EXAM 1 REVIEW

Tuesday, October 6, 2015

11:04 AM
50 Questions
1. What are the differences between the following?
a. An ordinary written will, properly signed and witnessed - the writing itself can be
as informal as long as it substantially complies with the statutory requirements; the
testator's signature must appear on the will, generally at the end. Each jurisdiction
dictates by statute and court decision what constitutes as a signature. "mom" and
initials have been accepted as long as the testators intended them.
b. A holographic will -a will that is completely in the handwriting of the testator, also
called a "olographic will"
c. A nuncupative will - an oral will made before witnesses, not permitted in most
states.
2. "Possession is the basis of all ownership"
a. What is property? - Property consists of the legally protected rights and interests a
person has in anything with an ascertainable value that is subject to ownership.
b. What is real property? - called "realty" or "real estate" means the land and
everything permanently attached to it, including structures and anything attached
to structures.
c. What is personal property? - basically anything that can be moved.
d. What is personal property (both tangible and intangible)? - tangible is TVs, heavy
construction equipment, a car or anything that has physical substance. Intangible
represents some set of right sand interests, no real physical existence.
e. What is a fixture? - a thing affixed to realty, like bathroom cabinets and statues as
long as the owner intends the property to be a fixture.
3. What is the fee simple? - the highest interest the most complete form of ownership.
Someone who possesses the entire bundle of rights.
a. Joint Estates
i. Joint tenancy - (time) each owner must receive the title at the same time.
(title) title received via the same deed or instrument. (interest) each owner
must receive the same proportion and equal share of the ownership.
(possession) must have identical right of possession, rights will be passed to
the other joint tenants if one dies!
ii. Tenancy by the Entirety - between a husband and a wife when a single
instrument conveys real property. Surviving spouse to take title to all of the
real property.
iii. Tenancy in common - no limit to the number of individuals who can share
ownership of a particular parcel or real property. When one tenant passes, it
will not go to other tenants but to their heirs. Can agree to unequal shares
and tenants can buy our other owners.
b. Future Interest and Possessory Interests
i. Future interest - a future interest may exist with a prior ownership of such
property (as with right of reversion) when your client is deciding whether or
not to acquire a particular property interest.
ii. Possessory Interest - most common is the leasehold estate, which includes
1. The tenancy for years (known from the moment) Most Used
 2. The tenancy at will (whether tenant or landlord decides till)
3. The tenancy of sufferance (wrongful ownership)
4. The periodic tenancy (month to month)
4. What is the difference between probate assets and non-probate assets? Probate assets
are owned entirely by the decedent and Non-probate assets are things held in joint
tenancy (like joint accounts, POD accounts, etc)
5. What are the elements of a completed gift? 1. Intent - there is evidence of intent to make
a gift of the property in question 2. Delivery - the gift is delivered to the grantee from the
grantor 3. Acceptance - the gift is accepted by the grantee or the grantee's agent.
a. What is the difference between and inter vivos gift and a gift causa mortis? Inter
vivos is one that is perfected and takes effect during the lifetime of the grantor and
grantee that is irrevocable when made. Causa mortis is a gift that is given in
anticipation of imminent death.
6. What is the legal doctrine of ademption and when does it apply? Only applies to specific
gifts, ademption is the failure of a gift to be distributed according to the will because the
property no longer belongs to the testator at the time of his or her death or because the
property has been substantially changed.
7. Billy Bubba Hawkins was named as grantor in a warranty deed which conveyed the
described real estate "to Jim Bob Puckett for life" Billy Bubba's interest in the land is
referred to as
a. A reversion
8. Why should a real estate document be recorded in the county clerk's real estate
records? For the purpose of constructive notice, your interest cannot be cut off.
a. Does a deed have to be acknowledged (notarized) to be a valid transfer of title?
No, all that's required to transfer a title is the signing of the deed. Have it notarized
so you can record it, county clerk will not accepted a non-notarized document. Has
to be acknowledged to be recorded.
b. Why do you want to have a deed or an other real estate document
acknowledged? Most are acknowledged (even thought they don’t have to be)
because it is usually a prerequisite to recording the deeds with the county recorder.
Recording is required in order to give notice of the transfer or real property.
c. What is constructive notice? is the legal fiction that signifies that a person or entity
should have known, as a reasonable person would have, even if they have no actual
knowledge of it.
9. What is a qualified fee simple estate? An estate in fee simple qualified is a less-than-
absolute interest in real property and is subject to certain conditions or contingencies,
such as the occurrence (or non-occurrence, as the case may be) of certain specified
events. There are two types of estates in qualified fee: qualified fee conditional (also
known as subject to condition subsequent) and qualified fee determinable. Estates in
qualified fee allow for recovery of fee simple ownership of the property by the grantor if
the grantee either commits certain acts (qualified fee conditional), or fails to comply with
a special limitation (qualified fee determinable).
a. What is the consequence if the owner ceases to use the land for the identified
purpose? Adverse possession against you, when someone really suing the land can
outown your rights to it.
10. What is a limitation title and how is it perfected? A full and claim-free title
a. Against whom does the Statute of Limitations run?
11. What are the different forms of concurrent ownership? Means joint ownership
12. What is marketable title?
a. What are the differences between a general warranty deed, a special warranty
deed, and a quitclaim deed?
i. General warranty deed is produced and signed by the seller at the real-estate
closing. Pledges that the seller owns clear title to the property, free of all liens
ii. A special warranty deed is a deed in which the seller warrants or guarantees
the title only against defects arising during the period of his or her tenure or
ownership of the property.
iii. A quitclaim deed is often used to convey property through a will or as a gift,
divorce proceedings etc. No warranties that he or she owns clear and legal the
title to the property.
13. Fed conveys White Acre "to Barney and his heirs". After the transaction, Fred had what
kind of interest in White Acre?
14. What is an easement appurtenant? An easement of profit appurtenant arises when the
owner of one piece of land has a right to go onto an adjacent piece of land owned by
another.
a. What is an easement in gross? The right to use or take things from another's land is
given to one who does not own an adjacent tract of land.
b. What is a license? Is the revocable right of a person to come onto another person's
land. Is id from the consent of the owner who also has the power to revoke it.
c. What is a profit? Is the right to go onto the land owned by another and take away
some part of the land itself or some product of the land.
15. Which of the following statements is true?
16. What is a prerequisite to acquiring title to personal property by merely taking
possessions?
17. What are the differences among the following when it comes to acquiring title of
property?
a. By deed - transfer is lifetime, grantor signs and delivers deed to grantee.
b. By will - title passes on date of death
c. By inheritance -
18. Which of the following statements is true? Both a and b are true.
19. Which of the following future interests may follow a life estate? Remainder
20. Which of the following is governed solely by the law of personal property and which will
be governed by the law of fixtures?
a. Fixture
b. Fixture
c. Personal property
d. Fixture
21. How is testamentary capacity distinguished from contractual capacity? Yes, has to do
with cognitive understanding of the transaction.
a. Is it possible to have one type of capacity without the other? Do they know what
they are there to do? Have knowledge of the nature and extent of the estate? Do
they know who is the next of kin?
22. What is the difference between lack of testamentary capacity and undue influence? A
person can have full testamentary capacity, but being in a weakened condition, that
person is subject to importunity. Sound mind and memory (testamentary capacity) Could
be taken advantage of, overcomes the victims mind, will and emotions. They would make
a will they would otherwise not have made.