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Glossary of Real Prop

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Created by toomuch386

* Fee simple determinable
FSDPOR
Frank Sinatra didn't prefer Oliver Redenbacher



Fee simple determinable possibility of reverter

* Voluntary or affirmative waste - exceptions- PURGE

Prior
Use
Reasonable repairs
Grant
Exploitation- Land is only suitable for exploitation





* Joint tenancy right of survivorship severance
SPAM


Sale
Partition
And
Mortgage


*T's option on Constructive Eviction by LL
SING


SING

Substantial
Interference
Notice
Goodbye




*Implied Warranty of Habitability

MR3




Move out
Repair and deduct
Reduce Rent until court determines
Remain in possession, pay rent & seek $





*Negative Easement
LASS


Light
Air
Sunlight
Stream water




*Easement creation
PRING


Prescription
Reservation
Implication
Necessity
Grant





*Easement termination
END CRAMP


Estoppel
Necessity
Destruction
Condemnation
Release
Abondonment
Merger
Prescription








* Covenant (Burden)
WITHN


Writing, must be in
Intent, of burdern to run with the land
Touch and Concern
Horizontal & Vertical privity
Notice





* Covenant (Benefit)
WIT V


Writing
Intent
Touch & Concer
Vertical privity




* Equitable Servitude
WITNes


Writing
Intent
Touch and Concern
Notice
(equitable servitude)





* Adverse Possession

HELUVA

Hostile
Excluding
Lasting (20 yrs)
Use (ordinary)
Visible
Actual




*Covenants of Titles
SEC WAQ


Sesin
Encumbrance
Convey, right to
Warranty
Assurances, further
Quite enjoyment






* Holder in Due Course is subject to real defenses for a foreclosure action
MAD FIFI4


Material
Alteration
Duress
Fraud In Factum
Incapacity
Illegality
Infancy
Insolvency








*Kinds of Waste
VAP


○ Voluntary (Actual Overt Conduct)
○ Ameliorative (Enhance Value)
○ Permissive (Protect/Preserve)



Creation of Joint Tenancy
TTIP


TTIP
Title
Time (same time)
Interest (Equal - good one for MBEs- Not JT with survirorship if no equal interest)
Possession





*Fixture
I DAMN


objective Intent to permanently improve
Damage if removed
Adoption to use of realty
Manner attached
Nature - trade/residential





* Implication (elements)
§ PANI


§ PANI
§ Prior 2 division
§ Apparent and Continious Use
§ Reasonably necessary 4 enjoyment
§ Court determines that party Intended the use to survive after division







Warranty Deeds:
○ Silly Rabbits Eat Quietly While F-ing


○ Seisin
○ Right to Convey
○ Encumbrances
○ Quiet Title
○ Warranty
○ Future Assurances






Things that can trigger rule against perpetuities - CEO's need CPR



○ Contingent remainders
○ Executory interests
○ Options to purchase
○ Class gifts
○ Powers of appointment
○ Rights of first refusal






Holder in Due Course: "Never Ends up Down Trodden"

○ N - Negotiable Note
○ E - Endorsed by named payee
○ D - delivered to transferee
○ T - transferee takes in good faith and pays
○ Directors Meetings "Can Please Quite Many Needs"
○ C - concurrence presumed in brd actx unless dissent/abstention noted
○ P - no proxy voting
○ Q - Quorum of majority of directors needed
○ M - majority vote of directors needed to pass a resolution
○ N - notice to be given as provided in bylaws.
○ Requirements for use of Deadly Force: "Free and Clear To kill"
○ F - not at Fault
○ C - confronted with unlawful force
T - threatened with serious bodily injury or death.












Gen. Warranty Deed - 6 Covenants
○ "I ’ll *present* you some Satisfying Real Estate, so in the *future*, you can Quit Whining, Fool."




○ PRESENT: Seisin, Right to convey, (no) Encumbrances
○ FUTURE: Quiet enjoyment, Warranty, Further assurances
○ Tenant ’s duties to LL: “Rager In Progress ”
○ R = Repair
○ I = (no) Illegal purpose
○ P = Pay rent






   Privacy Statement Mnemonics
§ LL ’s duties to Tenant: “Pleasant, If Quiet. ”


§ P = Possession
§ I = Implied warranty of habitability (residential only)
§ Q = Quiet enjoyment



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