
relating to public health; not a taking; private home does not qualify
Term
Fee simple absolute
Definition
estate of inheritance, can last forever
Term
Fee simple determinable
Definition
ends automatically when an event happens; Possibility of Reverter "only until... so long as... while... until.. during.. as long as"
Term
Fee simple subject to Condition subsequent
Definition
may be divested at the grantor's election; right of re-entry
Term
Fee simple subject to Executory limitation
Definition
when a grantor trasnfers fee simple to conditions subsequent and in the same instrument creates a future interest in a 3rd party
Term
Fee Tail
Definition
"O to A and the heir of his body"... O would become possessory when A's bloodline ended
Term
Per autre vie
Definition
"O to A for the life of X"
Term
Affirmative waste
Definition
actively do something that damages the property
Term
Permissive Waste
Definition
Negligence; failure to preserve the land/structure, Pay interest on the mortgage, pay ordinary taxes
Term
Ameliorative Waste
Definition
improvement upon the property w.o consent of the future interest holders
Term
Reversions
Definition
only follow a particular estate (less than fee simple)
Term
Possibility of Reverter
Definition
only follows a fee simple determinable
Term
Remainder
Definition
future interest in someone other than the grantor, immediately following a preceding particular estate
Term
Vested Remainder
Definition
right to immediate possession is w/o pre-conditions
Term
Vested remainder subject to Divestment
Definition
when a condition subsequent can cut it off
Term
Vested Subject to Open
Definition
a class of recipients where at least one member is born/ascertained
Term
Contingent remainder
Definition
immediate possession is subject to a condition precedent or to an unascertained persons
Term
Executory Interests
Definition
future interest in a person other than the grantor that either directly follows a fee simple or divests another estate or directly follows possession by the grantor
Term
Shifting executory interest
Definition
follows a fee simple
Term
springing executory interest
Definition
the possession springs out of the grantor at some future time
Term
Joint tenants
Definition
Must share Time, Title, Interest, Possession
Term
Tenancy by the Entirety
Definition
Marriage + Joint tenancy. Ends at death, divorce or mutual agreement
Term
Periodic Tenancy
Definition
fixed duration that continues for succeeding periods until landlord or tenant gives notice of termination
Term
Tenancy at WIll
Definition
no fixed period and endures as long as both landlord and tenant desire
Term
Tenancy at Sufferance
Definition
holdover; tenant remains in possession after tenancy period is over
Term
Exceptions to Holdover
Definition
tenant remains in possession for only a few hours, leaves a few articles, or the delay isn't the tenant's fault (severe illness)
Term
Abandonment
Definition
vacate the leased premises w/o justification, have no intention to return, default in the rent
Term
Estoppel
Definition
when injury would result from denying enforcement of the oral contract after one party has been induced by the other seriously to change his position in reliance on the contractI
Term
Part performance
Definition
allows the specific enforcement of oral agreements when particular acts have been performed by one of the parties to the agreement
Term
Marketable title
Definition
free from reasonable doubt of the hazard of litigation; implied condition of a contract of sale
Term
Caveat emptor
Definition
where fairness and common sense dictate that an exception should be created
Term
Implied warranty of quality
Definition
privity of contract is not necessary for a subsequent purchaser to sue a builder/contractor for latent defect which manifest within a reasonable time after purchase and cause economic harm
Term
Laches
Definition
knowledgable subsequent purchaser cannot sit on their rights
Term
Remedies for Breach of Sales
Definition
Damages, retention/restitution of the deposit, specific performance
Term
Special warranty deed
Definition
warranties only against the grantor's own acts, but not the acts of others
Term
Transfer of Mortgage
Definition
Subject to mortgage, Assuming Mortgage, Acceleration clause
Term
Subject to mortgage
Definition
purchaser does not assume any personal liability for the mortgage, for which the mortgagor remains liable
Term
Assuming mortgage
Definition
purchaser assumers personal liability for the mortgage, but does not relieve mortgagor of duty to pay lender
Term
Acceleration clause
Definition
if mortgagor's equity is transferred, allows lender to declare whole amount of the debt due and, upon failure to pay, to foreclose
Term
Judicial foreclosure
Definition
court ordered, sell property at public auction and distribute any surplus sales proceeds to junior lien holders and the mortgagor
Term
Power of Sale foreclosure
Definition
contract contains express provisions by which the mortgagor consents to foreclosure of the equity of redemption by a public auction sale, but w/o any judicial involvement
Term
Equitable mortgage
Definition
parties intend a deed, lease or other instrument to be secured for a debt, courts are going to treat it like a mortgage, regardless of the form of transaction
Term
Constructive Notice
Definition
found by a title search
Term
Inquiry Notice
Definition
reasonable person would discover through inquiry
Term
Types of Notice (4)
Definition
actual, constructive, inquiry, imputed
Term
Imputed Notice
Definition
arises in the context of a special relationship b/t 2 people
Term
Type of Recording Acts (3)
Definition
Race Statute, Notice statute, Race-notice statue
Term
Race statute
Definition
between successive purchasers of property; person who records first prevails; cannot have notice
Term
Notice Statute
Definition
if a subsequent purchaser has notice of a prior unrecorded instrument, the purchaser could not prevail over the prior grantee
Term
Race-notice statute
Definition
subsequent purchaser is protected against prior unrecorded instruments only if he/she: 1) didn't have notice at time of delivery 2) records before the prior instrument is recorded
Term
Easement
Definition
A is given the right to enter upon B's land
Term
Profit (servitude)
Definition
A is given the right to enter upon B's land and remove something attached to the land
Term
Negative easement
Definition
A is given the right to enforce a restriction on the use of B's land
Term
Real Covenant/Equitable Servitude
Definition
A is given the right to require B to perform some act on B's land
Term
Express easement
Definition
arise by grant
Term
Easement by implication
Definition
where the grantee is aware of a reasonably necessary use of the grantee's property for the comfortable enjoyment of the grantor's property
Term
Prescriptive easement
Definition
via AP w/o exclusivity
Term
Easement appurtenant
Definition
benefits the dominant parcel and runs w/ the land
Term
Easement in gross
Definition
the benefit is for a person or for commercial purposes
Term
Trade secret
Definition
to prevent theft of info by unfair/commercially unreasonably means; must take reasonable steps to maintain its secrecy; no protection against independent discovery
Term
Patent
Definition
creates 14 year monopoly as an incentive.
Term
Copyright
Definition
literary/artistic expressions, protects against copying the expression, not the underlying message.
Term
Trademark
Definition
to protect consumers from sellers perp'n. Generic, Descriptive, Suggestive, Abitrary/Fanciful
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