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Property Acronyms
n/a
17
Law
Professional
05/29/2011

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Cards

Term
When does a grantor have "possibility of reverter" as a future interest?
Definition
FSDPOR (frank sinatra didn't prefer orville redenbacher): Possibility of reverter follows fee simple determinable.
Term
What are the four exceptions to the general rule that a life tenant must not consume or exploit natural resources on the property?
Definition
PURGE! Prior Use: prior to the grant, the land was used for exploitation; Reasonable Repairs; Grant; Exploitation: land is only suitable for exploitation
Term
How is a JOINT TENANCY created?
Definition
T-TIP! Joint tenants must take their interests at the same TIME, in the same TITLE, in IDENTICAL shares, and with the right to POSSESS the whole
Term
How is a joint tenancy severed?
Definition
SPAM! Sale, Partition and Mortgage (only in states following "title" theory of mortgages).
Term
What are the elements of constructive eviction?
Definition
SING!! SUBSTANTIAL interference, NOTICE, GOODBYE
Term
What are a tenants entitlements when the implied warranty of habitatiblity is breached?
Definition
MR^3: MOVE out (end lease); REPAIR and deduct from rent; REDUCE rent, or REMAIN in possession
Term
What are the FIVE most important exceptions to the general principle of caveat lessee, where the landlord is under no duty to make the premises safe?
Definition
CLAPS! Common areas: L must maintain all common areas; LATENT defects: L must warrant T of hidden defects that L knows or should warn about. This is NOT a duty to repair. ASSUMPTION of repairs: a landlord who voluntarily makes repairs must complete them with reasonable care; PUBLIC use rule; and SHORT term lease of furnished dwelling.
Term
What are the four ways to create an affirmative easement?
Definition
PING! Prescription, Implication, Necessity, Grant.
Term
What are the four recognized negative easements?
Definition
LASS! Light, Air, Support, Streamwater
Term
What is required for the burden created by a real covenant to run with the land?
Definition
WITHN: WRITING, INTENT, TOUCH AND CONCERN, HORIZONTAL AND VERTICAL PRIVITY, NOTICE.

NOTE: Notice is ONLY required if a recording statute applies. However, notice is never required if the burdened property owner is a donee, devisee, or heir.
Term
What is required for the benefit of a real covenant to run with the land?
Definition
WITV: writing, intent, touch and concern, vertical privity
Term
How is an equitable servitude created?
Definition
WITNes: writing (usually), intent, touch and concern, notice
Term
How is an easement terminated?
Definition
END CRAMP! Estoppel, Necessity, Destruction of servient land, condemnation, release, abandonment (need some PHYSICAL action), merger, prescription
Term
What are the three forms of notice potentially imputed to defendant?
Definition
AIR! Actual, Inquiry, Record.
Term
What are the elements required for adverse possession?
Definition
COAH: continuous, open, actual, hostile.
Term
How does the deed pass legal title from seller-grantor to buyer-grantee?
Definition
It must be LEAD! Lawfully Executed And Delivered
Term
What are the seven "real" defenses that can be raised against mortagee-creditors and even holders in due course?
Definition
MAD FIFI^4! Material alteration, Duress, Fraud in the fictum, Incapacity, Illegality, Infancy, Insolvency.
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