Review of Test 1
Review of Test 1 Blaw 3312 -001
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BLAW 3310 - 001
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This 3 page Study Guide was uploaded by loveena Cherukunnathu on Tuesday October 6, 2015. The Study Guide belongs to Blaw 3312 -001 at University of Texas at Arlington taught by John D Dowdy in Summer 2015. Since its upload, it has received 133 views. For similar materials see Law II in Business at University of Texas at Arlington.
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Date Created: 10/06/15
The right to recover possession of land It points to the statute of limitations The stranger takes possession and the party entitle for possession owns the fee simple and stranger perfects that limitation title stranger gets the fee simple What if the land is subject to life estate The life tenant is who is entitle of possession The remainder man is not entitle for possession until life tenant dies What are the difference among the following 0 An ordinary written will properly signed and witnessed It has to be in writing Has to be signed by the testator Has to have 2 witnesses disinterested with the will 0 A holographic will Exception of having to have a witness Testator writes out the entire will in hisher own handwriting and signs it Then it doesn t have to be witnessed o Nuncupative will an oral will A dying declaration witnessed by two people quotPossession is the basis of all ownership What is property What is real property What is personal property both tangible and intangible What is a fixture 0 Real Property Land real estate 0 Personal property gt Tangible movable at the time of contract goods gt Intangible Everything else 0 Law of fixture merging of real property and personal property What is the fee simple What kinds of interests may be present simultaneously in real estate What is a present interest and what is a future interest Is a future interest an interest which is presently owned Why is it called future interest What is a vested future interest What is a contingent future interest What is the purpose of the Rule Against Perpetuities 0 Fee simple Highest interest owned in a land 0 Present interest life estate 0 Future interest remainder o Vested reminder future interest might be contingent remainder reversion Something has to happen before the owner of the reversion has to get the land back 0 Rule against perpetuities if you have this contingent future interest the remainderreversion one if it is going to vest at all it must match with lives of being plus 21 years this is the perpetuities period What is the difference between probate assets and nonprobate assets Probate assets if there is a will the assets pass under a will If there is no will the assets pass under decent and distributions in testate succession Nonprobate assets asset passes by contract Like benefits under life insurance policy What are the elements of a completed gift What is the difference between and inter vivos gift and a gift causa mortis 1 Donor has to have donated intent 2 Delivery 10 11 12 13 14 15 3 Acceptance 0 Gift cause of mortal The donor is making the gift in anticipating of dying from an identified cause What is the legal doctrine of ademption and when does it apply Ademption only applies to specific gifts in a will not apply to general gifts Example case Operman vs Anderson named 2 people under stocks sold the stocks and didn t name them under the bank account So they didn t get the money 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 remained b Qualified fee simple estate c Reversion correct d Fee simple subject to a condition subsequent Why should a real estate document be recorded in the county clerk s real estate records Does a deed have to be acknowledged notarized to be a valid transfer of title Why do you want to have a deed or any other real estate document acknowledged What is constructive notice Recorded to protect your interest It has to be acknowledged to be recorded What is qualified fee simple estate What is the consequence if the owner ceases to use the land for the identified purpose o If the grantee ever ceases to use the land for the identified purpose then the grantor has the right of reversion of the possibility of revert What is a limitation title and how is it perfected Against whom does the statute of limitations run 0 Statute of limitations time window to do something If the statute of limitation expires it s possible the trespasser can get title of the land What are the different forms of concurrent ownership 0 There can be more than 1 interest on same land same time Undivided fractional land What is marketable title What are the differences between a general warranty deed a special warranty deed and a quitclaim deed Marketable title generally used for technically defects in a title Warranty deed grantor warrants marketable title Fred conveys white Acre to Barney and his heirs After the transaction Fred had what kind of interest in White Acre Barney has the fee simple Fred no longer has any interest Fred didn t do anything toward it What is an easement appurtenant What is an easement in gross What is a license What is a profit Presupposes joining tracks of land one party has right to drive across one land to get to his or her property Easement in gross power line easement Which of the following statements is true a A deed must be acknowledged notarized in order to be recorded False 16 17 18 19 20 21 22 b A deed must be acknowledged notarized in order to be valid Doesn t have to be acknowledged for it to be valid c The qualified fee simple estate is the equivalent of the life estate true d All of the above statements are true What is a prerequisite to acquiring title to personal property by merely taking possession open hostile continuous for the limitation period What are the differences among the following when it comes to acquiring title to property 0 Quick claim deed no warranty grantor is simply agreeing but not intending Waived the warranty This is used to clear up technical title defects 0 General warranty deeds warrants against all defects Chain of title AgtBBgtC this deed will warrant anywhere in the chain 25years or older will be stopped by the statute of limitations 0 Special warranty deeds warranty that only warrants the defects in the title which appear after deed acquired title Which of the following statements is true a The greatest interest that can be owned in land is the fee simple true b More than one interest can be owned in the same property simultaneously true c Both a and b are true 6 d None of the above Which of the following future interests may follow a life estate a A remainder b A reversion c Either a or b True d None of the above Which of the following is governed solely by the law of personal property and which will be governed by the law of fixtures a A permanent structure built on land Fixture b A diving board attached to a swimming pool constructed in Bubba s yard Fixture c The hubcaps on Bubba s pickup truck personal property d A sprinkler system installed in the ground fixture How is testamentary capacity distinguished from contractual capacity Is it possible to have one type of capacity without the other Contractual capacity has to do with whether or not a person has cognitive understanding Testamentary capacity has to do with specifically capacity to make a will Understand why he or she is there to do understand the outcome of doing it and remember what all she did Yes at least theoretically It s possible to have testamentary capacity with no contractual capachy What is the difference between lack of testamentary capacity and undue influence Lacking testamentary capacity means not being capable of making a will Undue influence is when there is a force and it is used toward a contractual capacity
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