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VA Bar Exam: Real Property

Terms in this set (93)

Can the holder of a future interest enter and inspect the property for waste?
Yes, he has a licence coupled with an interest that makes it irrevocable
For private nuisance, what is a substantial and unreasonable interference?
1) Substantial: Offensive, inconvenient, or annoying to an average person in the community
2) Unreasonable: Injury caused outweighs the utility
When is part performance an exception to the Statute of Frauds?
If all or part of the purchase price is paid, and there is either:
(1) possession by the purchaser, or
(2) substantial improvement of the property
What is an easement?
The right held by one person to make specific, limited use of land owned by another
Five types of present interests in land
1) Fee simple
2) Fee simple determinable: Reversion is automatic when condition is violated
3) Fee simple subject to a condition subsequent: Reversion is not automatic, but requires reenrry by grantor
4) Fee simple subject to an executory interest: Upon violation of condition, property goes to third party
5) Life estate
Five types of future interests
1) Possibility of reverter: Automatic reversion
2) Right of reentry: Not automatic reversion
3) Executory interest: Third party interest
4) Reversion: Grantor's future interest after life estate
5) Remainder: Third party's future interest after life estate
Properties of all present and future interests in land
1) Transferable
2) Devisable
3) Descendable
What is a life estate?
An interest in using and possessing land, but only as long as she lives
Must a life tenant pay principal on mortgage?
No, but obligated to pay interest
Must a life tenant pay property taxes?
Yes, but only to the extent property can produce income
Three types of concurrent estates
1) Tenancy in common
2) Joint tenancy
3) Tenancy by the entirety (limited to marriage)
Tenancy in common
Each co-tenant holds an undivided interest with unrestricted rights to possess the whole property
Joint tenancy
Each co-tenant holds an equal interest in the property, with a right to suvivorship. Look for the four unities:
1) Interest: equal shares
2) Possession: equal right to posses
3) Time: Received interest at same time
4) Title: Received interest in the same title document
Right to survivorship
The surviving tenant takes free of any liens
How do you sever a joint tenancy?
1) Any inter vivos transfer
2) Leases (sometimes)
3) Mortgages (in title states)
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