Property (California Bar Exam) questions and answers 2024, Exams of Nursing

Download Property (California Bar Exam) questions and answers 2024 and more Exams Nursing in PDF only on Docsity! Property (California Bar Exam) questions and answers 2024 Fee simple determinable - correct answer ✅Durational. Ends automatically. So long as, as long as, while, during, until. Future interest = possibility of reverter. Fee simple subject to condition subsequent - correct answer ✅Interest divests upon occurrence of named event. If, but if, right to reenter and take premises. Not automatic. Future interest = right to reentry. Fee simple subject to executory limitation - correct answer ✅Ends automatically upon a named event. If, after, but if, etc. Executory Interest. RAP applies. What's the difference b/w a remainder and an executory interest? - correct answer ✅"Remainders wait patiently." Executory interests cut off estate before its "natural" conclusion; remainders don't. Duties of life tenant - correct answer ✅If prop is producing income, must pay all ordinary taxes on land and interest on mortgage. If prop isn't producing income, responsible for taxes and mortgage INTEREST to extent of reasonable rental value of land. Vested remainder - correct answer ✅An interest that is (1) given to an ascertained grantee; and (2) not subject to a condition precedent. Property (California Bar Exam) questions and answers 2024 To which remainders does RAP apply? - correct answer ✅Vested remainder subject to open, executory interest and contingent remainder. Purpose of Doctrine of Worthier Title and Rule in Shelley's Case - correct answer ✅To prevent against remainder in grantee's heirs. Three types of waste - correct answer ✅Affirmative waste Permissive waste Ameliorative Waste Rule Against Perpetuities - correct answer ✅No interest is good unless it must vest or fail to vest not later than twenty-one years after some life in being at the creation of the interest. All-or-nothing rule - correct answer ✅If the gift to any member of a class is void under RAP, then gift is void as a to all other members of the class. Gift is "bad as to one, bad as to all." Exception: specific dollar amount to each class member or transfers to subclass that vests at a specific time. Rule of Convenience - correct answer ✅Membership in a class closes when any member of the class is entitled to immediate possession of a share of the class gift. Four unities - correct answer ✅Time, title, interest, possession Property (California Bar Exam) questions and answers 2024 Minority: S has risk of loss until closing and delivery of deed (Uniform Vendor and Purchaser Risk Act). Deed requirements - correct answer ✅Must (1) be in writing; (2) be signed by grantor; (3) include sufficient description of prop and identify parties; (5) include words of transfer. (same as land sale Ks reqs + words of transfer) Shelter rule - correct answer ✅Grantors who are protected by the recording act protect (or "shelter") their grantees who would otherwise be unprotected. Estoppel by deed - correct answer ✅If grantor conveys land that he does not own, and subsequently acquires title to land, grantor is estopped from trying to repossess on grounds that he didn't have title when he made original conveyance. The after-acquired title doctrine provides that title to the property automatically vests in the transferee. Wild deed - correct answer ✅If deed was recorded but not in chain of title, then subsequent purchaser who records after recorder of wild deed did so will still prevail under race, notice, or race-notice jdx (look for unrecorded transfer recorded transfer and 3P purchaser w/ no idea of either). Three types of deeds - correct answer ✅General warranty deed, special warranty deed (protects against defects arising during the time grantor has title), quitclaim deed (doesn't protect against defects). What is a security interest? - correct answer ✅A type of interest backed by collateral that is used to secure the performance of an obligation, usually the payment of a debt. Property (California Bar Exam) questions and answers 2024 What is a mortgage? - correct answer ✅A type of loan that is given in exchange for a promise to repay, secured by an interest in a piece of real property. Can a mortgagee pursue its rights against the mortgagor's personal obligation without first seeking foreclosure on the mortgaged property? - correct answer ✅In most states, yes. What is foreclosure? - correct answer ✅The process by which the mortgagor's interest in the property is terminated. If there is more than one interest in the property being foreclosed, a valid foreclosure terminates any interest that is junior to it, but it has no effect on any senior interest. In a foreclosure, what is the general order of priority of recovery? - correct answer ✅The proceeds from a foreclosure sale are applied first to the costs ASSOCIATED with the sale (attorneys fees and foreclosure expenses), second to the balance and interest of the mortgage obligation BEING FORECLOSED, and third to the mortgage obligations owed to JUNIOR INTEREST HOLDERS in the order of the priority of their interests. Any remainder is paid to the DEBTOR-MORTGAGOR, while senior interests remain unaffected. What is a purchase money mortgage? - correct answer ✅A loan used to finance the purchase of property that is executed at the time of the sale. Two ways transferee can take on a mortgage from transferor - correct answer ✅(1) assume mortgage (transferee liable) or (2) take subject to mortgage (transferee not liable) Name for when person who pays off another person's mortgage becomes owner of obligation and mortgage to extent necessary to prevent unjust enrichment - correct answer ✅Subrogation Property (California Bar Exam) questions and answers 2024 Three mortgagor options when faced with foreclosure (or after) - correct answer ✅Equity redemption, deed in lieu of foreclosure, statutory redemption Easement that runs w/ person - correct answer ✅Easement in gross Easement that runs w/ the land - correct answer ✅Easement appurtenant Ways to create an implied easement - correct answer ✅NIPS: Easement by NECESSITY; easement by IMPLICATION; PRESCRIPTIVE EASEMENT; Easement by ESTOPPEL Easement by necessity requirements - correct answer ✅(1) common ownership; (2) necessity at severance. Easement by implication requirements - correct answer ✅(1) common ownership; (2) before severance, quasi-easement; (3) continuous and apparent use at time of severance; (4) use is reasonably necessary to dominant estate's use and enjoyment. Easement by prescription requirements - correct answer ✅CHO (need not be exclusive). Easement by estoppel requirements - correct answer ✅(1) license; (2) reasonable and good-faith reliance; and (3) permission withdrawal.