LEB
Terms
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- Land includes both the surface of the earth and the airspace. It also includes..
- Air Rights Subsurface Rights (minerals, Oil) Vegetation Fixtures
- In order to be considered a fixture (3) tests
- 1. item attached and can not be removed without damaging property 2. specially made or altered for installation 3. custom of the area with an item is a fixture
- Fee Simple
- When a person has complete ownership of real property
- Life Estate
- interest in real property, duration is measured by life of designated person
- Nonpossessory interest (4) types..
- Easements:right to limited use of another persons real property Easement by implication: created when circumstances indicate parties probably intended to create an easement 3. easement by prescription: created when someone actually does something on anothers land for a period of time. express: landowner expresses that he wants another to use their property
- Earnest money
- good faith in buying house, can be recovered with financing contingency, if you do not get financing then you can recover money.
- title exam
- makes sure you actually get to own the house when you buy it
- general warranty deed vs. quitclaim deed
- buyer is ensured seller has claims and will get all VS. gives you whatever interest has in a given property, not guaranteed anything
- Title by Adverse Possession
- Actual: have physical control over the land Hostile: possession must be nonconsensual Continous: continous over required period of time Open and Notorious: out in the open
- Agent's duties (5)
- Obedience: legal instructions only, do not have to obey if emergency and agianst principal's interest 2. reasonable care: negligence standard unless specialist (lawyer) 3. Account: must keep track of spending 4: notify: share any relevant facts 5. Loyalty: dont take opportunities for self with 3rd parties, keep information confedential
- Duties of Principal (3)
- 1. Abide by contract 2. Reimburse expenses 3. indemnify against losses for legal actions (that were within agents scope of authority)
- Termination of Agency relationship
- Based on actions: fulfilled purpose, lapse of time, occurence of specific event, mutual agreement, act of one party Operation of Law: death/insanity bankruptcy change of law loss/destruction of subject matter
- Liability of Principal of 3rd parties?
- Not liable for unauthorized action by third party but may ratify by not saying anything or expressly saying. must ratify 100% or nothing, cant choose.
- Non-disclosure of principal
- agent is personalbly responsponsible.
- independent contractors and liability
- usually not liable unless: 1. inherently dangerous (strict liability, blowing up buildings) 2. nondelegable: landlord making repairs 3. instructed to do so ??
- Liability of Agent
- 1. breached duty 2. exceeded authority 3. assumed liability 4. didnt mention principal 5. committed tort