Property

Question 1

What is a fee simple absolute?

Answer 1

Absolute ownership; potentially infinite duration; freely devisable, descendible, and alienable (11.5%)

Question 2

What is a life estate?

Answer 2

Estate measured by a life; followed by reversion or remainder (11.5%)

Question 3

What duties does a life tenant owe?

Answer 3

Duty not to commit waste (11.5%)

Question 4

What is voluntary waste?

Answer 4

Intentional acts that decrease property value (11.5%)

Question 5

What is permissive waste?

Answer 5

Failure to reasonably maintain property (11.5%)

Question 6

What is ameliorative waste?

Answer 6

Alterations that increase value but change character (11.5%)

Question 7

What is a reversion?

Answer 7

Grantor’s future interest after conveying lesser estate (11.5%)

Question 8

What is a possibility of reverter?

Answer 8

Future interest after fee simple determinable (11.5%)

Question 9

What is a right of entry?

Answer 9

Grantor’s future interest after fee simple subject to condition subsequent (11.5%)

Question 10

What is a remainder?

Answer 10

Future interest in transferee that follows life estate (11.5%)

Question 11

What is an executory interest?

Answer 11

Future interest that divests or cuts short another estate (11.5%)

Question 12

What is the Rule Against Perpetuities?

Answer 12

Interest must vest, if at all, within 21 years after a life in being (8.2%)

Question 13

What interests are subject to RAP?

Answer 13

Contingent remainders and executory interests (8.2%)

Question 14

What interests are not subject to RAP?

Answer 14

Vested remainders; grantor interests (8.2%)

Question 15

What is a tenancy in common?

Answer 15

Separate but undivided interests; freely transferable (6.6%)

Question 16

What is a joint tenancy?

Answer 16

Right of survivorship + four unities (time, title, interest, possession) (6.6%)

Question 17

How is a joint tenancy severed?

Answer 17

Conveyance destroying one of four unities (6.6%)

Question 18

What is a tenancy by the entirety?

Answer 18

Married co-owners + right of survivorship; creditor protection (6.6%)

Question 19

What rights do co-tenants have?

Answer 19

Possession, share rents/profits, contribution for necessary expenses (6.6%)

Question 20

What is a leasehold estate?

Answer 20

Tenant’s right to exclusive possession for a term (11.5%)

Question 21

What types of leaseholds exist?

Answer 21

Term of years; periodic tenancy; tenancy at will; tenancy at sufferance (11.5%)

Question 22

What duties does a landlord owe?

Answer 22

Deliver possession; disclose latent defects; implied warranty of habitability (11.5%)

Question 23

What is the implied warranty of habitability?

Answer 23

Residential premises must be fit for human habitation (11.5%)

Question 24

Tenant remedies for habitability breach?

Answer 24

Repair & deduct; withhold rent; damages; terminate lease (11.5%)

Question 25

What is constructive eviction?

Answer 25

Substantial interference + notice + tenant vacates (11.5%)

Question 26

What must satisfy the Statute of Frauds for land contracts?

Answer 26

Writing, signed by party to be charged, essential terms (6.6%)

Question 27

What is equitable conversion?

Answer 27

Buyer bears risk of loss after contract formation (6.6%)

Question 28

What remedies are available for land sale breach?

Answer 28

Specific performance or damages (6.6%)

Question 29

What makes a valid deed?

Answer 29

Grantor intent + delivery + acceptance (11.5%)

Question 30

What is delivery?

Answer 30

Grantor intent to immediately transfer interest (11.5%)

Question 31

Types of deeds?

Answer 31

Quitclaim; general warranty; special warranty (11.5%)

Question 32

What warranties are in a general warranty deed?

Answer 32

Seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances (11.5%)

Question 33

Purpose of recording statutes?

Answer 33

Protect bona fide purchasers (11.5%)

Question 34

What is a bona fide purchaser (BFP)?

Answer 34

Purchaser for value without notice (11.5%)

Question 35

Types of recording statutes?

Answer 35

Race; notice; race-notice (11.5%)

Question 36

What counts as notice?

Answer 36

Actual, inquiry, or record notice (11.5%)

Question 37

What is an easement?

Answer 37

Nonpossessory right to use land of another (11.5%)

Question 38

What are the type of easements created?

Answer 38

Express; implication; necessity; prescription (11.5%)

Question 39

How is an easement terminated?

Answer 39

Release, merger, abandonment, estoppel, necessity ends (11.5%)

Question 40

What is a covenant?

Answer 40

Promise respecting land enforceable at law (11.5%)

Question 41

Requirements for covenant to run?

Answer 41

Writing, intent, touch & concern, privity, notice (11.5%)

Question 42

What is an equitable servitude?

Answer 42

Covenant enforced in equity with intent, notice, touch & concern (11.5%)

Question 43

What is a mortgage?

Answer 43

Security interest in land securing obligation (8.2%)

Question 44

What is equitable redemption?

Answer 44

Mortgagor’s right to redeem before foreclosure (8.2%)

Question 45

What is foreclosure?

Answer 45

Sale of property to satisfy mortgage debt (8.2%)

Question 46

What is priority of mortgages?

Answer 46

First in time, first in right (subject to recording acts) (8.2%)